Blockchain in Insurance helps enhance trust and transparency among multiple parties without compromising on security and privacy. Blockchain ledgers and smart contracts enable insurance companies to agree upon and have a common view of claims, approvals, and customer services, which improves business through enhanced customer satisfaction.
TechSophy believes the following broad insurance categories can benefit from blockchain solutions:
- Transparent, reliable, and faster claims, approvals, and payments
- Fraud Identification and handling
- Audit & Regulatory Compliance
- Streamlining agent functioning through transparency and accountability
Blockchain in Supply Chain can act as a common ledger for various parties involved in the supply chain. Apart from the ledger, enterprises that are part of the supply chain can validate the contracts between them (e.g. on the percentage of tolerance in the missing / lost / damaged parts, etc.) automatically.
TechSophy believes that blockchain can solve the following problems in Supply Chain:
- Faster and more accurate tracking of products and transportation details
- Detection of the source and root cause of theft and pilferage
- Independent and enhanced third-party integration
- Prediction and process correction to reduce the impact of environmental factors / disasters like hurricanes, etc.
In general, using smart contracts as part of our blockchain solutions, we can integrate commercial transaction and agreements automatically and transparently. It also enforces the obligations of all parties in a contract without the added expense of a middleman and thereby enables disintermediation.
TechSophy has a talented team that have written and executed smart contracts on multiple public, private, and permissioned blockchains. We believe enterprises that collaborate with third parties to serve their customers will migrate to blockchain based smart contracts. Techsophy offers solutions to migrate incrementally both in terms of their solution and in terms of integration with their partners.
TechSophy has built an internal team that is well versed with Ethereum based smart contracts and Dapps (using Solidity, Truffle, etc.), Hyper Ledger, etc.
Blockchain in FinTech is well studied and well deployed use case. Blockchain can be used in FinTech in the following categories. While some of these categories need an industry wide adoption (e.g., KYC, etc.), there are some areas that can be independently implemented as FinTech block solution (Automated Transaction, Loyalty & Rewards, etc.).
- Automated transactions
- KYC (know Your Customer)
- Fraud detection and Prevention
- Identity, Privacy & Security
- Loyalty & Reward
Given the nature of blockchain related frameworks, and tools, we believe blockchain technologies are still being tested on their ability to offer end-to-end solutions, their ease of deployment at scale, their efficacy, and finally their ROI. However, looking at the fast adoption of blockchain, TechSophy believes that enterprises that work on blockchain solutions or POCs will benefit both from a head start and in identifying the right solutions to be a market and a thought leader.
We believe we can work together with subject matter experts in various industries to adopt and deliver the value of a blockchain. Our approach is to work on solutions that are incremental with respect to their disruption (little or no disruption to existing services) and their deployment.
We look forward to working on a proof of concept with you by using our templates or solutions that we built on blockchain. We can deliver a quick PoC within 2-3 weeks once the scope of the blockchain implementation is freezed.
For more information on our Blockchain offerings