The trust relationship: this is the fundamental aspect where blockchain will operate to revolutioning the insurance industry. A Coindesk report highlights how innovative technology will improve and what insurances companies are already doing.
Interviews with companies and startups, guide to technology, glossary and an overview of what is already being done and future scenarios, represents a really useful trip to discover the blockchain in this sector, all included in the work of the world’s leading platform for Bitcoin, Coindesk, consulting company on the virtual currency and all blockchain technologies.
The report especially aims to evaluate the impact of blockchain in the essence of the insurance industry and, through the handling of claims, payments, security, capital and disclosure of accurate data, focusing on the bond of trust upon which the whole insurance system is based. A bond that over time has materialized mainly in paper documents, rather than considering it an intangible asset. And the blockchain technology can reverse, or rather digitalize, decentralize and make it ultra-safe this “bond of trust”.
One of the oldest financial products, an industry that is worth 5 trillion dollars, is about to change permanently thanks to blockchain technology – said Coindesk – and this report explores how will be used to improve services and insurance products, and how even the access to and provision of these services will change.
Originally published on InsuranceUp