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Thought up as the underlying architecture for the Bitcoin cryptocurrency in 2008, blockchain technology is currently a hot topic and the subject of numerous studies in sectors outside the payments industry, including the insurance industry. Blockchain is considered by some to represent the next technological revolution after the internet.
In fact, the idea of a decentralised, secure and transparent ledger distributed among users can be relevant to many different fields. The insurance industry, with its highly complex processes, could be a major beneficiary of the technology. But what will be the role of blockchain technology in the industry?
Well, blockchain technology has a wide variety of use cases throughout the industry . This report takes a specific look at:
- Smart contracts
- Internet of Things
- Peer-to-peer insurance
The benefits of blockchain being applied throughout this industry could be monumental. Some of the most important benefits include reduced costs in acquisition, management, documentation and
compliance costs. It should also help new players enter the market and new markets to emerge, particularly in developing countries. By simplifying use and increasing transparency, it will also help to improve customer satisfaction.
But is it all as good as it seems? PwC warn readers that several risks should also be anticipated. Find out what they are by reading this report!