While blockchain technology has been subject to extreme hype, its true killer applications are likely to be in some of the most antiquated fields out there. And it has the ability to be a transformative force for industries like insurance, which require the coordination and cooperation of many different intermediaries with different incentives.
Of course, getting there will be no mean feat. Insurance companies and startups working with blockchain technology will have to overcome significant regulatory and legal hurdles before we see anything resembling industry-wide disruption. Skeptics point out that there are serious obstacles for blockchain technology in an industry that hasn’t even fully embraced the cloud.
It’s too early to tell whether blockchain technology can overcome the legal and regulatory hurdles to become the default standard across the insurance industry. But the possibilities are endless, and insurance companies and startups alike are exploring insurance applications for the technology at full throttle.
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