Insurance firms compete in a highly competitive market where both retail and corporate consumers expect the best value for their insurance products and services. In the insurance industry, blockchain technology represents an opportunity for good transformation and growth.

Insurance can be done over blockchain networks using smart contracts and decentralized applications, allowing for more automation and tamper-proof audit trails. The cheap cost of smart contracts and related transactions, in particular, means that many items can be made more competitive in limited markets in developing countries.