Hashcash Eyeing a Blockchain Solution For the Insurance Sector

Zain  |  May 12, 2020

Hashcash consultant group continue with their blockchain initiatives and now are targeting the insurance sector and its outdated system. The firm announced it is looking to make a plethora of partnerships to aid the companies and their consumer in claiming their insurance.

When a health disaster as big as this strikes, its only natural for people with insurance to make the most of it.  With the demand and the prolong lockdown, it has been difficult as these insurance policy systems are outdated and require human interaction which is difficult to achieve during coronavirus. The processing is hard, sluggish and it has made it harder for people to deal with the pandemic.

HashCash CEO Believes Covid-19 Exposed How Outdated The System is

The CEO of HashCash consultant, Raj Chaudhary has stated covid19 has made him realize that the manual paperwork system is outdated and a better system based on blockchain is needed to be put out. The critical health condition has highlighted how underprepared they're for the predicament. The CEO wants to develop a blockchain-based system which helps in the claiming of insurance in a jiffy.

Despite the digital age and transformation of banks, the insurance sector was never addressed. Even for minuscule insurance like vehicular one, it'll take ages before the person receives it.  Infinite phone calls, emails and interactions with the insurance company is needed to get even small insurance. With blockchain and distributed ledger technology, HashCash aims to remove the middleman and thus insurance could be claimed within minutes. Also, the suspicious doubt about the intention and the lack oh trust people have in it is another complicated issue she even that bad will be eradicated.

Previously, Hashcash came up with a blockchain solution to address the medical chain supply and now it is looking to do the same in the insurance sector.

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