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Benefits of Blockchain in Insurance

Blockchain helps the insurance companies in fraud detection thus preventing the risks.  According to Crawford, (2017), fraud is a major threat in the insurance industry which cost over 80 billion dollars every year. Blockchain can detect the fraudulent activity and prevent errors since it requests the verification of the information presented by clients, customers or any other person before being paid.  Singer, (2019), explains that Blockchain can help in the verification of the authenticity of the policies, customers or transactions through the provision of the historical record.  Also, it helps the insurance firms…