Blockchain Technology for Insurance

Companies like Airbnb, Tujia, Wimdu, and others provide a way for people to temporarily exchange assets — including private homes — for monetary value. The problem is that in the absence of a public record, it has been nearly impossible to insure assets on these platforms.

Together with blockchain startup Stratumn, which helps developers build trustworthy applications enabled by Blockchain features, professional services firm Deloitte and payment services provider Lemon Way recently unveiled a blockchain-enabled solution called LenderBot.

LenderBot is a micro-insurance proof of concept for the sharing economy that demonstrates the potential for blockchain applications and services in the industry. LenderBot, which allows people to enroll in customized micro-insurance by chatting through Facebook Messenger, enables blockchain to serve as the third-party in the contract between individuals as they exchange high-value items through the sharing economy.

In the industry as a whole, interest in blockchain is booming. A 2019 report from Aite Group interviewed 40 blockchain professionals from a number of major insurance companies, reflecting the growing demand for insurance employees dedicated to understanding and implementing blockchain.



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