INSURTECH FOCUS: BLOCKCHAIN
s d i k w e N e h t on ck Blo way technology Is blockchain the gate vation? to true insurance inno
Etymologically speaking, blockchain is exactly what it says on the tin. A decentralised ledger that, among other things, facilitates the process of recording and tracking assets (house, car, land, etc), each unique transaction is encrypted and grouped into ‘blocks’ of data. Once filled, they are linked to previous blocks of data, creating the immutable chain of record that sets this apart from traditional, table-based data stores. Most widely used for exchanging cryptocurrencies, blockchain’s decentralised nature allows almost complete transparency, as those with access to it in its public, private or
Giant leap: Insurers will face an opportunity that’s ‘too big to miss’
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TheInsurtechMagazine | Issue 7
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