Blockchain technology is moving out of the lab and into the insurance business. It’s moving past the hype phase and is edging closer to providing real-life efficiency improvements for the industry.
Executive SummaryBlockchain technology is moving out of the lab and into the insurance business, writes Ken Marke with the Blockchain Insurance Industry Initiative (B3i). Providing an overview of blockchain and its long-term benefits, Marke says that 2018 will be the year when the technology moves past the proof-of-concept phase into real-life applications—ultimately leading to an industry revolution.
It’s been a slow and evolutionary process—one that ultimately will create a revolution for the insurance and reinsurance industry.
Blockchain is a term that was little known four years ago unless you were involved in the world of cryptocurrencies such as bitcoin. It is the technology platform upon which cryptocurrencies are built and has been around for some 10 years.
According to the “Gartner Hype Cycle for Emerging Technologies,” blockchain is now moving out of the peak of the hype phase. But this does not necessarily mean it is closer to reality—a view that was shared by Fitch in an April 2018 report.
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