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Far-sighted insurance executives are exploring how their organizations can leverage the technology behind Bitcoin to automate and streamline processes across lines of business. The potential in underwriting, claims and service is huge.
A blockchain is just a type of database. Unlike a traditional database, blockchain is structured to enable a digital ledger of events, called transactions, that is shared among a decentralized network of computers. The records shared between these computers are encrypted and cannot be erased. Moreover, no record can be changed without changing all other records within the same block. As a result, the primary benefit