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Brainvire Strides into Implications of Blockchain in Insurance Industry

Disrupting many industrial domains, Blockchain technology is making inroads into a secured, digitally-connected, and faster financial future. Brainvire, one of the leading digital transformation firms, adopted Blockchain technology and smart contract development to help their clients grow.

12th March 2018, Utah USA

Brainvire is identified as one of the early adopters of Blockchain technology with the potential to identify many use-cases. To help clients to reach maximum ROI, Brainvire is dedicated to making a difference exploring the innovative concepts of Blockchain.

"As of now, we can't say more about the overall adoption of Blockchain in any industry. But due to its potential to disrupt any business model, this is the time to think and work in that direction. We can use this advanced technology to change the face of the entire insurance industry and its processes. Brainvire promotes advanced ways to leverage what technologies offer to the business," said, Mr. Chintan Shah, CEO of Brainvire.

Brainvire's Exploration and Implementation of Blockchain Technology:

Not only cryptocurrencies but also smart contract development using Blockchain are breaking the traditional ways of doing business.

Brainvire already developed applications using Blockchain technology including notary and consent app. Further, Brainvire is focused on the radar of insurance and Blockchain solution to share information, process and settle claims.

Brainvire's Initiative in Adoption of Blockchain Technology To Power Insurance Automation

Start-ups, organizations, and industry experts are finding the real-time use cases to see how Blockchain can simplify the transactions.

Experts predict that Blockchain will impact the majority of the business sectors but apart from currencies, at this point, contract-oriented business such as insurance can lead to bigger changes.

How does Blockchain Work In Insurance Industry?

The insurance industry could use Blockchain via the use of smart contract development.

The smart contract is a piece of information stored on the Blockchain node and it is self-executing in nature. Controlling verification, transactions, exchanges, and any other contractual information, the smart contract is generally referred to a digital contract.

Smart Contract Can Change the Entire Scenario of Insurance Industry:

Brainvire has already achieved milestones in Blockchain app development. Here are some real-life scenarios of Blockchain usage in the insurance industry:

  • Smart Contract created between the insured and Insurer which will pay death benefits to the beneficiary upon the death of the policyholder
  • Smart Contract can be connected to the death registries, on receiving a notification of a person's death
  • Smart Contract can automatically verify the person is covered, then initiate and settle the claim payment to the beneficiary

Whether it is a microinsurance, reinsurance recoveries, travel & life insurance, or record keeping, Blockchain can be the suitable solution.

With single, reliable, and accessible digital way of validating and store the information, Brainvire's Blockchain services can improve the overall business perspective.

Eliminating the needs of an intermediate organization, Brainvire helps clients to recognize the potential of Blockchain with the practical technological solutions.

About Brainvire

Brainvire is premier software development company focusing on latest technologies and innovative concept to deliver modern solutions. Covering latest aspects of Blockchain and IoT, Brainvire is marking its footprint in Blockchain App Development.

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