Every industry, including insurance, stands to undergo major disruptions with the shift to distributed ledger technology. (Shutterstock)
While few industries are feeling the full disruptive power of blockchain yet, there's little doubt that this much-hyped technology has the potential to fundamentally change the global economy. In fact, worldwide spending on blockchain technology is forecast to more than double this year and reach $9.7 billion by 2021.
Use of blockchain and distributed ledger technology is likely to shift parts of the centralized model now used by a range of businesses to a distributed or decentralized model, where the underlying technology itself serves as the trusted authority. Using a permissioned blockchain, industry competitors could securely share data with one another, while abating duplicative efforts, minimizing reconciliation issues and reducing costs.
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