Insureblocks Blockchain & Smart Contracts In Insurance

Legal & regulatory framework of blockchain & smart contracts Over the last few weeks I’ve often been asked questions regarding legal or regulatory issues regarding smart contracts and blockchain. To help me answer these questions I am priviledged to have had the participation of Nick Pester from Capital Law and Lee Bacon from Clyde&Co for this 5th episode on Insureblocks.   2 minute definition of blockchain Lee – blockchain is a form of distributed ledger, built on encryption, which allows each person or entity to have access to the same information at the same time and allows the transfer of information and possible assets between the participants. Nick tackled this challenge by using an example to illustrate what is blockchain. For example, if you were to share an excel spreadsheet between ten different participants you often will end up with multiple copies of the same spreadsheet which may lead to errors in terms of reconciliation. With blockchain that spreadsheet is automatically updated, reconciled, a