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Blockchain to Disrupt the Majority of Industries, Including Insurance

Though blockchain has become a common topic in business and personal conversation, many don’t fully understand its purpose, or it's potential to change the digital landscape and disrupt industries. Blockchain technology was originally developed to secure emerging cryptocurrencies like Bitcoin. In essence, blockchain is a data structure that builds digital ledgers across a peer-to-peer network. Blockchain funding has more than doubled since 2018 and it will reach nearly $16B by 2023, according to a CB Insights research brief. The massive traction blockchain is experiencing is due to its ability to store and transfer data securely without the need of a trusted third party. Industries like finance, insurance, and even manufacturing are planning to utilize the technology to secure and simplify their processes. This will not only change the basic structure of the industries but change the ways in which we interact with these industries as well. The revolutionary and coveted abilities of this technology will result in a radically different future, evolving the way we do business, and how we protect our assets.