Blockchain-Based Internet of Things …

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settlements, claims, and reinsurance processes can be simplified by the insurance

industry. This technology would provide better security since the data is not stored

in any centralized location and is not managed by any single agency, thereby offering

a higher degree of privacy and cost savings.

Blockchain technology offers benefits to different verticals of insurance:

• Blockchain technology not only enhances health benefits but can also change

healthcare providers.

• In order to reduce the paperwork, make signing simpler, storing data related to

prior repairs, and damage to a car in an immutable and distributed way, the auto

insurance industry will benefit, resulting in cheaper quotes and quicker settlement

of accident claims.

• Distributed ledger technology can be used in life insurance to connect various

cords in life insurance, including insurance providers, insurance companies,

funeral homes, beneficiaries, government, etc. Insurance firms can automate the

entire processing process with the aid of smart contract technology and can

run efficiently with greater productivity with decreased time and resources on

operations.

• Travel insurance may also be vertical insurance that uses Blockchain to cover the

traveler without the need to make regular calls to the airline’s business in case of

flight delay.

5.6

In Music Industry

The music industry was transformed and musicians were empowered by Blockchain.

It helps to streamline the music’s ownership rights and helps to transparently offer

equal pay to the artists for their work.

In the music industry, blockchain technology provides many advantages:

• Blockchain provides artists with the means to use smart contracts to share revenue.

The smart contract will simplify the song/album contract parameters and release

funds accordingly and share revenue in a clear and real-time manner between

musicians, managers, etc.

• In the relationship between fans and artists, Blockchain will bring transformation.

To purchase music directly, consumers will be able to engage in the tokenized

community and will also participate in different surveys, competitions and connect

in a meaningful way with the artists.

• The music industry will profit greatly from decentralization because there will not

be any central repository where the data and content will be stored. It will help to

provide the music industry with a new environment that removes intermediaries

and third parties in the process, enabling direct distribution that empowers artists

in different ways. It will provide streaming channels for decentralized music in

the industry.