Life insurance companies do assert that the blockchain is being created with strict protocols in order to leave no room for manipulation as well as exploitation, or unauthorized usage of customer data cum personal information.
The insurance blockchain has indeed been developed by Indian life insurance companies in order to store as well as share customers’ details in an encrypted cum distributed format, with proper and adequate checks in place to make sure that the consent of policyholders is definitely recorded at several stages on to the respective ledger.
A blockchain is rather essentially a ledger – or even a network of computers at multiple locations that are well interconnected to be able to share and also receive secured data and information.
The entire data is uploaded and dispersed across the network in order to ensure that no node has any exclusive access to the data.
Life insurance companies asserted that the blockchain that is being created has indeed strict protocols in order to leave no room for manipulation as well as exploitation, or unauthorized use of customer data and personal information.
They do claim that the governance mechanisms will be much stronger and the data will, in fact, be shared only after the necessary consent of the customers.
Each user or rather the node on the platform will certainly have a public key and a private key.
The public key will be made use of to look at the ledger and also edit it the insurance blockchain that will produce a specific private key for the requesting entity once the required customer does allow a company to receive his or her documents from another company.
In January, 15 life insurance companies have come together to build the blockchain.
They have chosen IBM ISA as the information technology (IT) partner in order to design, build and also help in the implementation of the project across several of the companies.
Once the project does ‘go live’, there will indeed be no need for a new medical check-up for every insurance policy an individual person seeks to buy.
The technology will also give insurers access to the verified medical records that were previously uploaded to the network.