The idea of blockchain technology goes back to the early 1980s when David Chaum came up with the concept. Nowadays, you may know blockchain best for housing cryptocurrencies such as Bitcoin. Blockchain technology records all transactions for Bitcoin in an effort of transparency. However, you can use blockchain tech for more than cryptocurrency. In today’s world, blockchain has many uses in finance because of its secure method of conducting transactions. Let’s take a look at some of these uses.
Blockchain Finance Use Cases
#1: International Transactions
As the world becomes more connected economically, the ability to carry out financial transactions overseas has become paramount across many industries. Because of regulations with banks and credit card companies, these matters can be difficult and time-consuming. They also risk fraud and cyberattacks because of their sensitivity. Blockchain technology can be a way to mitigate these financial issues.
#2: Insurance Claims
Insurance is one of America’s largest industries and one of the most significant beneficiaries of blockchain technology. Almost everyone you know has insurance, whether it is health, auto, life, home, or something else. With many different forms of insurance available, blockchain has uses across the industry with its ability to make processes more efficient and secure.
For example, blockchain benefits insurance companies greatly by reducing administrative costs. Administration can be time-consuming and costly, so organizing it with blockchain technology can make processes more efficient and save money. One of the most significant benefits of blockchain for insurance companies is reduced fraud. Using smart contracts will help customers make only one claim for an incident and save insurance companies the hassle of fraudulent claims.
Continue reading: https://www.iotforall.com/blockchain-for-finances-other-than-crypto
Blockchain Finance Use Cases
#1: International Transactions
As the world becomes more connected economically, the ability to carry out financial transactions overseas has become paramount across many industries. Because of regulations with banks and credit card companies, these matters can be difficult and time-consuming. They also risk fraud and cyberattacks because of their sensitivity. Blockchain technology can be a way to mitigate these financial issues.
#2: Insurance Claims
Insurance is one of America’s largest industries and one of the most significant beneficiaries of blockchain technology. Almost everyone you know has insurance, whether it is health, auto, life, home, or something else. With many different forms of insurance available, blockchain has uses across the industry with its ability to make processes more efficient and secure.
For example, blockchain benefits insurance companies greatly by reducing administrative costs. Administration can be time-consuming and costly, so organizing it with blockchain technology can make processes more efficient and save money. One of the most significant benefits of blockchain for insurance companies is reduced fraud. Using smart contracts will help customers make only one claim for an incident and save insurance companies the hassle of fraudulent claims.
Continue reading: https://www.iotforall.com/blockchain-for-finances-other-than-crypto
