Blockchain Financial Technology in Insurance
Blockchain technology is part of financial technology, abbreviation of FinTech / fintech . if same this financial tech applied in insurance sector then called InsurTech . Blockchain is a hot topic nowadays especially due to introduction of cryptocurrencies in financial market. What is Blockchain Financial Technology? Blockchain fintechnology name is kept due to data stored in form of blocks which are interconnected with each other that makes a long chain. This long chain makes difficult to change data in one block due to interconnected chain of blocks. If one change is brought in one block then all changes have to be incorporated in other blocks which is very tedious task. This immutable feature of this technology makes data hard to change leading to transparent data. This blockchain technology firstly introduced for transactions purpose as it connects all nodes in a network who can makes transactions directly without middleman and transactions are stored in storage system o