Insureblocks Blockchain & Smart Contracts In Insurance

In this week’s episode we get an insight into how blockchain can enable ‘mutualisation’ and learn about social insurance from VouchForMe. Our guest is Matt Peterman, Founder, VouchForMe and InsurePal. Matt’s experience spans private equity and fraud detection in the insurance industry. It was roughly 3 years ago that Matt realized that ‘mutualisation’ in insurance was gone – this realization led to Matt co-founding InsurePal.   Breaking down the jargon What is blockchain? “Blockchain is a mechanism where we can send information and money at the same time through non-centralized institutions.” Matt provides the example of Ethereum by highlighting that instead of sending money through Swift, people can now send money through a network for 25,000 miners (who form the Ethereum network) in a P2P (peer-to-peer) manner.   What is Ethereum? “Ethereum is a software of the future (economy.)” Matt makes a profound statement that Ethereum is ‘a software’ and not ‘the software’ i.e. it is still early days in the bloc