It seems that Blockchain technology is becoming ubiquitous among financial and technology spaces these days. With a huge adoption curve, the new technology space is quickly finding use cases in a number of industries.
The latest addition to the Blockchain revolution is insurance, as a group of fourteen European insurance providers have partnered together with Deloitte and other firms to provide a simple system for insurers to comply with the Hamon Law, with requires insurers to provide simple transfers for clients who wish to change companies during the first year.
Data protection is paramount
The system will allow for highly secure information storage for customer data. The newest regulations from the EU, called General Data Protection Regulation (GDPR), will take effect in 2018, and could impose massive fines on companies that aren’t particularly protective of consumer data. The Blockchain technology platform will do what other technologies cannot in data protection…
Read Full: European Insurance Sector Adopting Blockchain to Protect Data