The insurance industry is using blockchain for its own transactions while considering how to insure blockchain transactions for their clients. (Photo: iStock)

We live in a time when technology is enabling us to work more efficiently by leveraging big data for financial gain and increased quality of life. While this could be said of any decade over the past 50 years, some believe we’re on the verge of a technological renaissance that will dwarf all prior decades, leading to an increased ability to create wealth, significantly reduce accidents and eliminate diseases.

The advent of any new technology also brings with it those who would use it for nefarious purposes. Blockchain technology’s history shows that it has the potential to bring similar benefits, but it’s not immune from the drawbacks.

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