Blockchain Framework for Fire Insurance Using Hyperledger Fabric

Technological advances are transforming company operations and improving efficiency and transparency. This paper introduces an innovative blockchain-based fire insurance system utilizing Hyperledger Fabric that aims to address inefficiencies, delays, and trust concerns in conventional insurance practices. Smart contracts and the decentralized and unchangeable nature of blockchain are used in the proposed model to automate claims processing, make sure data storage is safe and cannot be changed, and give policyholders and insurers realtime updates. These factors reduce fraud, improve transparency, and foster trust between stakeholders. Furthermore, the technology enables policyholders to see the specifics of their policies, claim statuses, and payment histories, significantly improving customer experience. This strategy enables manipulation of the business by both parties, enhancing the efficiency and accountability of capitalism through policy reform, and improving fire insurance operations.