Blockchain is making global insurance more efficient
Tuesday, May 9, 2017
Subject
Blockchain is transforming the insurance sector.
Significance
Insurers are turning to disruptive new technologies to facilitate the management of risks within their organisation and across the industry. Blockchain technology can cut through the complexity surrounding asymmetric information that has hindered the sector.
Impacts
- In November 2016, the Financial Stability Board said it is assessing the likely impacts of blockchain technology on financial stability.
- In partnership with a private firm, the Bank of England has built a model with smart contracts to test different applications of blockchain.
- A Deloitte survey of 300 US firms found that 10% had invested 10 million dollars or more in blockchain, though 39% knew little about it.
Related articles
Stay up to date
Sign up to the Expert Daily Briefings email alert and receive up-to-the-minute analysis of global events as they happen.
*If your university does not have access to Expert Briefings, visit our information page to find out more.