Insurance plays a pivotal role, especially in the economic sector and families and individuals’ well-being. In USA and in other parts of the world, different types of insurance are key cogs as well. Every year, this sector is responsible for billions of dollars’ worth of revenues.
With blockchain, the insurance industry is projected to grow from $64.5 million to $1.39 billion by the year 2023. Instead of viewing the blockchain as the enemy, the insurance industry can leverage this technology’s disruptive nature to regain its glory and draw people back to a transparent and streamlined process.