Megaphone
T
he bottom line question is not whether blockchain
can help bring about such an insurance system or plat-
form but whether there is any other way for insurances
to get in line with the rest of the wonderful world of com-
merce.
Getting in line would imply that sooner or later we are
going to buy our protection against all kinds of risks in
the same informed and transparent way we buy every-
thing else on our shopping list.
If this goal is ever to be reached, Blockchain will remain
as the one and only way. It is hard to imagine any other
technology that is so inherently fit to revolutionise the
last major global industry that has resisted change for
over a century. If and when blockchain and insurance
get married, it will certainly be a marriage made in he-
aven, at least as long as we consumers are considered.
When can we expect this marriage to
happen? Maybe soon, maybe never. The
answer is in the hands of regulators and
law-makers. In the current world, the
above mentioned imaginary insurance
platform is illegal, so the existing insu-
rances feel no threat and consequently
have no motive to change anything. It is
as simple as that. For the time being at
least.