Insureblocks Blockchain & Smart Contracts In Insurance

Siddhartha Jha is the Founder & CEO of Arbol, an insurtech platform for parametric products that uses blockchain, big data, machine learning and smart contracts to bring transparency and remove delays and disputes of traditional insurance policies. In this podcast we revisit parametric insurance to discuss why it is now poised for new growth potential thanks to increased availability of granular data, improved technologies and attraction of non-traditional capital.   What is blockchain? Blockchain is a system of distributed consensus. Instead of having a central authority determining when a transaction takes place, or when a particular event has taken place, you have a distributed consensus around that event or transaction taking place. Blockchain allows for immutability and allows for a tamper proof environment where different parties can agree on something happening without a central coordinating authority.   What is parametric insurance? Parametric insurance uses data to make a loss assessment instead of