The Application Of Blockchain Technology In Family Takaful As Catalyst In New Normal Environment

The detrimental growth of new business contributions in Malaysia Takaful market for 1st half 2020 due to COVID-19 pandemic indicated the market required new catalyst to the way of doing business. The objective of the study is to explore the benefits of blockchain technology in family takaful. The study applied a semi-structured interview with the takaful practitioners in the market has listed five potential benefits that can be offered by blockchain technology in the area of product development, operation and distribution channel. The study aims for the viability of the blockchain in Family Takaful can be explored by the players.