The author Douglas Adams once said, “We are stuck with technology when what we really want is just stuff that works.” Many of us can relate, especially with new technology such as distributed ledger technology (DLT), also known as blockchain, which is often perceived as a solution looking for a problem. Put another way, this technology has been talked about so much over the last couple of years that people are tired of the hype and are now impatiently looking for real and useful applications.
Executive SummaryJohn Carolin, the new CEO of B3i Services, provides an update of the work being done to create the B3i insurance network, based on blockchain technology, which aims to improve operational efficiencies and cut administration costs. There have been challenges that have caused inevitable delays, but that is expected with a new technology. The industry just wants "stuff that works," he affirms.
Invariably, you need to start somewhere, and experimentation and proofs of concept (POCs) will always play a role in demonstrating the art of the possible and revealing the sweet spot of a particular technology. Ultimately, any new technology needs to deliver tangible returns to justify investment. This requires a detailed knowledge of the problem you are trying to solve. Only then can you make an informed appraisal of the benefits of a particular solution or technology.
In 2017, a proof of concept allowed B3i to learn more about the technology, test some assumptions and gauge the market response through a market testing program. The overwhelming positive response created the basis to commercialize the activities of B3i.