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Global Insurance Market and Change

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Distributed Ledger Technology and Blockchain: Insurance

 Lee Bacon and Julie-Anne Tarr

Introduction

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This chapter1 reviews the developments and initiatives driven by distributed ledger technology (DLT) or blockchain technology within the insurance industry.2 Since the very first moves in 2017/18, much progress has been made and many mistakes remedied. In order for the insurance industry to capitalise on the very real benefits, however, progress towards standardisation (of practices, systems and databases) is required along with a willingness for intra-market cooperation to foster ecosystems. If achieved, the prospects for the insurance industry in utilising this technology to help embed itself as part of the wider digital economy, are bright.

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