Does your insurance bottleneck really need blockchain?

Photo by Tom Parsons.

Short answer: probably not.

Long answer: Because “probably not” is probably not the answer you were looking for, we’ve prepared a list of follow-up questions. Your industry problem will only need blockchain if your answer is “yes” to all of them. With that in mind, you can stop reading once you hit your first no.

Let’s go.

  1. Is a database needed?

If no, you don’t need blockchain.

If yes…

2. Does the existing process have parties with varying/conflicting interests reconcile data on their own ledgers for the same issue? (e.g.: claim or premium bordereaus between brokers, insurers and re-insurers).

if no, you don’t need blockchain.

If yes…

3. If the writers of this “unified ledger” were to share a centralized, read/write spreadsheet of their ledgers, do they need someone to monitor, regulate or audit the the single ledger?

if no, you don’t need blockchain.

If yes…

4. Do you need to maintain ownership, immutability, and privacy of data shared on this ledger?

If yes… Congratulations for making it this far. Let’s get in touch!

Addenda

You’ve stumbled upon a door behind which lies the future of insurance. The key to that door is immutable truth in the form of a blockchain solution.

Walid Daniel Dib

Written by

I spend my time working on bridging the gap between decentralization and insurance technology.

Addenda

Addenda

You’ve stumbled upon a door behind which lies the future of insurance. The key to that door is immutable truth in the form of a blockchain solution.

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade