Decentralise Insurance Roundtable
On May 30, 2023, the DLT Science Foundation hosted a Decentralised Insurance Roundtable featuring a significant presentation by Prof. Ruo Ji, a noted expert collaborating with the Geneva Association from Peking University. Prof. Jia's presentation focused on the transformative potential of decentralised finance (DeFi) and blockchain technology in the insurance sector, offering an in-depth analysis and comparing these emerging technologies with traditional insurance models.
DeFi/Blockchain Insurance Fundamentals
Prof. Jia's presentation began with an introduction to the basic concepts, key features, and the underlying technologies of DeFi/blockchain insurance. The presentation highlighted how these technologies could streamline processes in the insurance industry, notably by reducing costs and enhancing transparency and trust in insurance transactions.
Comparison with Conventional Insurance Models
The presentation's critical part was comparing DeFi/blockchain insurance and traditional insurance models. Prof. Jia discussed how blockchain technology could address several pain points in the conventional insurance sector, such as trust issues, high transaction costs, and the prevalent lack of transparency.
Potential Benefits and Challenges
The event explored the potential benefits of incorporating DeFi and blockchain into the insurance industry. These include increased efficiency, improved inclusivity in the insurance market, and an enhanced customer experience. The presentation also addressed the challenges and risks of these technologies, including regulatory hurdles, their experimental nature, and concerns about scalability and integration with existing systems.
Real-World Applications and Cases
Prof Jia enriched the presentation with insights into real-world applications of DeFi/blockchain in insurance and provided case studies and empirical evidence demonstrating the impact of these technologies on the insurance industry.
Conclusion
Prof. Ruo Jia's presentation at the DLT Science Foundation's Decentralised Insurance Roundtable offered a comprehensive overview of the role blockchain and DeFi technologies could play in revolutionising the insurance sector. By focusing on efficiency, transparency, and inclusivity, these technologies have the potential to reshape insurance services for the better, albeit with challenges that we must navigate carefully. The presentation underscored the need for ongoing research and collaboration in this field, aligning with the Foundation's motto, "Building trust, discovering truth." For interested readers, you can find the industry report connected to the presentation.
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