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The global financial system is exploring ways of using blockchain-enabled applications for financial assets, such as securities, fiat money, and derivative contracts.

Some of the highlighting benefits blockchain technology currently offers are:

Given blockchains far-reaching capabilities, it is not surprising that different approaches and applications have evolved from its original intent. Examples of emerging blockchain uses include:

In current landscape, blockchain ecosystem comprises of 3 layers:

Applications and solutions:

This category aims on building applications and solutions with blockchain in financial services

Middleware and services:

This category aims at developers who want to build applications and innovate on top of the underlying blockchain and consensus protocols. All of the groupings in this category offer various entry points—including interacting with APIs, overlay technologies, integrated development environments, and a choice of software languages.

Infrastructure and base protocols

This category represents the infrastructure and base protocols that are still evolving, and the public mining infrastructure—for Bitcoin—that validates and secures the network. This category is typically in the space of core developers that are well versed in cryptology-based software technologies.


Blockchain can simplify and secure multi-party operations of the insurance industry. Whether interacting with customers or dealing with other parties, Blockchain can reduce the challenges presented by multiple parties keeping their own records. As transactions occur, insurers can rely on blockchain’s distributed ledger technology to update and validate information against other records in the network; reduce management costs for policies, claims and relationships; streamline operations, and enhance customer satisfaction. Companies can also capture opportunities and revenue through new business models or new insurance products.
Some of the areas where blockchain can be an ultimate solution to current challenges in the Insurance industries are:
Blockchain can help streamline operations, reduce costs and enhance customer service. Blockchain technologies can also support emerging business models where firms share policy risk by working with other insurers.