The benefits of blockchain


Cyber criminals had an plain benefit this yr. With relentless waves of ransomware assaults, knowledge privateness is prime of thoughts for the insurance coverage trade. 

Enter LifeHash—an organization that’s leveraging know-how to enhance the claims lifecycle. Based in 2021, CEO Stuart Menzies and CTO Gary McKee created a platform utilizing blockchain know-how that gives each shoppers and insurers with a seamless and safe methodology of real-time claims processing. 

For a lot of, understanding blockchain know-how is a overseas idea, however LifeHash takes that pressure away from the trade, serving to combine blockchain into their enterprise mannequin utilizing their live-claim app. 

Defending insureds knowledge is way simpler with the adoption of blockchain. LifeHash’s app not solely gives an extra layer of safety, but it surely additionally accelerates the claims course of as insureds can instantly doc as a lot info as potential on the time of a loss. 

“The present claims course of is extremely time consuming,” stated Menzies. “Our app is quick and safe.”

LifeHash’s resolution captures necessary knowledge early on, reminiscent of collision info from a cell gadget or proof of possession information, hyperlinks them collectively, and shops them in a safe and clear approach utilizing public blockchain networks. These information are absolutely auditable and can be utilized to confirm steps within the insurance coverage course of.

“There’s two sorts of blockchains,” Menzies defined. “There may be the general public aspect the place anybody can participate of the verification course of, then there’s the non-public aspect the place IT merchandise which can be centralized entities, the place blockchain could be switched on and off after they see match.” 

The energy of a public resolution is that it will probably take benefit of immense safety and transparency of massive blockchain networks, like Bitcoin. These networks are time-tested and are prone to exist for many years to come back. Non-public networks alternatively, rely closely on central management, and in that respect, usually are not a lot completely different from an everyday database.

The fascinating nature of public blockchain know-how and the way LifeHash is implementing it into their platform, is that the corporate can not see the information being despatched from shoppers to insurance coverage firms attributable to double encryption. 

“We basically use blockchain know-how to facilitate info change. We obtain an encrypted file and encrypt it once more so the top consumer can entry and retailer the information safely. We are able to enhance the verification of delicate knowledge by good options that blockchain know-how permits,” Menzies famous. “We’re basically attempting to enhance knowledge processing and knowledge privateness.”

McKee added: “One of the large benefits of blockchain is encryption, and we’ll be utilizing blockchain primarily based encryption to avoid wasting property, photos, and video recordsdata so solely the shopper and the insurer can entry that info.

“I’m a giant believer within the immutability of blockchain and mixing that with insurance coverage claims and the information collected throughout that course of is a no brainer. We’re bettering the privateness for the consumer in addition to making the claims course of as straightforward as it may be.”

LifeHash’s app improves the effectivity of amassing witness statements, proof of possession or periodic inspections, digitally filling within the gaps of the insurance coverage claims course of with blockchain because it solidifies a single level of fact for all info. 

“When info is tied in a single cohesive database, it’s simpler to show to insurers,” stated Menzies. “The benefits of blockchain for insurers is that it’s definitive. The picture that’s uploaded in LifeHash could be verified by our options to substantiate that it’s from the shopper that’s tied to the coverage and some other info submitted by the app. Structuring the claims course of with such an answer additionally decreases the danger for fraud.” 

Blockchain gives the instruments to allow the safety of decentralized knowledge. “We’ve mixed the most effective of having a public blockchain with privatized property, so that you’re simply capable of confirm if info is official,” McKee added. 

“I nonetheless suppose we’re within the early days of blockchain adoption,” McKee famous. “And although the know-how has outpaced many others in time period of improvement pace, if we take a step again, we’re in a position to make use of present blockchain know-how in a way that’s environment friendly, value pleasant and doesn’t include the problems different legacy platforms could have.”

In line with Menzies, if insurance coverage firms put money into a live-claims app, they’re basically going to insure themselves. The clear and auditable knowledge that may be supplied with a blockchain resolution, gives a particularly dependable and goal approach to retailer info and offers each insurers and the insured one thing to fall again on.

“We’re utilizing each half of blockchain know-how in a basic approach to the insurance coverage claims course of,” stated McKee. 

In an trade closely weighted by legacy processing, blockchain mitigates cyber safety dangers and gives shoppers with a safer approach to file a declare. 

LifeHash’s modern, customizable app gives a seamless transition of info between the insurer and coverage holder. Insurance coverage firms can combine their very own APIs to the platform so companies can simply take step one within the evolution of claims processing and knowledge safety. 

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Co-founders Stuart Menzies and Gary McKee have labored collectively to create a platform that allows each effectivity and safety utilizing blockchain know-how. Menzies, CEO has a sturdy background in army and protecting providers. McKee, CTO has over seven years of expertise working with DigiByte World Blockchain as a full stack engineer.

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