According to a Mckinsey report, called “Blockchain Technology in the Insurance Sector” Blockchain has the potential to remove $80-$110 billion in costs for the global financial services industry over the next few years.
McKinsey has identified 7 genuine use cases and associated pain points; all of those sized could generate ~$80B to 110B in impact.
The report says that blockchain technology could be:
“One of the most disruptive innovations since the advent of the Internet.”
However, caution is called for when it comes to creating a regulatory environment around it.
“Enabling collaboration, shaping a positive regulatory environment and identifying clear business cases justifying the transition costs will pose the biggest challenges to implementation.”
