First of all thrilled to have the author to talk to and hats off on putting out the book on block chain it has some really good reviews on Amazon. In every conference and innovation centers we have been hearing about block chain, its the buzz world, but sadly nobody has a clear view on how this is going to affect the enterprise world where data is the core and needs to remain centralized.
For example the insurance industry, will block chain penetrate the same? I have been playing around with Ethereum and smart contracts and know the basics.
from the description in Amazon "we should imagine new opportunities, and tackle even more ambitious problems that cross organizational, regulatory and mental boundaries. ", can you please state an example where a traditional industry like insurance can employ the same and benefit from it?
There is a foreword from Vitalik Buterin so I assume the books contain examples or pointer to ethereum, does it discuss on the wider scope of how an enterprise should select /use and transition to the block chain world, because this is going to be the toughest challenge enterprise architects and consultants will face, every client wants to know how and where he can use block chain an how to make profit out of the same.
For an insurance , Auto insurance - if we maintain Insurance history of an car as an open-ledger/open-info and can keep track of claim made for this car can help identifying insurance companies to derive a fair premium of it. We can also think of preparing a list of Owners & cars & claims history, (provided we satisfy privacy of customers) to derive & pass on discounts to customers. Group of Insurance firm can come together and and share information about the insurance claims made for a car. Different servers , which can be hosted by Insurance firms can participate as minors. I can prepare complete use case & plan to implement this in reality.
The scenario that you pointed out is valid and we can create a smart contract and implement the use-case, but when we go to business with the same story the obvious question will be why in block chain? cant we realize the same with a centralized service? whats the monetary benefit?
There a a service provided by Lexus Nexus that already give me the prior carrier info, with well defined interfaces .when there is a clearly defined process which they have been following for some time business wont be willing to change.
The problem as such is well captured in the line "we should imagine new opportunities, and tackle even more ambitious problems that cross organizational, regulatory and mental boundaries. ".
I was looking for something that was already implemented or in vision phase a problem that block chain resolves for a corporate house.Torrents were a great invention and almost every one used them but was there a business case for a big corporation to use that? when we talk about businesses, we need to look at the data , me keeping my data(client base,financials,sales, my employee data) private is key to success ,in such scenario why should I put that out there in a public ledger?
Arun ,, "why in block chain? " Answer is in Block chains core capabilities , it's distributed , decentralize , temper proof , reliable , fast (if there is are good number of processing center} , open for all (there are few platforms build on blockchain can secure privacy of your client's too) . I know there could be many practical challenges but we need to thing for the solutions of it.
I have few Usecases on which am working on rite now, Not directly related to Insurance but from finance industry.