Cognizant’s blockchain solution

Cognizant Technology Solutions, a US-based IT company, and a consortium of leading Indian life insurers announced that they have developed a blockchain solution to facilitate cross-company data-sharing. This will enable insurers to reduce risk of data breaches, fraud and money-laundering, while delivering improved process efficiency, better record-keeping, and accelerated turnaround time. The life insurers comprise SBI Life Insurance, Max Life Insurance, Canara HSBC OBC Life Insurance, Edelweiss Tokio Life, IDBI Federal Life Insurance, Birla Sun Life Insurance, HDFC Life, Kotak Life, Tata AIA Life, PNB MetLife, IndiaFirst Life Insurance, ICICI Prudential Life Insurance, Bharti AXA, Aegon Life, and Star Union Dai-ichi Life Insurance.