The Use Of Blockchain In Insurance Is $1B Worth Of Good News

 Tuesday, November 24, 2020

 Risk & Insurance

Accenture reports that the global market for blockchain in insurance is expected to grow to $1.39 billion by 2023. There are countless use cases for blockchain in insurance, as it is an industry of contract execution, detailed and confidential data collection, and third-party payments.

As such, blockchain promises to redefine many roles, allowing for an elegant technology to replace tedious, error-prone and sometimes fraudulent transactions.

Verified information is core to the insurance industry, and trust is core to the credibility and functioning of the digital economy.

Blockchain technology offers an opportunity for the insurance industry to rely upon a single source of truth that is secure, accurate and transparent.