The Council Attends DC Blockchain Summit
While it is clear blockchain remains in its infancy, especially for commercial uses, the technology has the potential to increase transparency, cut costs and streamline inefficiencies along the insurance value chain.
Experts estimate that blockchain technology could save the insurance industry up to 30 % in administrative costs alone.
Insurance aside, blockchain technology addresses a number of existing challenges the online world faces, such as systemic risk and resilience, the problem of identity verification, the protection of critical data, and ensuring that users of technology retain control of their data. Privacy, security and transparency are three inherent components of blockchain technology that will likely transform the way data is stored and shared.
At the Summit, Microsoft, in partnership with The Chamber of Digital Commerce, released its whitepaper: Advancing Blockchain Cybersecurity. In the video below, Aaron Kleiner of Microsoft addresses how blockchain can improve the state of global cybersecurity and how Microsoft plans to enable the use of blockchain among governments and enterprises around the world.
This article originally appeared in The Council’s Insurtech newsletter.