Gartner Research

What Insurance CIOs Need to Know About Blockchain

Published: 18 May 2016

ID: G00303129

Analyst(s): David Furlonger , Jeff Haner

Summary

A small sample of the overwhelming hype surrounding blockchain technology could easily prompt an insurance CIO to begin immediate plans for adoption. Insurance CIOs need to proceed with caution, as this technology is extremely immature and faces significant barriers to industrywide use.

Table Of Contents
  • Impacts

Analysis

Impacts and Recommendations

  • Blockchain technology offers insurance IT and business leaders a revolutionary approach to initiating, distributing and validating transactions that will fuel innovation and potentially drive radical new business models
  • Thorny questions about the very nature of blockchain technology and public versus private models will slow adoption efforts by insurance CIOs and contribute to a high rate of failures among early efforts
  • The unique and revolutionary nature of blockchain technology is alien to the experience of insurance IT and business leaders, and will make simple awareness and education key success factors

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