Vol. 4 No. 1 (2024): African Journal of Artificial Intelligence and Sustainable Development
Articles

Blockchain-Based Solutions for Insurance Data Privacy and Security

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  • Ravi Teja Madhala
Ravi Teja Madhala
Senior Software Developer Analyst at Mercury Insurance Services, LLC, USA
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Published 10-06-2024

Keywords

  • Blockchain,
  • insurance data privacy
Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

How to Cite

[1]
Ravi Teja Madhala, “Blockchain-Based Solutions for Insurance Data Privacy and Security”, African J. of Artificial Int. and Sust. Dev., vol. 4, no. 1, pp. 458–477, Jun. 2024, Accessed: Dec. 28, 2024. [Online]. Available: https://africansciencegroup.com/index.php/AJAISD/article/view/235

Abstract

The insurance industry faces increasing challenges in managing and protecting sensitive customer data amidst evolving privacy regulations and the rising threat of cyberattacks. Blockchain technology offers a transformative solution to these issues, providing unparalleled data security, transparency, and privacy through its decentralized and immutable framework. This paper explores how blockchain can enhance insurance data privacy and security by enabling secure storage, encrypted sharing, and real-time monitoring of sensitive information. Smart contracts automate claims settlement and fraud detection processes, ensuring efficiency while maintaining data integrity. Moreover, permissioned blockchains empower insurers to control access to customer data, complying with regulatory requirements while fostering trust. By addressing current vulnerabilities in centralized systems, blockchain minimizes data breaches, reduces operational costs, and enhances customer confidence. This analysis also considers the practical challenges of blockchain implementation, including scalability, regulatory compliance, and industry adoption. By integrating blockchain solutions, insurers can create a secure, transparent, and customer-centric ecosystem, redefining how privacy and security are managed in the digital age.

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