Blockchain-Based Customer Data Management Systems: A Framework for Insurance Service
DOI:
https://doi.org/10.47747/fmiic.vi2.2935Abstract
This research examines the use of blockchain-based insurance services’ customer data management in Indonesia and its effects on privacy and security risks. The study employs a qualitative methodology with an exploratory approach. It proposes six research propositions and a blockchain-based architecture model for managing insurance services’ customer data. The findings suggest that blockchain can reduce privacy and security risks if implemented by the insurance sector in Indonesia. The insurance services in Indonesia currently use legacy internal servers to store customer data, accessible by insurance and customers through the cloud. This centralized storage poses security and privacy risks, as customer data is sensitive information. Blockchain technology, with its decentralized and tamper-proof characteristics, presents a viable solution to mitigate these risks. By employing blockchain for customer data management, institutions can ensure the integrity and security of sensitive information, thereby safeguarding against unauthorized access and potential misuse. Implementing blockchain-based solutions for data management requires careful consideration of various factors, including the financial and technical resources necessary to support high-end computing infrastructure. Despite these challenges, the potential benefits of blockchain in enhancing security and privacy are substantial.
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