Jan 18, 2020 in BlockChain
Q: Six examples of blockchain concepts applicable in insurance

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Jan 18, 2020
Blockchain’ has become a popular buzzword among business circles in recent times. It is one of the biggest innovations since the ‘Internet’. It is a transformative digitization technology made popular by its first use case implementation, a digital currency named Bitcoin. Bitcoin is a cryptocurrency, the world's first digital currency designed to carry out digital transactions on a peer-to-peer network without any administrator or intermediaries. Blockchain is used to track and record these bitcoin transactions on a permissionless network. Larry Summers, US Former Treasury Secretary, envisions that blockchain will change a great deal of financial practice and exchange and, 40 years from now, blockchain and all that followed from it will figure more prominently than bitcoin.

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