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Article Details

Copyright Statement: This is an open access article licensed under a Creative Commons Attribution 4.0 International License, which permits unrestricted use, distribution, and reproduction in any medium, even commercially as long as the original work is properly cited.

Blockchain in Insurance: Exploratory Analysis of Prospects and Threats

Author 1: Anokye Acheampong AMPONSAH
Author 2: Adebayo Felix ADEKOYA
Author 3: Benjamin Asubam WEYORI

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Digital Object Identifier (DOI) : 10.14569/IJACSA.2021.0120153

Article Published in International Journal of Advanced Computer Science and Applications(IJACSA), Volume 12 Issue 1, 2021.

  • Abstract and Keywords
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Abstract: Ever since the first generation of blockchain technology became very successful and the FinTech enormously benefited from it with the advent of cryptocurrency, the second and third generations championed by Ethereum and Hyperledger have explored the extension of blockchain in other domains like IoT, supply chain management, healthcare, business, privacy, and data management. A field as huge as the insurance industry has been underrepresented in literature. Therefore, this paper presents how investments in blockchain technology can profit the insurance industry. We discuss the basics of blockchain technology, popular platforms in use today, and provide a simple theoretical explanation of the insurance sub-processes which blockchain can mutate positively. We also discuss hurdles to be crossed to fully implement blockchain solutions in the insurance domain.

Keywords: Blockchain technology; insurance industry; hyperledger; ethereum

Anokye Acheampong AMPONSAH, Adebayo Felix ADEKOYA and Benjamin Asubam WEYORI, “Blockchain in Insurance: Exploratory Analysis of Prospects and Threats” International Journal of Advanced Computer Science and Applications(IJACSA), 12(1), 2021. http://dx.doi.org/10.14569/IJACSA.2021.0120153

@article{AMPONSAH2021,
title = {Blockchain in Insurance: Exploratory Analysis of Prospects and Threats},
journal = {International Journal of Advanced Computer Science and Applications},
doi = {10.14569/IJACSA.2021.0120153},
url = {http://dx.doi.org/10.14569/IJACSA.2021.0120153},
year = {2021},
publisher = {The Science and Information Organization},
volume = {12},
number = {1},
author = {Anokye Acheampong AMPONSAH and Adebayo Felix ADEKOYA and Benjamin Asubam WEYORI}
}


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