Author: Michael J. Casey
Release Date: September 28, 2017
Abstract:
A new phenomenon—initial coin offerings—enabled through blockchain technology is upending basic tenets of 20th century capitalism. This project studies the development and ramification of the emerging token economy, its viability, and the legal and policy ramifications in terms of securities law and property rights.
This project explores applications of blockchain technologies to the market for property insurance. The authors explain how distributed ledgers could simplify and speed up both proof of insurance and the processing of insurance claims and open up markets for microinsurance. Property insurers and insurtech innovators could offer a new generation of radically simplified and less expensive insurance products with simpler terms automated through smart contracts, which would reduce much of the operating costs of traditional insurance companies, their actuaries, accountants, and adjustors.
Read MoreFor cryptocurrencies and other blockchain technologies to scale in adoption as the Internet did, people need more human-friendly ways to use them. We believe that the digital wallet is one such way. Digital wallets are pieces of software that hold digital things of value for us, such as money, ID cards, and documents such as receipts. They enable us to make payments, prove our identities, record and verify our actions and transactions, and aggregrate and manage our cryptoassets such bitcoin, ether, or derivatives of cryptocurrencies. Eventually, we expect them to capture and protect our Internet browsing, online shopping, and other streams of data for us, to own and license as we choose. This research explores the state of the digital wallet, provides a taxonomy for analysis, poses three scenarios for the future, and suggests what enterprise leaders might do to prepare for wallet-driven business opportunities.
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