Blockchain as basis for ecosystem model insurance in international business

Abstract

Blockchain technology plays an increasingly important role in achieving sustainability in business practices through resources for extending the life cycle of a given product and maximizing their use. Most of the Blockchain literature is devoted to the general financial sector with an emphasis on the banking sector. It observes the limited attention paid to other financial sectors, especially insurance sector, and responds how to adopt Blockchain technology as digital transforming components of the business model in the insurance industry. The possibilities of Blockchain application in insurance are numerous, from the processing of compensation claims and fraud detection, payment, data structuring to reinsurance etc., which leads to a significant increase in efficiency, cost savings, transparency, faster payments, with the sharing of data in real time between different parties in a reliable and traceable manner the way. Especially, Blockchain technology brings the higher security in business network and smart contracts. The authors analyze in the paper Blockchain as basis for ecosystem model insurance in international business and proposed empirical model for Blockchain implementation in insurance network and business processes.