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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:
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
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-

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