Diffusion of blockchain in insurance industry: An analysis through the review of academic and trade literature

Abstract Blockchain is attaining increasing attention across all sectors and industries. It has been considered in the literature as a breakthrough emerging technology with disruptive potential like combustion engines and internet. Although the companies are acknowledging the hype around the technology, they are still skeptical in adopting it for the actual value added for the firm. This paper reviews the academic literature as well as industry practices of implementation of blockchain in insurance sector. The systematic review by considering two sources is attempting to integrate insights from different bodies of knowledge. The objective of this review article is to compare both the literature sources to understand the actual levels of implementation and use cases, and to identify the direction in which the insurance sector is currently going in terms of adoption of this technology. This approach captures diffusion possibility versus actual diffusion in an industry based on collective intelligence of experts.

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