Blockchain technology is moving out of the lab and into the insurance business. It’s moving past the hype phase and is edging closer to providing real-life efficiency improvements for the industry.
It’s been a slow and evolutionary process—one that ultimately will create a revolution for the insurance and reinsurance industry.
Blockchain is a term that was little known four years ago unless you were involved in the world of cryptocurrencies such as bitcoin. It is the technology platform upon which cryptocurrencies are built and has been around for some 10 years.