Blockchain could cut insurance fraud in Australia, according to experts, but only if insurers are prepared to work together.

Amit Ghosh, Head of Asia Pacific at blockchain specialist R3, says the insurance industry has been slow to embrace distributed ledger technology.

But he says there is “no question” it can provide massive benefits, particularly in cutting fraud.

“Blockchain allows for a better solution to the problem,” he says. “The insurance sector now has the opportunity to come together, with the help of representative bodies to seriously address the fraud challenges issues that the whole sector suffers from.”

See Analysis.