Don't write blockchain's obituary just yet

Blockchain has the potential to revolutionize how insurance business gets done.

By Michael Costonis | Updated on June 04, 2018

In this era of heightened digital disruption, the future belongs to those who are fearless and willing to embrace innovative technology. (Photo: Shutterstock)

If you read Gartner’s recent chief information officer survey on blockchain, you may have been as surprised by the results as I was. For all the hype around the promise of blockchain to create business efficiencies, it appears CIOs have serious reservations about dipping their toes into Distributed Ledger Technology.

Of over 3,000 CIOs surveyed, only 1% had any kind of blockchain adoption within their organization. To make matter worse, 43% said the technology is on their radar, but they had no plans to test, develop or deploy it, and another 34% said they had no interest in the technology. Those figures aren’t a typo: 77% with either no interest in or immediate plans for blockchain.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
Educational webcasts, resources from industry leaders, and informative newsletters.
Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account? Sign In Now

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

Recommended Stories

Feds double-down on financial services cybersecurity warnings

Maydeen Merino | April 08, 2024

Cyberthreat actors are increasingly using AI to perpetuate fraud, the U.S. Treasury Department reports.

Employees embrace AI efficiencies, look past cybersecurity concerns

Joel Kranc | April 16, 2024

A new study underscores the idea that many workers continue to use unsecure personal devices for their jobs.

Claims Connection keeps adjusting pros 'connected'

Patricia L. Harman | May 05, 2020

Insurance professionals can access the latest industry information by subscribing to NU PC360's weekly, claims-focused newsletter.

Resource Center

This guide empowers insurance carriers and risk managers to navigate complex regulations, safeguarding their brands from costly SMS and text messaging penalties.

Guide

Sponsored by gryphon.ai

The Ultimate Guide to SMS/Text Messaging Compliance

This guide empowers insurance carriers and risk managers to navigate complex regulations, safeguarding their brands from costly SMS and text messaging penalties.

Browse More Resources ›

Navigating the complexities of P&C core insurance digitization is no easy task. Explore the critical decisions between building or buying and how to achieve operational excellence in this white paper.

White Paper

Sponsored by Origami Risk

Build or Buy? Considering the Critical Decisions in P&C Core Insurance Cloud Digitization Projects

Navigating the complexities of P&C core insurance digitization is no easy task. Explore the critical decisions between building or buying and how to achieve operational excellence in this white paper.

Browse More Resources ›

As more customers “unbundle” their insurance products and spread their business among many carriers, agents must look for creative strategies to retain and grow business. Download this white paper to learn top strategies to ensure success in 2024.

White Paper

Sponsored by Melissa

Clean Your Data to Win the Customer Retention War

As more customers “unbundle” their insurance products and spread their business among many carriers, agents must look for creative strategies to retain and grow business. Download this white paper to learn top strategies to ensure success in 2024.

Browse More Resources ›

PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now

Copyright © 2024 ALM Global, LLC. All Rights Reserved.