Blockchain – a new technology with high impact on insurance?

Blockchain – a new technology with high impact on insurance?

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Speaker: Mathias Ott

The definition of Bitcoin late in 2009 was not recognized to be a revolution in the financial industry. About ten years later a value of more than $2.000 per bitcoin can be observed, as well as a traded volume of $300.000.000 per day.
Bitcoin is a cryptocurrency without a central bank or another trusted party involved. Transactions will be recorded in a so-called blockchain. A blockchain is a digital form of a ledger, accessible to each user in the Bitcoin network. Fully public and transparent. Central properties and the construction of the underlying Bitcoin Blockchain will be discussed.
The distributed ledger technology actually seems to be the next big thing regarding collaboration. Not only payment but also identity management for people and things, energy distribution and supply chain management are focussed in current developments.
Based on this a "Bitsurance" contract is defined as a fully automated, digital and transparently administrated insurance contract. A "Blocksurance" is defined as a decentralised system component for the administration of insurance policies operating based on Blockchain technology. Blockchain is a distributed, immutable, fault tolerant, digital and public administrated ledger using smart contracts.
A Bitsurance using Blocksurance technology may be considered to be a peer to peer insurance similar to Bitcoin as a peer to peer currency.
What requirements does such a Bitsurance need to meet? A insurance administration model of Blocksurance is defined with a core and the process components.
Some model components will be discussed from an actuarial point of view. Advantages and disadvantages of a pure peer to peer model will be shown in an example use case.
Finally, an outlook on model modifications and other potential practical usages will be given.

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