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The global blockchain in insurance market has been growing steadily in recent years due to the increasing prevalence of fraudulent insurance claims, the complexity of insurance operations, transparency, faster payouts, and fraud prevention. The growth in revenue is attributed to factors such as the increasing penetration of mobile devices, the emergence of 5G technology, and the adoption of emerging technologies such as AI, machine learning, big data analytics, IoT, and cloud computing. Blockchain’s decentralized ledger technology is being increasingly adopted across various industries, including the banking, financial services, and insurance sectors.