What does blockchain promise for insurance?

There is a huge amount of buzz around blockchain and many explanations out there for what it is, and its likely benefits for financial services, especially banking and finance. A blockchain, according to the excellent Blockchain Revolution by Don and Alex Tapscott, basically allows you to send money directly and safely from me to you. That’s without the need for a third party at all; no bank, credit card or PayPal. Digital currency like Bitcoin isn’t filed away somewhere, but rather represented in a global spreadsheet, or ledger, which is used to directly verify or approve each transaction. Big banks have already put a lot of store into blockchain’s promise to deliver speed, and lower costs, and security with fewer errors. Read more: finextra.com