Blockchain technology is defined by many sources as ‘a distributed, decentralized, public ledger’. Effectively, it refers to digital information which is stored in a public database. Storing data in this way can make it reliable and more difficult to hack, as well as allowing a number of people to view the same set of data at one time.
Originally invented to enable the trading of Bitcoin, the potential of Blockchain technology is now reaching further afield, possibly even to the insurance industry.
Steve Green, Anthony Jones Director, alongside a number of other industry experts, recently gave his thoughts on the ability of Blockchain to be integrated in to the insurance industry and potentially revolutionise how the industry works. Looking to answer questions such as:
• Which areas of insurance could benefit from Blockchain technology?
• What may hold back adoption?
• What legal framework is necessary for the adoption of blockchain?
• How could Blockchain drive cost efficiencies and the price of insurance
You can read the full article here
At Anthony Jones we recognise that is important for us to keep ahead of trends and developments which may have an impact on insurance. We can then pass this knowledge on to our customers and provide all of the information possible to ensure our customers get the best insurance solution for their needs.