
When you see blockchain in the news, it usually has to do with cryptocurrency. Bitcoin and its crypto cousins depend on blockchain to exist, and they have captured a public moment bordering on mania.
But volatile cryptocurrencies, and the cyberpunk libertarianism they enable, aren’t the only applications of blockchain. Less dramatically but more practically, blockchain may soon change the way people buy and sell insurance.
The insurance industry has been with us for hundreds of years. Like many seasoned institutions, it is resistant to change. Brokers who moved mountains to build a successful practice understandably take an attitude of “If it ain’t broke, don’t fix it.”
When you see blockchain in the news, it usually has to do with cryptocurrency. Bitcoin and its crypto cousins depend on blockchain to exist, and they have captured a public moment bordering on mania.
But volatile cryptocurrencies, and the cyberpunk libertarianism they enable, aren’t the only applications of blockchain. Less dramatically but more practically, blockchain may soon change the way people buy and sell insurance.
The insurance industry has been with us for hundreds of years. Like many seasoned institutions, it is resistant to change. Brokers who moved mountains to build a successful practice understandably take an attitude of “If it ain’t broke, don’t fix it.”