European Insurance Sector Adopting Blockchain Technology

Blockchain technology seems to be making it's way into every area of life these days. Financial tech is one of the most noteworthy sectors this technology is finding use cases in as services announce every day they are implementing blockchain technology into their services.

Most recently, insurance providers have partnered with Deloitte and various other firms to deliver a system for insurers to comply with the Hamon law, which requires insurers to provide simple transfers for clients who wish to change companies during the year.

This system will permit highly secure information storage for client data. A recent EU regulation called General Data Protection Regulation (GDRP), makes it possible to impose massive fines on companies that are no protecting their customer's data. Blockchain Technology will allow for even greater security measures, specifically by using the Proof of Process technology to secure user data through a shared data repository.

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