Blockchain technology timeline in Bangladesh and Insurance Sector

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Blockchaintechnology is a relatively new concept in Bangladesh, and its adoption and development have been slow compared to other countries. Here is a brief timeline of the key events and developments in the history of blockchain in Bangladesh:

 

2016: The Bangladesh Bank, the central bank of Bangladesh, issues a warning against the use of cryptocurrencies, citing the risk of money laundering and terrorist financing.

 

2018: The Bangladesh Association of Software and Information Services (BASIS) announces plans to develop a blockchain-based platform to enhance transparency and efficiency in supply chain management.

 

2019: The government of Bangladesh establishes a high-level committee to explore the potential of blockchain technology to address various issues, including financial inclusion, supply chain management, and e-governance.

 

2020: The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) partners with a blockchain startup to develop a blockchain-based platform to enhance supply chain transparency and traceability in the garment industry.

 

2021: The Bangladesh Bank issues a circular warning banks and financial institutions against dealing in cryptocurrencies or facilitating any transactions related to them.

 

While the adoption of blockchain technology in Bangladesh has been slow, there is growing interest and awareness of its potential benefits in various sectors, including finance, supply chain management, and e-governance. However, there are also challenges to be addressed, such as regulatory uncertainty, lack of technical expertise, and limited access to funding. With ongoing developments and initiatives, it is expected that blockchain will continue to gain traction in Bangladesh and play a significant role in the country's digital transformation.

 

Blockchain
Blockchain

The use of blockchain technology in the insurance sector in Bangladesh is still in its early stages, and there are few notable developments in this area. However, there is growing interest in the potential of blockchain to improve the efficiency, transparency, and security of insurance operations. Here are some of the key developments in the history of blockchain in Bangladesh insurance:

 

2018: The Bangladesh Insurance Association (BIA) announces plans to explore the potential of blockchain technology to improve the efficiency and security of insurance operations, including underwriting, claims processing, and fraud prevention.

 

2020: A Bangladeshi insurance company partners with a blockchain-based insurtech startup to develop a blockchain-based platform that uses smart contracts to automate claims processing and reduce fraud.

 

2021: The Bangladesh Bank issues a circular warning banks and financial institutions against dealing in cryptocurrencies or facilitating any transactions related to them.

 

While the use of blockchain technology in the insurance sector in Bangladesh is still at an early stage, there is growing interest and potential for its application. Blockchain-based insurance products and services could provide benefits such as faster claims processing, reduced fraud, and improved customer experience. However, there are also challenges to be addressed, such as regulatory compliance, interoperability, and standardization. As the technology continues to mature and regulatory frameworks are established, it is expected that more use cases for blockchain in insurance will emerge in Bangladesh and other markets around the world.


Author

 Maryam Saeed Dogar

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