Blockchain In Insurance Market Expected To Skyrocket

The global blockchain in insurance market is projected to grow from 2018’s US$64.5 million to US$1.393.8 million by 2023, a compound annual growth rate of 84.9%, according to a new study from ReportLinker. A growing number of fraudulent insurance claims, increasing need to have transparent and trustworthy systems, and a focus on reducing the total cost of ownership will most likely drive the growth of the market. The growth of blockchain as a service and the increasing penetration of the Internet of Things will also likely create growth opportunities for the market, ReportLinker said.