Published by Uma Rajagopal
Posted on February 17, 2022
An increasing number of fraudulent insurance claims and the impending need to develop transparent and reliable systems have pushed the global Blockchain in Insurance market towards its boom. Being a decentralized ledger distributed across business networks that quintessential records all business transactions, blockchain technology offers a unified protocol for verifying users records in an established chain of data. Among the recent trends witnessed, is the use of blockchain technology as payment applications adhering to its beneficial provisions of real-time payments against assets; resulting in major cost-savings. With the scope blockchain technology has to deliver disruptive outcomes and to reshape the world of digital business, the global Blockchain in insurance market is estimated to reach unprecedented heights in the years to follow.
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Pandemic, Digital Currency, and Boom in BaaS Market Stimulate Top-Speed Growth
Onslaught of the COVID-19 pandemic has accelerated the world’s transformation into a digital globe. With contactless transactions, quick UPI payments, and digital currencies taking the wheel, there is less left for a person to invest offline. The increased use of cloud-based services for commercial, economic, and business purposes has led to an expansion in the general Blockchain market. As online transactions increase, serious frauds have also taken shape. In order to prevent these, the Blockchain technology has various solutions handy. This is the main driver for the growth of the Blockchain-in Insurance Market. With simplified and automated claim submission, reduced fraud losses, enhanced customer experience, minimized manual inspection, and automated compliance, this market has found a major stimulator of expansion in the growing Blockchain-as-a-service market.
North America Rises as an Established Market Whereas APAC Competes for the Next Position
Blockchain in Insurance market is segmented in by provider, application, region, and organization. By region, North America owns a major share of the market adhering to the escalated spending of insurance companies in wanting to integrate advanced solution data encryption and security. This is also due to the presence of big-shot solution providers in the region. However, where the market in North America is already on the way of establishment, its growth rate is expected be the highest in the Asia-Pacific region. APAC has seen astonishing investments by major players competing to provide services across the region. The increasing demand for online insurance solutions in these emerging economies of Asia Pacific is also an adding factor to the growth of Blockchain in Insurance Market.
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New Developments by Existing Key Players Amplify Market Growth
The key market players of the Blockchain in Insurance market constitute Applied Blockchain (UK), Algorythmix (India), Auxesis Group (India), AWS (US), and Bitfury (US). In May 2018, Microsoft launched Azure Blockchain Workbench, a set of new tools to build apps quickly in minimum time. In April 2018, BTL announced the launch of its proprietary blockchain platform Interbit and made it available for testing and feedback. The company plans to make Interbit fully commercial through regular software releases. Interbit can be licensed by developers and businesses who can build and share their applications in a trusted ecosystem.
In March 2018, AWS partnered with Luxoft Holding, a technology consulting firm, to offer blockchain solutions certified to run on AWS. Luxoft Holding implemented a digital ledger solution using the Hyperledger Fabric network.
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