inscoin-Insurance growth of modern business
Insurance is one of the oldest industries, and can be seen as part of the growth of modern business that has come to define the world-wide society. While the insurance in the form we will recognize today begins with the first insurance contract in 1347, methods for transferring and distributing risks in the monetary economy have been observed in China in the third millennium BC. One thing that has defined the insurance sector for thousands of years is its ability to adapt its practices to fit the changing technological landscape. From contracts written on parchment to websites and large data, the industry has changed rapidly. Blockchain is the latest technology game changer to include images, and many predict that distributed ledgers can have profound effects on how insurance companies can operate. One important issue that seems to be designed by blockchain technology is the underlying principle of 'good faith' in insurance contracts. This principle states that any part...