More than a fifth of 352 global executives surveyed by GlobalData said blockchain was “all hype and no substance” and rated it less use to the insurance industry than augmented reality, internet of things, 5G, cloud computing, cybersecurity and artificial intelligence technologies.
GlobalData’s Emerging Technology Trends survey found 21% responded “don’t know” when asked if blockchain had potential, signalling “a significant level of misunderstanding regarding the technology”.
The survey comes after the recent collapse of Blockchain Insurance Industry Initiative (B3i), which "leaves a question mark hanging over the technology’s role in the industry,” the report said.
Analyst Benjamin Hatton says blockchain has often been poorly defined and misunderstood, and its association with cryptocurrencies and digital assets has left it with a poor reputation among many.
“As regulation is gradually introduced and strengthened, some firms may get the confidence in the technology they need to...
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