The blockchain is going to disrupt the banking industry the way the World Wide Web did the media industry. It is destroying regulations and compliances arising due to borders, as cryptocurrencies such as bitcoin and Ethereum are making cross border transactions in seconds, with substantially lower transfer fees. This is connecting the investors of developed countries to the innovators of developing countries. Banks such as Barclays are implementing blockchains to strengthen their operational capabilities. Banks are also seed-funding and investing in blockchain-based start-ups.
The global market of insurance is based on trust. A blockchain is a new way of managing trust. It can be used to verify the insured person's identity, as well as interact with real-time data using frameworks such as oraclize to make amendments on the sum assured during payouts. Smart contracts for automobile and crop insurance can be powerful in determining a payout, without any significant...