One of the insurance companies in London officially launches their own blockchain insurance.
Some of the major problems in the insurance industry are the risk management, keeping costs low, and retaining business regularly in an extremely competitive market. Add to that the erratic level of demand and competitive marketing strategies make the industry even more challenging for insurance companies to survive.
That is why, iXledger, a platform founded around 2017 in London, aims to improve the strategic processes in the insurance industry through innovative technologies like blockchain.
With blockchain’s incredible technology which is already being applied to different multinational companies around the world like Fujitsu, Alibaba, and more, the insurance industry expects that a huge change would be experienced once blockchain is already being applied to their industry.
iXledger revealed that they have partnered with the experts in the London insurance market. With the power of blockchain, this gives the project more transparency, stronger data protection, and data normalization to service the market, which is estimated to raise $7 billion in 2018.
Recently, the number of blockchain projects have been increasing. One of those projects which are making a huge buzz in the blockchain industry right now is the Decenternet.
Decenternet is one of the most significant innovations of blockchain and internet wrapped in one. With Decenternet’s blockchain supported internet structure, it secures all internet users of stronger data protection and decentralized browsing experience which the current internet framework couldn’t completely provide to their users.
The International Data Corporation suggests that the amount of funds that will be spent on blockchain adoption worldwide is going to reach around $2.1 billion this year which records a $945 million increase from the year 2017. With the growing application of blockchain in the past few months, it is expected that the blockchain technology market will grow to $2.3 in less than five years.