Blockchain needs leaders that are committed to moving an industry forward and to collaboration. The resulting groupings of collaborative partners must have compelling answers to real problems.
Blockchain is therefore not a cause for the faint-hearted. You must be a natural leader in an industry and persuade others, including competitors, to collaborate for the good of the whole. That is not always a recipe for success.
94 companies have signed up to the Maersk/IBM blockchain initiative promote more efficient and secure global trade, bringing together various parties to support information sharing and transparency, and spur industry-wide innovation.
The 13 founding members of the Insurance Industry initiative B3i has deployed a blockchain application -Property Cat XOL contract. The short term focus of the platform is on handling reinsurance contracts on a state-of-the-art distributed ledger
Nevertheless after 10 years of blockchain application is in specific areas and it will yake a long time to prove wider use cases.
If we think of other applications, things like insurance claims, the challenge there is, it could be the police, it could be a third party, who’s providing the information that says an accident has happened. Well, we can verify the who, who’s writing the information. What we’re going to struggle with is the what. Could it be possible to actually write fraudulent data to blockchain? Of course. You have this off-chain versus on-chain problem, which is, we have no control over the information being written.