It is widely recognized that there is a growing trust deficit in our societies’ institutions, particularly in insurance. This isn’t confined solely to the question of claims on whether or not an insurance company will pay out or whether the insured is trying to defraud the insurance company. To help guide us through those issues and explain how blockchain can help restore trust we were privileged to have Dante Disparte Founder and CEO of Risk Cooperative, live from Washington DC on our show.
2 Minute Definition of Blockchain
If the internet created a world of low friction communication, blockchain is creating a world of low friction transfer. How it works is by storing and decentralising information on anything from transactions to supply chain interactions. Blockchain is a way of scaling trust without having to have a centralised authority and providing transparency with high levels of confidence in those types of exchanges.
The Blockchain Journey
Through a friend and colleague, Dr. Tomicah Tillemann, who runs the Bretton Woods II initiative, Dante was invited to the first ever global blockchain business council event during the annual Berkshire Hathaway shareholders meeting in Omaha. That one meeting led him to become an early mover in the insurance and blockchain community. That evolved into going to Nectar Island for the Third Blockchain Summit, hosted by Sir Richard Branson and BitFury, and most recently to Davos where Dante saw that blockchain was moving out of beta. It is important to recognize the importance of bitcoin and other cryptocurrencies in pushing blockchain out of beta on the world stage, through international corporation between individuals without central institutions.