Insurance is an important tool for transferring risks. By nature, it is a form of mutual assistance between different groups. People transfer the risks that they cannot or do not want to bear to the insurer collectively and thus pay a small but regular amount in exchange for enormous economic guarantees. In this way, risks are transferred in the form of insurance. Blockchain is a distributed ledger technology. It is accessible to the public, inalterable and unforgeable, and therefore has the potential to help humankind turn the concept of an“Internet of value” into a reality. Blockchain is a fundamental technology for our species’ next phase of
development and will affect all walks of life with its simple but perfect technical design. Considering their compatibility in many aspects, blockchain technology and insurance could be highly complementary to oneanother. Blockchain insurance, a new insurance model, is developing rapidly and will become an important part of the industry’s makeup,revolutionizing the traditional industry.