Policybazaar Becomes India’s First Insurtech Company To Adopts Blockchain Technology
The Blockchain technology is spreading its wings as various world economies, industry biggies of multitude sectors have started to accepted and appreciated the use cases of the technology. Becoming India’s first insurtech company, the largest insurance website and comparison portal of the country, Policybazaar.com adopts blockchain solutions.
Aimed at making insurance purchase as seamless as possible, Policybazaar.com partners with Accrivis Network Pvt. Ltd., a data integration platform provider. The blockchain solution will be integrated to enhance customer centricity through data security and application integration.
It is important for the insurance platform to ensure that the data is not breached and the subsequent payments are shared in a timely manner, the blockchain adoption is a means to do so efficiently. With the blockchain integration, the insurance platform is planning to monitor and minimize the risk of frauds. The Indian insurance industry currently loses USD 6.25 billion or nearly 10% of its revenue due to various forms of frauds, of which 86% is contributed by the Life insurance sector.
The Chief Technology Officer, Policybazaar.com, Ashish Gupta shared his thoughts about the partnership:
“We are a technology driven entity and are always keen on integrating emerging technologies that simplify the process of selling and buying insurance in a secured manner. In addition to allaying security issues of consumers using online channels, blockchain will be used by Policybazaar.com to address consumer queries and complaints in a time-bound manner.”
Also the Chief Executive Officer (CEO), docprime.com, Gupta added;
“At the moment, consumer redressal takes time due to varying IT systems used by different stakeholders in the system, which leads to non-uniformity of data. This leads to a lot of back and forth while resolving operational issues and the reconciliation takes a lot of time and effort, causing inconvenience to our consumers. Hence, integrating of blockchain technology is in sync with our mission of keeping consumer interest above all.”
Further praising the technology, Gupta also stated that blockchain will enhance the security and privacy of data on the platform and will also allow them to access the data with ease. It will also enable a secure, private, fast and reliable communication with partners. Blockchain will render the data indisputable and time-stamped for reliability, resulting in a highly secure, more efficient and transparent exchange of information using a single network instead of multiple modes of information sharing.
The CEO of Accrivis Network Private Limited, Jignesh Vasani, said:
“Blockchain is deemed as the Internet of Transactions. It is also considered as the Truth Machine or truth serum for all transactions. We believe that by providing a blockchain platform for organisations to transact with each other, we will resolve any data conflict or unavailability, while providing increased security. We are excited about this partnership with Policybazaar to disrupt the insurance industry with our unique service offering.”
Apart from the aforementioned benefits, upon blockchain integration, PolicyBazaar.com could also adapt multiple use-cases of the technology, such as a shorter turnaround time for services and lesser cost of processing transactions. The company has set up an innovation lab consisting of 30+ engineers and data scientists to develop new-age tech solutions in order to augment customer centricity.
The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.” Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.
Bitfury, the Bitcoin mining equipment manufacturer and blockchain software firm has been valued $ 1 billion in a multi-million dollar funding lead by the billionaire investor Mike Novogratz and Korelya Capital with an $80 million investment.
Notably, the evaluation comes soon after the release of Bitfury Clarke, a new Bitcoin ASIC miner, developed by the firm to counter Bitmain’s new equipment – the 7nm Antminer. CEO of Bitfury, Valery Vavilov, stated that over the past 11 months the demand for the blockchain and crypto from companies and institutions has considerably grown. He said/l
“We see a lot of demand from companies and public institutions to put their services or products in the blockchain — especially in emerging markets, where administrative systems can be very inefficient.”
Incline Towards Mining and Blockchain
Even with Bitcoin facing bear market for a while, the hash rate of the Bitcoin blockchain network has increased substantially from 15 million TH/s to over 50 million TH/s. The rocketing hash rate indicates that the strength of the blockchain’s computing power has led to a surge in the breakeven cost of crypto mining.
Cryptocurrency analyst Barclay James reported in July that the breakeven cost of mining Bitcoin amounts approximately to $6,900, this inference is based upon the hash rate of the Bitcoin network, at the time which was 35 million TH/s. Currently, the hash rate of Bitcoin remains above 50 million TH/s, up 42 percent since July as per data by Blockchain.
According to that current hash rate, the breakeven cost of mining has well surpassed $7,500, even in regions with naturally cold climates and cheap electricity like China that reduces operational costs. James noted:
“China has some of the world’s cheapest electricity rates as well as average temperatures consistent with temperate regions. This is important as cooling is one of the largest overheads in mining. In addition, the country’s generally low operating costs also give it a competitive advantage.”
The rising breakeven cost of mining and the non-moving price of bitcoin has made mining the token is currently suffering from losses. Until the token recovers to the high region of $7,800 to $8,000, miners will continue to mine bitcoin with a loss of around 20 to 30 percent. The hash rate of Bitcoin, Ethereum, and other major cryptocurrencies, however, continues to surge, as does the demand for mining-focused ventures like Bitfury, Bitmain, and Samsung’s new foundry.
Earlier this year, Bloomberg reported that Bitmain is finalizing a $15 billion IPO and if Bitfury IPOs, it will target a valuation of $3 to $5 billion. Confident on the bright and shining future of the industry, mining companies and mining equipment manufacturers like TSMC and Samsung are joined in by a major venture capital firm in Korelya.
Korelya is financed by Naver, the largest search engine operator in South Korea utilized more than Google in the region. Bitfury is the first indirect investment in crypto from Naver.