Insureblocks Blockchain & Smart Contracts In Insurance

Blockchain’s disruptive potential For this week’s Insureblock’s episode we were extremely lucky to catch up with Magda Ramada Sarasola, Senior Economist at Willis Towers Watson, to discuss the disruptive potential blockchain can have in the insurance industry both now and in the future.   2 minute definition of blockchain Technically the definition is that it is a shared distributed ledger, whose core concepts are that it is a way for people that don't know each other and don't trust each other but need a way to transfer value between each other. A good example of that is Bitcoin – the first blockchain technology used for transferring value without anyone actually overseeing that market. For this to successfully happen you need three things: The value being transferred arrives to its intended recipient without it being intercepted or modified. This a role which has traditionally been occupied by clearing houses or trusted partners. In a blockchain world you don’t need them You have to make sure that wh