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Blockchain risks. A blockchain is a distributed ledger that records and stores transactions on individual blocks in real-time. (Photo: Shutterstock)

While industry understanding of the potential uses and pitfalls of blockchains continue to evolve, the insurance industry has begun using blockchains to record smart contracts or self-executing insurance policies. Under smart-contract insurance policies, claims handlers may face new legal questions, which traditional principles of insurance law might help to answer.

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