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Abstract

The Blockchain is an emerging technology that has been adopted by many countries and in many companies too. It is a record-keeping technology that stores data of the transactions as well as the participants. In insurance sector it will be very helpful because there would be no middlemen in any insurance transaction. It would be only the assured and the policyholder, and this can be very important in eliminating the frauds. Such digital smart insurances can provide transparency on existing or past insurance policies and claims associated with property and/or insured.The smart contracts are binding in nature on both the parties because these contracts are immutable and irreversible in nature.

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