Blockchain technology represents an emerging sector and new paradigm of technology whose implications are massive. Speculation aside, it is becoming increasingly clear that blockchain is going to revolutionize a number of industries in national and global economies. Here are three such industries where blockchain-led disruption is imminent.
The insurance industry is a mess, and everyone knows it. Hundreds of billions of dollars are spent each year in advertising and lobbying by insurance companies at every level. In 2016, Geico alone spent more than US$1.3 billion in advertisements solely within the US. The source of all these expenditures are the payments made by consumers, the monthly payments and premiums that, in a perfect world, would go 100% toward the claims made by those who have found themselves in need.
The peer-to-peer, autonomous nature of blockchain networks makes this gargantuan mess the perfect target for transformation. The technology exists for decentralized insurance pools, where participants decide exactly what rates fit best, and smart contract governance ensures that money is never mishandled. This is exactly what Tides, a peer-to-peer health insurance network, seeks to accomplish. In the Tides ecosystem, participants can create their own health insurance pools, where they have complete
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