Turning the Disruptive Power of Blockchain in the Insurance Market into Innovative Opportunities

Insurance has been around for more than centuries. This risk mitigation strategy utilized in maritime commerce as early thousand years ago, where Asian merchant seafarers were pooling together their wares collective funds to pay damages of individual’s capsized ship. In 2018, insurance industry made up 6% global domestic product, and amounted about 7-9% the U.S.GDP;2020, net premiums totalled $1.28 trillion, by 2030, blockchain market value is estimated reach $39.5 Billion. Despite growing reform, dominated intermediaries assisting people match needs. While many predictions focused on artificial intelligence, cloud computing, stands out most disruptive technology that can change driving forces underlying economy. paper presents a business use case how turn power this into innovative opportunities.