The insurance industry will be revolutionized by the “blockchain” precisely in its fundamental aspect, the trust relationship. A Coindesk report highlights how innovative technology will improve and what insurances companies are already doing.
A trip to discover the blockchain in the insurance sector: interviews with companies and startups, glossary, guide to technology, overview of what is already being done and future scenarios. Coindesk, the world’s leading platform for Bitcoin, consulting company on the virtual currency and all blockchain technologies, has published a report (the full version is available for a surcharge) dedicated precisely to the impact of blockchain in insurance.
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.
The report, in particular, wants to evaluate the impact of blockchain in the essence of the insurance industry, ie that bond of trust upon which the whole insurance system is based, through the handling of claims, payments, security, capital and disclosure of accurate data. A bond that over time has materialized mainly in paper documents, rather basically “the bond of trust” is an intangible asset.
The blockchain technology can reverse, or rather digitalize, decentralize and make it ultra-safe, “the bond of trust”.
In the slides below a glimpse of the contents of the report.