A managing director for Accenture has published a new blog post detailing why he believes the insurance industry will move to embrace the blockchain within the "next few years".
Rangwala went on to speculate that while it may take some time for specific products to emerge within the insurance market that utilize a blockchain, there are some indications of what those offerings may look like, including those that operate on a peer-to-peer scale.
"The effect of blockchain for insurance products is a not as clear-cut and will likely take longer to emerge than for banking," he wrote. "The speed and ease with which contracts could be changed and the time-stamping feature of blockchain could, for example, facilitate individualized contracts that reflect actual risk, such as on-demand auto insurance effective only during hours a car is being driven."
The firm has also called for regulators to increase oversight of bitcoin wallets, calling for the creation of "reasonable and proportionate" rules governing wallet offerings. Overbearing regulation, Accenture wrote in a submission to the UK government, could "stifle innovation".
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