Paperwork is reduced. Processing is quicker. Communication between participants is easier. Hassles are eliminated. The potential of the blockchain in the insurance industry is plenty- Let’s look at some of the use-case Spydra offers the insurance industry.
Enable trust among supply chain participants by providing a shared, immutable ledger that records all transactions. This shared ledger eliminates the need for intermediaries and promotes collaboration, as all stakeholders have access to the same information, reducing disputes and improving communication.
Promote transparency and trust in trade finance. All participants in the blockchain network have access to the same information, creating a shared and immutable ledger. This transparency eliminates information asymmetry, reduces disputes, and improves trust among parties involved in trade finance transactions.
Blockchain provides a transparent and immutable ledger that can record carbon-related data, transactions, and offsets. This enables a traceable and audit-able trail of carbon emissions throughout the supply chain. All stakeholders can access and verify the data, ensuring transparency and trust in carbon accounting processes.