ABSTRACT
Blockchain technology has drawn considerable attention from various stakeholders. It is an obvious fact that blockchain finds implementation in nearly all aspects of the business. Many experts expect that this technology, like insurance, will threaten financial services. The number of blockchain insurance applications is growing every day and it is clear that every major player in the space will use them in some way within the next few years. The potential of blockchain to provide complete accountability, transparency and superior protection will help insurers save time and money, as well as enhance customer satisfaction. It provides huge opportunities for both FinTechs and smaller insurance firms ready to accept the transition. This chapter presents an overview of blockchain, the role that blockchain will play in the insurance sector and its benefits. The chapter then discusses building a blockchain-based insurance application using Ethereum/Hyperledger.
