Because every week articles appear across the internet explaining blockchain…
Because headlines remind us that, all over the globe, consumers and business people do not understand blockchain…
Because blockchain is not bitcoin, it’s the other way around…
And because of my own repeated inability to grasp blockchain, my suggested pick of the week is a report I’ve placed in Research & Trends entitled, Capitalizing on Blockchain in Insurance. In addition to printing and highlighting its content, I then e-circulated it to others in my same predicament.
Here’s the Lowdown:
Page 2: A basic definition of blockchain and where the technology is most useful~
- anywhere a third party needs to be involved to complete a transaction
- where data must be shared among multiple parties
- when highly sensitive or confidential data is involved
- where transaction or frictional costs are high
- when transparency is paramount
Page 3: Advantages of blockchain ~
- shared ledger
- smart contracts
Pages 4-5: Uses pertaining to insurance with an in info graphic illustrating disruption of the current value chain.
Page 10: The key takeaways ~
- blockchain will be an integral part of the future of insurance
- trust in the technology is a must
- carriers should use an iterative, agile approach to implementation and execution, similar to software development
Page 13: BONUS ~ glossary containing 27 terms you will never misuse again.
Page 18: A list of 23 companies currently ‘capitalizing’ on blockchain in insurance.
In closing, I recommend Brian Kelley’s report, Capitalizing on Blockchain in Insurance, as a great introduction to the technology as it applies to this industry. The bibliography references a number of reports and videos for a deeper dive, if you are so compelled!