In this series of blogs on blockchain I have assessed the potential applications for the technology. The resilience aspect of Blockchain is very interesting.
What is a distributed ledger? A ledger is just a list of transactions. It can contain additional information, of course, but it is not supposed to be gigabytes of data per transaction. You may have lots of blockchains that could connect together but the key aspect is that it is a chain.
Blockchain is very much software infrastructure, something that in years to come may exist at the heart of many systems but not referred to. According to Nuttall; “Bitcoin is the next big protocol associated with the name Satoshi Yakamoto who is a person that doesn’t actually exist. That is quite scary – we are talking a new protocol and technology and we don’t even know the person that created it! Leaving that aside, the protocol is Bitcoin but the technology that underpins it is Blockchain.”...
What is it about the blockchain, the so-called distributed ledger that along with smart contracts seem set to take the world – that includes our inwardly facing insurance sector - by storm?