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Insurance, law and the blockchain

Blockchains and smart contracts have both added value and disruptive potential for insurers, lawyers and notaries. Ducking away is not a solution, because in a digitized society, blockchain technology is becoming the foundation of a democratic and legally secure society.

Blockchain and loss prevention

Blockchain technology opens up completely new potential for insurers.

Take loss prevention, for example: Accidents can be avoided through communication between network participants, e.g. by recognizing accident-prone routes through the evaluation of blockchain data and bypassing them with the navigation system.

Blockchain replaces brokers

With the help of the Elrond blockchain and smart contracts, the monitoring and compliance of contracts is automated and without human interaction.

Insurance policies can be concluded without brokers – directly, simply, securely and transparently by the customer himself.

The Elrond blockchain for insurers, lawyers and notaries public

The potential applications of the Elrond blockchain for insurers, lawyers and notaries are as diverse as they are visionary. You too can rely on the technology of tomorrow.


Insurance quite flexible

Peer-to-peer insurance enables customers to insure themselves collectively. Insured parties pay into a joint pool via Smart Contract. If the premiums paid in are not sufficient, the insurer that stands behind the product as a reinsurer pays.

In the future, customers will be able to optimally adapt their insurance modules to their individual needs with just a few clicks. Payments will be made via micro-payments. Insurance will become smarter and more affordable.


Smart insurance

With the help of external data, such as weather forecasts, machines take out temporary insurance policies to cover potential damage. But that’s not all: To avoid unpleasant surprises for the owner, the machine can take out basic insurance itself before it is put into operation.

With smart contracts, claims are handled automatically and costs are reduced. Information about the insurance claim is securely documented on the blockchain.#

A travel insurance company, for example, could monitor flight data in real time and immediately transfer the compensation due in the event of a delay

False claims for compensation are filtered out, insurance fraud is made massively more difficult.


Damage reports

The Elrond blockchain makes claims reporting efficient, transparent, and customer-centric. Insurers can securely and quickly access information, forms, evidence, police reports and expert opinions.

By using sensors in cars, when an accident occurs, a message is automatically sent to the insurer. The required data is then requested, processed and forwarded if necessary, for example to towing services, workshops or other insurance companies.


Attorneys & Notaries

Notarial transactions, such as the transfer of property, leave room for manipulation and fraudulent acts. The characteristics of blockchain therefore make the technology a hot candidate for notaries and lawyers.

For example, the blockchain can be used to prove the existence of a property or a contract, including all changes since its creation, beyond doubt and in a forgery-proof manner.

Blockchain = Efficiency

The Elrond blockchain facilitates contract design and processing. Delays caused by a large number of parties and unnecessary costs can be accelerated.

Especially for contracts with a low degree of individualization, the blockchain can show its full strength.


Blockchain for insurance quotes

Predictions can be used to suggest insurance policies that a patient might need based on medical records, disease progression and risk factors.

Prerequisite: a blockchain-based medical record that meets high data protection requirements.

More about the Elrond blockchain

The Elrond blockchain will revolutionize the insurance and legal world. We show you why!

Functional Comparison

Elrond is a high-performance blockchain technology based on the proof-of-stake consensus mechanism. It was developed to eliminate vulnerabilities of other blockchains. Actually, we claim that Elrond is the best blockchain technology in the world.

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Orientation Call

Would you like to learn more about the potential of the Elrond blockchain for your company? Our experts will be happy to advise you. Free of charge and without obligation.

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Cost Calculator

Calculate your transaction costs with the Elrond blockchain compared to other transaction technologies like Paypal or credit card. You will be amazed!

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Blockchain Check

Find out how your business can benefit from using the Elrond blockchain in just a few clicks!

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Advantages of the Elrond blockchain

Blockchain Technology
Transactions without intermediary, fail-safe through decentralization, protection against manipulation.

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Adaptive State Sharding

More than 15,000 transactions per second possible, scalable upwards for maximum performance.

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Secure Proof of Stake
Optimal protection for sensitive data and information as well as an improved eco-balance.

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Low costs

Minimal transaction costs to ensure your competitiveness and optimize your pricing strategy.

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Adaptable Smart Contracts

Automatic transactions and payments according to defined rules and conditions. Smart, isn't it?

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Elrond ecosystem

Extensive network of validators, developers, investors, research partners and exchanges.

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Let's talk about Elrond, Insurance & Law

Want to learn more about the potential of the Elrond blockchain for the insurance industry?
Contact us for an orientation call. We look forward to hearing from you!

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