Research On The Application Of Blockchain Technology In Insurance

With the continuous development of China's economy,the concept of residents' consumption is escalating,the attention to insurance is increasing,and in recent years,the aging trend of China's population is becoming more and more serious,the demand for insurance driven by residents' old-age demand is expanding.China's insurance market potential is huge.Blockchain is a new technology developed in recent years,which has been widely concerned by various fields because of its technical advantages such as de-centered,high-reliability and non-tampering.Based on the analysis of the basic theory of blockchain and insurance industry,this paper points out the relationship between the two in the perspective of "sociality",further analyzes the inevitability of the combination of the two,and analyzes the significance of blockchain technology in solving the pain point of the development of insurance industry from the theoretical angles of moral hazard and adverse selection.Taking the application model of blockchain technology in reinsurance industry as an example,this paper further analyzes the promotion effect of blockchain technology on the transformation and development of insurance industry from the practical point of view,and points out the broad prospect of the application of blockchain technology in the field of insurance B3 i.Finally,according to the development status of blockchain technology itself,this paper probes into the problems and challenges faced by the development of blockchain technology and insurance fusion,and further gives some suggestions,and looks forward to the application prospect of blockchain technology in insurance industry in the future.