Insurance

Blockchain for Insurance

Discover how web3 is emerging in the Insurance industry.

Companies we’ve helped with their web3 strategy

What challenges face the Insurance industry?

The Insurance industry faces a few key challenges including: Auditing, Payouts and Multi-party Visibility.

Auditing

Inadequate auditing can result in financial inconsistencies, fraud, and loss of trust in the integrity of an organization's financial statements.

Payouts

Payout issues, such as delayed or incorrect fund distribution, can lead to financial discrepancies and dissatisfied recipients.

Multi-party Visibility

The absence of multi-party visibility can lead to confusion, miscommunication, and decision-making delays, undermining collaboration and productivity.

Blockchain technology isn't just a more efficient way to settle securities. It will fundamentally change market structures, and maybe even the architecture of the Internet itself.

Abigail Johnson

CEO, Fidelity

What are use cases for blockchain in the Insurance industry?

Blockchain can be used to solve problems in the Insurance industry including Asset Custody, KYC/AML and Payments.

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Asset Custody

Blockchain technology can be employed for asset custody, offering a tamper-proof and transparent ledger that securely records ownership and asset transfers, eliminating the need for intermediaries and reducing fraud risk.

KYC/AML

Blockchain facilitates secure and efficient KYC/AML (Know Your Customer/Anti-Money Laundering) processes, ensuring meticulous verification and management of customer identities and compliance data.

Payments

Blockchain technology can revolutionize payments by providing a decentralized, transparent, and secure mechanism. It facilitates the transfer of value without intermediaries, enhancing efficiency and trust.

How can Alchemy help Insurance companies with their blockchain strategy?

Alchemy's team of blockchain experts and enterprise-grade web3 development platform can help Healthcare companies plan, build, and scale new blockchain initiatives.

Trace API

Gain insights into transaction processing and on-chain activity.

Subgraphs

Alchemy Subgraphs is a blockchain indexing platform with drop-in support for hosted subgraphs.

Transaction Receipts API

Fetch all transaction receipts for specified blocks on supported networks.

With Privy's embedded wallets and Alchemy's Account Abstraction APIs, developers can abstract away the complexity of creating a wallet, managing a seed phrase, paying gas -- all without compromising self-custody or decentralization.

Henri Stern

CEO & Co-founder, Privy

Enterprise Blockchain FAQs

Alchemy's supported blockchains include Layer 1s like Ethereum, Solana, and Astar, Layer 2s including Arbitrum, Starknet, Polygon zkEVM, and Optimism, as well as Polygon's PoS sidechain. Alchemy also supports Goerli, Sepolia, and Mumbai testnets. If you are interested in running a permissioned blockchain, contact our team of experts!
You can start building on Alchemy immediately! Alchemy boasts the most comprehensive free tier in all of web3 development. From core node RPC services, to enhanced APIs and account abstraction infra, Alchemy's free tier has a robust set of tools and lots of capacity to start building right away. If you need more advanced tools, higher throughput, or more monthly compute units, Growth and Scale Tiers are self-serve starting at $49/month and $199/month respectively. For custom plans and enterprise SLAs, please contact our sales team!
The Alchemy Sales Team is available to answer any and all questions about the infrastructure and tooling your company needs to bring a production-ready web3 strategy to market. To get started, book a time with an expert!
Alchemy does not offer formal consulting services, but our team of experts are ready to help you think through important product and infrastructure considerations. Contact a member of our sales team to start the conversation!

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Learn how to use blockchain technology as a competitive advantage.

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