Last month, Polish insurance company LINK4 announced it adopted a blockchain document authentication and verification solution developed by the National Clearing House (KIR) and start-up Coinfirm. LINK4 aims to use the distributed ledger technology (DLT) for secure communication with its clients and sharing of documents electronically in a trusted manner.
For banks, insurance companies, and other businesses, document storage, retrieval, and access are among the biggest pain points. Blockchain provides a shared ledger for addressing these issues, and its immutable nature ensures the documents can’t be tampered with. Additionally, it can limit access to information by other parties, revealing the essential data.
“LINK4 is the first insurance company that will use our durable carrier solution in blockchain technology to communicate with clients,” said Piotr Alicki, President of the Management Board of KIR, Poland’s National Clearing House. “Blockchain has huge potential in the insurance industry, generates real savings and ensures compliance with restrictive regulations.”
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