Lestini, Flahive unpack blockchain and its impact on the insurance industry

Despite its reputation as one of the most complex concepts in today’s digital world, blockchain technology is on the brink of disrupting several industries. Its ability to not only track data but also verify transactions, make it highly valuable – and highly influential – within the health care, real estate, transportation and insurance industries, to name a few.

So just what does this mean for insurance providers? In an in-depth analysis of blockchain and its impact on insurance regulation, published in the Federation of Regulatory Counsel Journal, attorneys Greg Lestini and Mo Flahive describe that because insurance is both “data-rich” and “data dependent,” blockchain could streamline the everyday operations of insurers. Specifically, “[b]lockchain can help insurers by eliminating duplicity and by increasing security and confidence in the many financial and legal transactions that take place in the sale of insurance.”

The article goes on to describe additional benefits of blockchain technology and how this innovation can be applied to real-world transactions.