Article Synopsis :
Last year’s blockchain survey from Deloitte showed that momentum was growing and that businesses had moved from tourism to building practical business applications.
Financial services, especially fintech, was leading the pack and others, including insurance, were trailing in their wake.
Fintech remains ahead of the rest, but other sectors, including technology, media, telecommunications, life sciences and healthcare, and government, have committed to the project.
Investment in the chronology remains strong, with 40% more organisations willing to invest $5 million or more in new blockchain initiatives in the coming year.
More than half (53%) say that blockchain technology has become a critical priority for their organisations in 2019, up 10 points on 2018
And the story has got through. Now, 83% see compelling use cases for blockchain (74% in 2018) and overall attitudes have strengthened.
The diversity of opportunities has also diversified since last year’s survey. The growth in potential use cases for blockchain and a broader range of identified barriers to blockchain adoption suggest the market has matured considerably.
And this is particularly true among the decision-makers who have finally adopted the narrative as their own. However, there are those who remain sceptical. The majority of respondents claimed blockchain was a top-five priority, but only 23% have begun to deploy it, but that number is down from 34%. However, almost half (43%) still consider blockchain to be overhyped (39% in 2018).
These contradictory attitudes may reflect a growing pragmatism. It is expected that blockchain will continue to develop along a traditional path of maturation and self-discovery, so signs of caution may be healthy signs that the technology is evolving into a more grounded business solution.
Blockchain is gaining traction among executives who are increasingly confident of its importance, and its power to disrupt and transform.
Consensus is being developed towards blockchain as a useful tool, rather than a dangerous technology.
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Digital Insurer's CommentsThere is increased focus on the claims process as a route to digital transformation and this paper leans on this heavily.
It cannot be done in isolation, but the suggestion that comes what may, this new model for claims will be essential has some weight.
Some insurers have already succeeded in automating elements of their claims processes for parts of their business, such as auto, baggage and flight delays.
If we can do some of this now, there will be no excuse for developing this capability when technology – probably blockchain – influences areas such as healthcare claims.
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