Usually it takes 3-6 months for the disbursal of Death claim benefit post the death of a person. The paper trail is large, initiating from hospital to cemetery to claimant claiming the disbursal of Insurance benefits. Each of these stakeholders have their own system of records and databases. The segmented and local view don’t guarantee the transparency and trust between stakeholders and subject to security concerns.
With Blockchain, a common ledger is created which is maintained by all the parties involved and driven by consensus. This automates the Death Claim disbursement.
Distributed Network would comprise of networks of:
- Insurance Companies
A public blockchain network would be ideal for the system. Ethereum is one of the leading Blockchain framework and has capabilities to scale depending on number of blocks and size of transactions. A smart contract is deployed to automate the entire process.