Indian companies using blockchain technology to better services

Blockchain has the potential to transform multiple industries and make processes more democratic, secure, transparent and efficient, industry body Assocham had said in a recent report.
Some Indian companies have already begun providing financial services through blockchain technology, a digital platform secured by cryptography, amid an ongoing debate on the usage of cryptocurrency. Bajaj Finserv, the holding company of Bajaj Group’s NBFC and insurance firms, is using blockchain technology for services like travel insurance, for settling claims even before it is registered by the customer concerned. “We are using blockchain technology to improve customer service,” Bajaj Finserv Managing Director Sanjiv Bajaj said today, on the sidelines of Financial Markets Conclave organised by the Bengal Chamber of Commerce. Citing an example, Bajaj said in case of flight delays, the information comes to the system and the claim amount is automatically generated and paid. He, however, said blockchain technology was closely monitored, and the company is keeping a watch on regulatory guidance regarding the usage of cryptocurrency in the country…

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