How blockchain can help in solving the complex problems of finance and insurance domain ?

What is Blockchain ?

The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.
Don & Alex Tapscott
Authors Blockchain Revolution (2016)

Core Features

Distributed Database

Information held on a blockchain exists as a shared — and continually reconciled — database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.

Transparent & Incorruptible

The blockchain network lives in a state of consensus. A kind of self-auditing ecosystem of a digital value, the network reconciles every transaction that happens in ten-minute intervals. Two important properties result from this:

  • Transparency of data is embedded within the network as a whole, by definition it is public
  • Information stored on the blockchain cannot be corrupted by altering any unit
Robust & Durable

Blockchain technology is like the internet in that it has a built-in robustness. By storing blocks of information that are identical across its network, the blockchain cannot:

  • Be controlled by any single entity
  • Has no single point of failure