MetLife, the world’s sixth-largest insurance company, uses Ethereum to transform the process of life insurance.

LumenLab is collaborating with the Singapore Press Holdings media group and the NTUC Income insurance company to introduce Lifechain, a smart contract platform built on Ethereum.

Thanks to this platform, family members can easily check whether the deceased had such insurance policy and what claims arise from it. It also eliminates several steps in the claim process. The innovation could also lower prices and introduce new services.

This step is not unique. A number of large corporations, including Microsoft, Ubisoft, JPMorgan, and IBM, are incorporating Ethereum into their processes and services.