The innovative development of blockchain technology in the insurance industry and its practice in China

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Abstract

Since its inception in 2008, blockchain technology has been one of the most sought-after technologies in the financial technology field in the past five years. Not only financial companies, but also many industries, think tanks and regulators are paying close attention to blockchain technology, and have been studying and exploring the value and potential risks it brings. There is no doubt that the core advantages of blockchain technology such as decentralization, smart contracts, high efficiency, openness and transparency will provide an important impetus for the innovation and development of the financial industry, especially the insurance industry. This article sorts out some literature related to the domestic insurance industry and blockchain technology in recent years, summarizes the innovative role of blockchain technology in the insurance industry, sorts out the existing practical activities of blockchain technology in China, and discusses its future The development trend is prospected.