The Blockchain technology is designed to be secure by default as it stores important cryptocurrency transaction data. The information stored on blockchain is responsible for the execution of transactions and prevention of double spending. The bitcoin blockchain is built around the SHA-256 encryption system to secure data.
The open source nature of bitcoin technology has facilitated its adoption in sectors other than mainstream cryptocurrency. It is being used to store information other than transactions. It can be used to create irrefutable records with verifiable time stamps, which is a very important requirement for the industries and companies involved directly or indirectly in finance. Insurance is one of the industries that can benefit a lot from blockchain technology.
http://www.newsbtc.com/2016/03/19/safeshare-insurance-on-blockchain/
