In connection with the Blockchain also the term Smart Contracts appears.
What exactly is this about?
Blockchain means the forgery-proof linking of blocks with records in it. Transactions in many sectors of the economy can thus be controlled on a decentralized basis. Manipulations are virtually impossible with the blockchain. We had already covered this topic in a blog article.
But not only records can be processed via the blockchain. It is also possible to exchange contracts, so-called smart contracts. All components of the contract are recorded as smart contracts via the blockchain and logged forgery-proof.
An example is the insurance industry. In the so-called blockchain insurance industry initiative (B3i), the possibilities offered by the blockchain and, associated therewith, by smart contracts are explored.
Accordingly, insurance policies are no longer carried out in paper form, but are made available to the contracting parties as smart contracts. All the details of the insurance contracts are programmed in these smart contracts.
fynance will be one of the first brokerages companies in the insurance industry to implement an interface in its app that allows customers to view the managed insurance contracts as smart contracts. This will happen as the insurance industry switches its processes to blockchain technology.