Blockchain in the Insurance Industry: A Review of Applications and Challenges

Document Type : Review

Authors

1 Assistant Prof., Department of Economics, Faculty of Social Sciences and Economics, Alzahra University, Tehran, Iran

2 . MSc., Department of Economics, Faculty of Social Sciences and Economics, Alzahra University, Tehran, Iran

Abstract

The insurance industry is an essential element of sustainable economic growth in developed countries, which has always faced the challenge of correcting or updating data and information. Blockchain is one of the emerging technologies that has been able to prevent these disorders by using its capabilities and potential. The benefits of using this technology include reducing costs, speeding up the payment process, immutable records with easy-to-trace audit trails, smart contracts that are automatically executed, etc. The reviews show that studies in the field of blockchain are mainly focused on the technology and its performance to change the business, so the purpose of this research is to examine the basic concepts of blockchain and its applications in insurance, smart contracts, leading companies in this field, and the challenges facing it in the insurance industry. This article is educational and promotional, and its method is descriptive, because it tries to describe the applications of this technology in the insurance industry through the study of existing articles in the field of blockchain technology. The results of this article show that the use of blockchain technology in the insurance industry is facing challenges in the short term, but the benefits of this technology in the long term will lead to a huge transformation in the insurance industry.
 

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References

منابع
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Iranian Economic Development Analyses
Volume 10, Issue 2
October 2024

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