86  Blockchain

Insurance

• Reduce insurance fraud by sharing historical claim data and criminal

records with other insurance providers who are part of the blockchain

consortium

• Automate insurance buying/selling as well as claim filing and payout

for a successful claim without waiting for days and weeks

• Prospective reduction in insurance premiums through the use of

blockchain that can cut the insurance fake claims and fraud

Supply Chain

• Blockchain can effectively cut down the end-to-end timeframe within

the supply chain by reducing intermediaries throughout the ecosystem

• Provide resiliency for the supply chain ecosystem by offering a hybrid

blockchain infrastructure that is immune to fraud, hacking and misuse

• Provide end-to-end transparency throughout the supply chain to

detect risks and delays and take resolution measures. This whole pro-

cess can be automated using blockchain technology

Digital Identity

• Blockchain has disrupted the concept of digital identity by further

improving the technology through decentralised identity, SSI and many

more. As you know, digital identity is one of the core elements of digi-

talisation and it has been further appreciated within the blockchain

world

• Blockchain can reduce identity fraud by providing a secure and trans-

parent system to create and validate the digital identity automatically

• Blockchain can enable decentralisation of the digital identity rather than

having to rely on a central organisation or government departments

controlling the digital identity. This can avoid various fraud and illegal

tactics

• Digital identity is the core element to digitalise traditional services

Agriculture

• Blockchain is already assisting the agriculture industry by providing

agriculture insurance to protect the farmers

• Framers can get rewarded directly by the buyers for their product.

This will rule out any brokers and farmers getting their product value

worth rather than paying too much commission to brokers

• Blockchain is capable of creating a global decentralised marketplace (P2P)

whereby farmers can directly interact with buyers and carry out a trade