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Insurance and Smart contracts

Smart contracts are digital contracts that are on the blockchain and are executed under pre-agreed and verified conditions.

     They help automate the workflow and guarantee strict compliance with the terms and conditions of the agreement.

     Transaction records in the blockchain are encrypted and are shared by all participants who have been granted permission, so they are securely protected and cannot be changed unilaterally.

     All transactions are traceable, transparent and irreversible!

     Blockchain technology has already had a huge impact on almost all branches of business, and insurance is no exception.

     The technological breakthrough allows not only to increase efficiency in work, but also to significantly reduce costs.

      Since the smart contract is digital and automated, it saves time on processing documentation and eliminating errors that often occur when manually entering information.

     It eliminates the need for intermediaries to process transactions and the associated delays and fees.

     When a smart contract is used, for example, for insurance contracts, in the event of a claim, if all pre-defined conditions are met, a transaction occurs, otherwise, the prescribed code cancels it.

     There is no doubt that smart contracts are beginning to dominate the financial industry. Their reliability, efficiency and security have a huge advantage in creating a new digital world!