After the merger of Policy Bazaar and Accrivis Network to implement blockchain in the insurance sector in India, as reported by Askrypto earlier, the CEO of the Accrivis Network has recently explained in an interview about company’s next move on further leveraging the technology in various other fields such as logistics, healthcare and banks.
Blockchain is powerful as it provides real-time monitoring of the services which leads to a trustworthy environment for the users, said Jignesh Vasani, the CEO of Accrivis Network. Explaining further he said, as the information is stored in several blocks under a single time frame, the data becomes immutable and free from alteration without a general consensus. This results in reducing costs and maintains the time-effectiveness of a system. When compared to the traditional systems, Blockchain can offer both increased security and transparency to the users, says Vasani.
Moreover, he also described the inability of the former systems to remain auto-updated which leads to issues while loading information onto them and explained how blockchain has a real-time update feature to tackle the same issue with ease. Talking on the recent partnership with Policy Bazaar, he said that the platform will allow many companies to operate with their own blockchain networks and with their own protocols under a single node while carrying out the interaction between parties and transaction payouts through smart contracts.
Although not many companies have shown their active interest in Blockchain until now, the duo reported that there has been a steady progress in the technology boom in the country. Parag Someshwar, the CTO of the company described the next plan of Accrivis Network of developing a permissioned-blockchain network where a group of individuals would be responsible for updating smart contracts while keeping the immutability and transparency of the blockchain platform still intact.
Someshwar also outlined the company’s plan to implement blockchain in various other fields such as logistics, healthcare and banks. With this announcement, Accrivis Network has definitely shown its interest to join the race of leading blockchain service providers present in the world.