- There is a variety of blockchain, cryptoledgers and smart contract providers out there. Which one to choose?
- Permissionless (PoW) or permission based (PoS) blockchain
- With or without Turing complete programming language
- How will smart contracts build on the blockchain with their “dry code” relate to real world “wet code” legislation and jurisprudence?
- Where to find reliable oracles? Even the simplest tasks seem serious hurdles.
How to check if somebody exists? Or has deceased? Simple questions but no easy answers. Despite of initiatives like Open Mustard Seed or OpenID.
So there a lot of arguments why not to start in a complex area such as insurance. But there are some advantages as well.
The new technology could build an insurance organization that is scalable without linear increasing costs.
The new technology could seriously cut the expense ratio of the current insurance products.
And possibly – we have to do some research here – the new technology is fit for small transactions and qualifies for handling micro insurance.
The community of people occupied with insurance and blockchain are limited, so it is relatively easy to get into contact and interact.
The first starters in this domain will likely get some serious attention.
All the ingredients to build an exponential concept seem available, so why not start?