Insureblocks Blockchain & Smart Contracts In Insurance

RiskBlock Alliance This week’s Insureblock’s episode takes us to Pennsylvania, USA, where we had the chance to interview Christopher McDaniel,  President of the RiskBlock Alliance; an industry-led consortium that collaborates to unlock the potential of blockchain across the insurance industry.   2 Minute Definition of Blockchain For Chris, there are three fundamentals to blockchain: Ubiquitous data – all data is synchronised between the participants behind the scenes. Immutable – data cannot be erased. It is a perfect audit trail with a one source of truce for the participants using the blockchain. Smart contracts – the capability of saying if a situation exists do something on the blockchain. It is a way of automating different processes that may exist on the blockchain.   What is the RiskBlock Alliance The Institute is an organisation that has been around for a hundred years in the property and casualty space. It provides education and research in that space. 18 months ago, the board of the Institu