Fintechblockchain allow insurers and policyholders to manage and track physical assets digitally. Blockchain technology codify business rules and industrialize claims handling through smart contracts, while offering a stable audit trail. Start-up companies and Insurance giants alike are using blockchain technology to prevent insurance fraud, and digitally track medical records. Somish Solutions is one of the leading blockchain technology company in India, which is created blockchain-based solutions for various applications such as tokenised fund transfers and P2P insurance.
The blockchain embeds authentication into the document itself and uses a closed-loop tracking system to protect against tampering or alteration and to protect against cyberattacks. In addition, it allows users to instantly store data, documents, and transactions in a private blockchain without the need for a central authority.
Blockchain works with the financial services industry, non-banking services,and insurance to enhance the effectiveness of the back-office services, which increases the demand for blockchain in the fintech market. The rising usage of crypto-currency market capitalization due to its secure and reliable usage is a major driver of the fintech blockchain market. However, uncertain regulatory standards and frameworks are restraining the growth of blockchain in fintech market. Contrarily, the growth in new mobile applications that support online transactions is expected to boost the growth of blockchain in fintech market in the forecasted years.
Major industry players such as – Amazon Web Services, Applied Blockchain Ltd., BitPay, BTL Group Ltd., Digital Asset Holdings LLC, Earthport Plc., Microsoft Corporation, Oracle Corporation, Ripple Labs Inc., and Symbiont.
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