Insureblocks Blockchain & Smart Contracts In Insurance

In this week’s episode we get an insight into blockchain from the perspective of Swiss Re and hear about the lessons learnt from their projects. Our guest is Jags Rao, Blockchain Workstream Lead, Finance Reinsurance at Swiss Re.  Having started out his career over 22 years ago as a software engineer working on a COBOL system, Jags has seen tremendous changes in technology – today he is a strong proponent of distributed computing and he is betting big on blockchain!   What is blockchain? “(Blockchain is) a platform in which you can validate transactions, and this makes blockchain fascinating!” According to Jags, blockchain consists of several components - a network, a protocol, and a distributed ledger. From the business perspective, blockchain permits virtual recording of economic transactions i.e. an exchange involving something of value – which could be a will, a deed or even a title license. From the technology perspective, it is an open-ended database which records transactions in an immutable fashion.