Blockchain could improve transparency in property and personal transactions by replacing manual databases ; recording , verifying , tracking and validating them in real - time , and providing a consistent and uniform process that minimises errors , according to May Knight , an insurance consultant at Accenture . providing a single referenceable source of data and records kept in customer digital wallets could also accelerate claims settlement and cut processing costs . " The auditability , immutability and security of the blockchain provides protection for fraud , error or disputes " , she said .
Blockchain could improve efficiency in property and casualty insurance by replacing manual transactions; recording, verifying, tracking and validating them in real-time, and providing a consistent and uniform process that minimises errors, according to May Knight, an insurance consultant at Accenture. Having a single referenceable source of data and records kept in customer digital wallets could also accelerate claims settlement and cut processing costs. "The auditability, immutability and security of the blockchain reduce space for fraud, error or disputes", she said.