INSURANCE IN BLOCKCHAIN: UNLOCKING NEW VALUE AND ADAPTING

Blockchain technology is used with smart contracts that self-execute when prescribed conditions are met. This new P2P insurance model is doing away with traditional premium payments, using instead a digital wallet where every member puts his or her premium in an escrow-type account that will be used only if a claim is made. In this model, none of the members carry an exposure greater than the amount they put into their digital wallets. If no claims are made, all digital wallets keep their money.

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