Standard models of platform use and digital business service use are giving way to strategic blockchain projects and collaborations among unique sets of industry ecosystem players that pursue distributed ledger applications.
The benefits of blockchain for customers underpin the benefits for insurers and the financial services industry more widely. Clear audit trails and the ability to monitor and audit financial transactions in real-time enhance the ability of regulatory supervisors to ensure the stability of the financial system.
“IBM’s new project, MiPasa, uses blockchain to map people who tested positive, where people can and can’t go, and who is at high risk of exposure and must be quarantined again. Such strategies will be essential in restoring the global economy.”
“Most importantly at this critical juncture of a global pandemic, blockchain technology can provide researchers with a strong and reliable data platform in the form of a shared ledger establishing an autonomous and decentralized peer-to-peer network.”
“The world has learned the hard way that bottom-line protections for users need to be considered at the outset of product design, especially when it comes to data. Blockchain’s properties as a foundational technology make these considerations particularly important, given the harm and follow-on effects that can come from potential breaches.”
According to Juniper, the SSI movement which uses blockchain to give users direct control of who accesses their online credentials will reach annual revenue of $1.1 billion by 2024 — that’s up from an estimated $100 million by the end of 2020.