Blockchain technology is the system that has revolutionized how transactions and data exchange can be handled. The platform is structured into blocks that are all connected together in such a way as to ensure that every transaction must be validated by the network, avoiding an external authority.
Paolo Ribotta, CEO Global Corporate & Commercial of Generali, explains how much blockchain technology represents a real paradigm shift in the insurance sector. Companies have the chance to invest together in the infrastructure and at the same time to compete on improving the service to customer.
Generali is one of the members of the B3i initiative – Blockchain Insurance Industry Initiative – a consortium that explores the ability of distributed ledger technologies to increase efficiencies in the exchange of data between reinsurance and insurance companies.