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27 Conn. Ins. L.J. 511 (2020-2021)
Blockchain and Distributed Ledger Technology: Insurance Applications, Legal Developments, and Cybersecurity Considerations

handle is hein.journals/conilj27 and id is 534 raw text is: BLOCKCHAIN AND DISTRIBUTED LEDGER TECHNOLOGY: INSURANCE APPLICATIONS, LEGAL DEVELOPMENTS, AND CYBERSECURITY CONSIDERATIONS Ken Goldstein' Forecasts suggest that global blockchain technology revenues will experience massive growth in the coming years, with the market expected to climb to over 39 billion U.S. dollars in size by 2025.2 ABSTRACT Blockchain technology is experiencing breakout growth globally. Companies from diverse industry sectors, including insurance, are tapping into its decentralized distributed ledger capability in order to efficiently and transparently transact business, track anything of value, and operate in a more secure environment. While blockchain is being creatively implemented, however, there are also important legal (including legislative) and cybersecurity considerations to account for as a part of the decision-making process. This paper will start by providing an overview of blockchain technology, including the ability to use it as a decentralized distributed ledger. It will then pivot to a variety of blockchain applications either disrupting or supporting the insurance industry. Thereafter, it will explore blockchain-related legal issues along with Connecticut-based legislative developments in the insurance capital of the world. Lastly, the paper will reflect upon cybersecurity strengths, weaknesses, and best practices associated with blockchain. 'Ken Goldstein is a former global Cyber Security Product Manager at legacy Chubb Group of Insurance Companies. He is currently a Clinical Instructor of Risk Management and Insurance at the Barney School of Business, University of Hartford, and teaches innovative InsurTech and Cybersecurity curriculum, the former in collaboration with UConn School of Business. Professor Goldstein earned his J.D. at Western New England University School of Law and B.A. at Binghamton University. Professor Goldstein would like to thank Mateo Ramirez-Webster, rising senior at the University of Hartford's Barney School of Business, for his helpful support and insight regarding blockchain legislative developments. 2 Shanhong Liu, Blockchain technology market size worldwide 2018- 2025, STATISTA (June 9, 2020), https://www.statista.com/statistics/647231/worldwide- blockchain-technology-market-size/.

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