Insureblocks Blockchain & Smart Contracts In Insurance

The word blockchain can create a whole range of emotions ranging from excitement to fear. In this podcast we had the pleasure to have Mark Simpson, Head of Consultancy at Armour Risk, take us through the Psychology of Blockchain.   What is blockchain? Mark prefer to lift it to describe what Distributed Ledger Technology is (of which blockchain is a type of DLT) Simply - Digital and decentralised books of record A bit more complex - DLT is a database held and updated independently by each participant (or node) in a network – the distributed bit. Updates to the ledger are independently constructed and recorded by each node. The nodes then vote on these updates (different methods) to ensure that the majority agrees with the conclusion reached. This voting and agreement on one copy of the ledger is called consensus, and is conducted automatically by a consensus algorithm. Once consensus has been reached, the distributed ledger updates itself and the latest, agreed-upon version of the ledger is saved on each