Procter & Gamble aims to sort out claims management challenges using blockchain
With businesses becoming increasingly aware of blockchain technology’s capacity for building enterprise-grade solutions, some are starting to explore how the technology can be utilized to help retail and other consumer-focused industries. One area where research and development have already begun is claims management, which is an important part of the operations of any consumer-oriented business.
The way claims management processes are handled today leaves plenty of room for optimization. One of the pioneers seeking to utilize blockchain to power effective claims management solutions is US consumer goods giant Procter & Gamble.
Need for optimization
As one of the largest consumer goods companies in the world, Procter & Gamble is in a position to identify the various challenges related to existing claims management systems and practices. Some of the most pressing issues include: too much reliance on manual work which can cause various inefficiencies; claim disputes and relying on third parties to settle disputes; lack of common trustworthy contracts platforms and more.
Having a good understanding of what aspects of claims management needed to be bolstered, Procter & Gamble was able to quickly start working on designing appropriate solutions using blockchain technology.
The project helped to bring the strengths of blockchain into focus and the advantages of using the technology for claims management solutions quickly became apparent. For example, thanks to its trustless nature and immutability, blockchain technology is perfectly suited for tracking claims and settling disputes without relying on intermediaries. Furthermore, blockchain-based systems could use smart contracts to automatically execute post-sale supply chain processes. This would help reduce manual processes and the risk of human error.
LimeChain joins the project
To help turn its vision into reality, Procter & Gamble needed a veteran blockchain development firm with proven experience in realizing innovative DLT use cases. With its impressive track record of successfully completed projects and deep technical expertise, LimeChain stood out as a great choice for a technological partner on the project.
After assessing the scope of the task at hand, our team chose to build its claims management solution on Hyperledger Fabric, the leading platform for permissioned enterprise-grade solutions. Using Hyperledger Fabric’s robust capabilities, the team was able to build a permissioned platform for handling processes between counterparties. The platform is easily scalable to accommodate addition of new members.
A web-based application was also developed, enabling users to upload contracts onto the blockchain. Via the application, contracts are cryptographically signed and then stored on the blockchain.