The insurance blockchain being developed by Indian life insurance companies will be used to store and share customers’ details in an encrypted and distributed format, with proper checks in place to ensure the consent of policyholders is recorded at various stages on to the ledger, say industry insiders.
A blockchain is essentially a ledger -- or a network of computers at multiple locations -- that are interconnected to share and receive secured data and information. No one computer or ‘node’ in the network has control over the system. All the data uploaded is dispersed across the network to ensure that no node has exclusive access to the data.
