Blockchain is classified under mutual distributed ledger technologies. It is basically a distributed, self-managed ledger of incorruptible records called blocks. Every block links to a previous block and is time and date stamped ensuring that the origin and destination can be traced easily.
The Blockchain is not a substitute to a database instead it is an internet based smart method; much more secure and safer in comparison to what we have today. We believe that blochkchain has the potential to transform the insurance industry through the way business transfers data. This will ultimately reduce costs and enhance efficiencies resulting in revenue growth.