“Successful blockchain efforts don’t begin with technology, they begin with community.”
– Tram Vo, MOBI CEO & Founder
Misconceptions about blockchain technology are growing like wildfire within the insurance industry and not without good reason. Let’s look at a few you may have heard before:
”Viable commercial blockchain applications are too costly and time-consuming to build” (not true).
”Data quality and credential verification are near impossible to standardize and trust” (not true).
”Current processes/technologies are working fine and there is no need to change” (not true).
Many carriers and affiliated organizations have conducted blockchain Proof of Concepts (PoCs) within their own organizational walls and found that putting a vehicle, device, or any other asset on a chain was relatively easy. However, commercial applications only scale when mutually trusted data about these assets are shared across a business network or value chain. Simply put, blockchains work best for transactions in large and complicated networks where the frictional cost of trust is high — which is unlikely to be the case within a single or small group of organizations, where simpler and cheaper means are available to establish trust, data provenance, and transaction integrity.
The result? Most blockchain PoCs, despite successfully demonstrating the technology, fail to evolve into consumer-facing and industry enterprise-level applications. The hard problem turns out not to be the technology itself, but the path to scale.
Summary of Abstract: The goal of this webinar is to disambiguate insurance-specific blockchain technology and discuss, amongst key industry leaders, ongoing initiatives designed to finally prove the efficacy and value of enterprise-level blockchain in insurance.