How blockchain is addressing key problem patterns in the financial services sector  

Three years ago, I confidently declared that the global insurance industry was on the cusp of a technological revolution that would change how businesses operate and that blockchain technology would eventually transform the industry for the better. I was right –- but didn’t know how right I was.

For a time, attentions had focused on proofs of concept (PoCs) for bike theft fraud prevention, fake news prevention, international claims service and reinsurance treaty placement. Some of those PoCs eventually fell by the wayside and the world of enterprise blockchain went rather quiet. Some misunderstood that silence for a lack of interest in building blockchain solutions. In reality, those PoCs led financial services to see the real industry value for blockchain technology.

In that silence, the financial services industry went about the business of evaluating the underlying business value and extending beyond the experimentation phase of ‘seeing what works’. This more structured approach allowed us to settle on the problem patterns offering the most relevant solutions and that were ripe for near-term adoption - patterns related to accounting and reconciliation that could drive true efficiencies and time savings. Addressing those problem patterns - and arriving at these innovations - would never have been possible without the collaboration blockchain requires.

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