It is now becoming more common than ever before for people in the insurance industry to be knowledgeable about Bitcoin and blockchain. This is because both of these areas are becoming a much bigger part of the world we live in. Therefore, insurance professionals are finding it necessary to learn as much as they can about both Bitcoin and blockchain. Bitcoin is currently the most popular cryptocurrency on the planet. There are major companies that are already accepting it as a form of payment. There was a recent survey performed of LinkedIn profiles. Back in March of 2017, there were only 100 people on LinkedIn who listed experience in both insurance and Bitcoin. However, that number has risen to 5,400 today.
According to CCM.com, the number of people with blockchain experience has risen by even greater numbers. Once again, there were 100 people in early 2017 who listed blockchain experience on their LinkedIn profiles. There are now more than 29,000 people who claim to have blockchain experience. It is the general belief of most insurance industry experts that many people with blockchain knowledge will be needed in the near future. There will be many major insurance providers that will be experimenting with blockchain projects in the near future.
The uses of blockchain as it pertains to the insurance industry can be quite extensive. It is expected that insurance providers will start by utilizing blockchain to improve the efficiency and transparency of their companies as a whole. It remains to be seen how quickly that many of the major insurance providers around the world decide to jump on the blockchain bandwagon. As with any emerging technology, there are many companies that want to take a cautious approach. They prefer to let other providers take the first step and learn from their mistakes.
One of the issues that might slow down the insurance industry adopting blockchain into their business models is a lack of oversight. There will most likely be regulators in many countries that will need to take a close look at the ramifications of insurance companies using blockchain. Studies will need to be performed and reports will need to be written. These things will take a long time. Therefore, it does not appear that blockchain is poised to be an integral port of the insurance industry any time soon. However, people who make their living in insurance are recognizing how important it will be in the future.
