curred or existed at a specific point of time without any doubt,
the best direction is to go on the bit coin blockchain, points out
de Crespigny. You need to develop it like any other software. If
you want to blockchain-enable your software you need to move
to a new technology platform.
More likely, there will be certain areas of the business that
can do business in a different way and you can look at new applications or blockchain platforms in the same way companies
look at new systems that allow them to do things in a different
way, explains de Crespigny.
“The blockchain systems will integrate with the new systems,” he says. “Some businesses may find they could operate
more efficiently on this technology. We have yet to see any cases
where people are looking at a wholesale overhaul. In specific
parts of the business they will be looking at ways to do things
more efficiently or simplify the business processes if you can
change the infrastructure.”
Blockchain for Everyone
Hertz doesn’t believe blockchain will be used only by the largest
insurers because companies can use it as distributed computing. He compares blockchain to CRM in the 1990s where the
technology was chasing the problem.
“Smarter carriers are figuring out the problems and then
saying here is the business strategy and here is my problem
statement, will blockchain help answer that? They try to
prototype it or develop a soft-use case to evaluate, particularly
because it’s in the cloud,” says Hertz.
Microsoft has blockchain in the cloud and the cost of entry
is low, according to Hertz, which will allow small carriers with
the right business problem to evaluate the technology for its
applicability to solve a particular problem.
“The key to success is finding the right business case and
then making sure you adapt the technology to answer the use
case you are trying to deal with,” says Hertz.
Businesses are looking at blockchain and de Crespigny
thinks one of the obstacles is people are focusing on quick wins.
If there were quick wins, though, you could most likely accomplish them with current technology.
“The benefit and the challenge are that blockchain allows
you to shift how you think about different products and that
distributed trust is its strength,” he says. “If you trust another
part of your organization, it is an efficient technology to use,
but you need to get together with counterparts and think about
what you need to do to shift the business model. It requires a
mindset change. That’s what really is taking time.” ITA
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