Bitcoin Global News (BGN)
January 14, 2019 -- ADVFN Crypto NewsWire -- Over the weekend, the
Vermont state government publicized the fact that they would be
running a pilot for a blockchain-based insurance scheme. Today,
CoinDesk publicized a reaction piece that attempts to explain why
this might be a truly important use case for the blockchain going
forward, due to how it could change the insurance space for the
better.
Through a quick analysis of the
piece, it swiftly becomes apparent that this particular pilot is
less of a novel use case for the technology and more of a call back
to its’ primary utility. If you are wondering why, it is almost
enough to look at potential features that the government will be
examining, over the course of the pilot.
In short, according to CoinDesk, in
the state’s announcement on Friday, it made clear that two
agencies, the Vermont Secretary of State and the Vermont Department
of Financial Regulation, will be looking at how the blockchain
could help them to speed up just about every major paper-based
process over time.
Considering this reasoning, it is
fairly easy to see why this use case of the blockchain is not
really new, but it is at least, akin to how it was meant to be used
since Satoshi’s white paper. Before Bitcoin was created, the
blockchain represented a digital ledger that recorded entries for
all-time in an immutable format that was almost impossible to argue
with.
Once Bitcoin was created, the world
began to see how a new form of money fit into that equation.
Perhaps, however, this effort by the Vermont state government could
result in a wave of similar pilots. These pilots could, in turn,
end-up eliminating unnecessary bureaucracy across different levels
of government and therefore, saving large sums of money that could
be ear-marked for more useful purposes.
In one sense, the central question
then becomes: if this does occur, what additional use cases will
follow?
By: BGN Editorial Staff