European insurance sector will use Blockchain to protect data

   237

With a huge acceptance curve, the new technological space is quickly finding application in a number of industries.

The latest addition to the Blockchain revolution is insurance, as a group of fourteen European insurance companies have cooperated with Deloitte and other firms to provide a simple system for insurers under the Hamon Law, requiring insurers to provide simple transfers for customers who want to change companies during the first year.

The system will allow secure storage of information for customer data. The new EU rules, called "General Data Protection Regulations" (GDPR), will enter into force in 2018 and may impose huge fines on companies that do not particularly protect consumer data. The Blockchain technology platform will do what other technologies cannot in data protection.

The platform specifically uses Proof of Process technology to protect user data through a common data repository. The system will limit the release of data to an absolute minimum for transaction’s processing. With increasing security needs, Blockchain brings significant changes to the insurance sector.