Finance

Blockchain has many potential applications in the finance industry. Blockchain in finance is currently the hottest topic in the industry, and major banks and financial organizations are researching to find ways to adopt blockchain technology, primarily due to its highly desired potential to cost-save.

These applications include, but are not limited to, insurance, post-trade settlements, financial crime prevention, and payments.

Insurance

In the insurance industry, blockchain technology can help to stop fraudulent claims, increase the speed of claim processing, and enable transparency. Imagine a shared ledger between all insurers that can provide a quick and efficient mechanism for handling intercompany claims. Also, with the convergence of IoT and blockchain, an ecosystem of smart devices can be imagined, where all these things can negotiate and manage their insurance policies, which are controlled by smart contracts on the blockchain.

Blockchain...