Insureblocks Blockchain & Smart Contracts In Insurance

Today with us we have Susan Holliday, Principal Insurance Specialist at the International Finance Corporation (IFC), all the way from Washington DC. Susan has over thirty years of experience in the insurance industry and specializes in insurance and insuretechs. We will be discussing how to unlock the future of blockchain and the opportunities for insurers in emerging markets.   Blockchain in two minutes While there are different blockchains with slightly different features, blockchain is centered around two key features: It is a distributed ledger. This means it has numerous nodes and, if one part of the blockchain experiences an error, the rest of the blockchain remains operational. The transactions are processed in blocks. Each block is linked by a hash (a cryptographic function) and is immutable. This means it is completely transparent and users can trace every transaction.   The International Finance Corporation The IFC is the World Bank’s private sector arm. It is government-funded, with nearly a