36

T. Paul and S. Rakshit

• Blockchain offers a function of immutability in which records and data are unal-

terable. When each patient has an immutable log, the information is evidence of

progress, consistency is definite.

• Decentralized storage of data and information and the payment platform used is

inevitably more reliable. As it is built on cryptography and based on asymmetrical

private key schemes to encrypt transactions and data, Blockchain data and blocks

are difficult to hack.

• When all doctors have access to reliable and unaltered data and information, the

Blockchain would have clarity in the healthcare system.

5.4

In Identity Management

Blockchain also changes the way identity management is carried out around the

globe. It helps to monitor and manage digital identities safely and successfully, which

prevents data leakage and fraud. In any sector, whether it be healthcare, insurance,

banking, national security, online retailing, citizenship documents, entry to a bar,

or anywhere else, identity verification and authentication are required. Blockchain

could revolutionize identity management in several aspects:

For any nation, state, or organization, data accuracy is of paramount importance. In

various business activities, real-time data storage using Blockchain can be analyzed

and enhanced. In terms of data protection, this will also add trust.

Identity management using Blockchain can help people vote, file their income

tax returns, more effectively and safely execute various other procedures. Due to

the preservation of government validated IDs using distributed ledger technology, it

can also support virtual citizenship authentication. In order to streamline all commu-

nications between citizens and the government, all government transactions can be

transferred to Blockchain using e-residency identity management.

It is possible to connect the digital identification card to the blockchain data, and

this will serve as a temporary ID card when entering a new country. This would lead

to smoother immigration services. Travelers can also connect their debit/credit cards

and monitor their account behavior, whereas only account holders can be allowed

access to avoid theft and fraud.

5.5

In Insurance Sector

By improving business processes and exchanging data with better performance,

protection, and accountability, Blockchain is transforming the insurance industry.

It uses smart contracts on peer-to-peer networks to carry the policy change from

manual to automate into the insurance sector, thus removing the conventional distri-

bution system. Various incentives can be paid out by insurance providers and people

seeking insurance using Blockchain. With the aid of decentralization, underwriting,