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How Blockchain Technology Can Improve the Insurance Industry

While blockchain technology is no news anymore, a range of possible application seems to be piling up at an impressive pace. The insurance industry is no exclusion as professionals are looking for ways to apply distributed ledger technology to transform the 4.5-trillion-dollar industry.

One of the applications of blockchain-enabled smart contracts—as seen by professionals—is in building a P2P or crowdfunded insurance model. The new model would focus on supply and demand matching and risk calculation, where insurers will build a marketplace platform for potential customers to post their customized requirements for insurance plans. Insurers woul ...

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