For an 11 year old technology Blockchain is finding it hard to match a problem to its solution. This article argues that stripping cost out of processes such as maritime insurance is a red herring.
That is already achievable with platforms like 360Siteview. Proven, scalable, global and pay-as-you-go which must be the essence of affordability, efficiency and cost-cutting. Optimal cost-cutting requires real-time analytics which is a challenge for blockchain.
Is "providing access to data where and when required" the application that could be the rainbow at the end if the tunnel? And if so, can the insurance industry crack this challenge? -
"The trick to getting blockchain to work in the insurance space is getting all the players in the market to align and agree on common standards and a way to govern the blockchain, Aon Benfield’s chief information officer said Friday."
Governing the blockchain in a decentralised architecture- is that an oxymoron?
The comments follow the release of the article Blockchain: Mechanics and Magic earlier this month, written by risk academic and former CEO of Aon Benfield Analytics, Stephen Mildenhall. Aon said in a press release outlining the article that “while commentators often tout blockchain as a solution to the insurance industry’s processing and back-office inefficiencies, they are missing its true potential: blockchain technology allows for the re-democratization of data – providing access to data where and when required – and for the reassertion of the individual’s control over their private data.” In this regard, the article said, insurers are well-positioned to provide the infrastructure and alternative revenue model that will replaced “outmoded and insecure centralized networks” with distributed blockchain solutions.