JULY - 202319 such FacebookID, and payments using providers such as AndroidPay. The above use cases rely on a trusted Web 2.0 provider maintaining that trust but does not provide users control of where or how their data is used after it is collected. The application of blockchain technologies can create an evolution in the balance of control and trust if we instead use a third party that relies on public-private encryption where the private key is held by the user. This also gives the user control over where their data is shared.The future could see Web 3.0, a blockchain powered web environment with decentralised trust models, change the insurance industry. There are many possibilities for Web3.0 enabled use cases on an insurance superapp. The customers' user experience could be enhanced during the product offer stage. Potential customers can share health records via a Web 3.0 provider to get a quote for a product, and then revoke access to the shared data if they choose to reject the offer. THE FUTURE COULD SEE WEB 3.0, A BLOCKCHAIN-POWERED WEB ENVIRONMENT WITH DECENTRALISED TRUST MODELS, CHANGE THE INSURANCE INDUSTRYJulian LoUsers can also get more control over their transacted data. Payment or claims data on a superapp can be done through a Web 3.0 provider integrated to providers and insurers. This ensures that immutable data is shared securely and more importantly, access can be reduced or revoked after completed transactions. Payment through a Web 2.0 provider requires the passing of sensitive payment details, which accumulates large amounts of data with payment providers and creates a potential data security risk if targeted by nefarious actors.In all these cases, the traditional model of sharing data with a trusted party is turned on its head with Web 3.0 and blockchain technologies creating additional models for engaging users and placing them in control of their own data.The insurance blockchain revolution.The user knows that their data is valuable and will share it to enhance their user experience with the right incentives. By leveraging Web3.0 blockchain, we can allow them to retain control of where their data goes - addressing the challenge of maintaining trust while pursuing data innovation.There are plenty of opportunities for the insurance industry to continue building this trust and innovation. To get ready to meet customers' Web 3.0 expectations, AIA is continuously testing and learning new technologies in a similar way to how we have scaled the use of cloud, digital, analytics and artificial intelligence in our core business through our 3-year TDA strategy. This gives AIA the right approach to roll out our Web 3.0 strategy when the time is right.Web 3.0 will be a critical building block of our future, and it is up for the insurance industry to embrace it and be part of this revolution. The blockchain market in Asia-Pacific is estimated to grow at a CAGR of 75.4 per cent from 2021 to 2028Quick Bytes
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