1. Blockchain and Cryptocurrency Austin B
Blockchain and Cryptocurrency Austin B. Mills Chair of Blockchain & Cryptocurrency Practice October 29, 2018

2. What is a “Blockchain” or “Distributed Ledger”?
A distributed ledger is a shared database distributed across a network.
Often, all participants have their own identical copy of the ledger, with changes to the ledger reflected in all copies in “real time.”
A blockchain is a permanent record of transactions in a network.

3. What is “Cryptocurrency”?
Cryptocurrency is generally just a representation of value on a blockchain.
Enables trustable decentralized Exchange of Value

4. So What? Benefits Decentralization Security Immutability Trust Privacy
Increased transaction speeds
Cost reduction
Data Integrity
Quality assurance
Automation

5. Insurance

6. Reinsurance Smart Contracts Compliance (e.g. AML/KYC) Cost-cutting
Decreased Processing Time
Understanding Risk
Identity
Disintermediation
Transparency

7. Market Initiatives ANZ AIG B3i AiGang IBM Etherisc BITPARK InsurePal
LumenLab (MetLife Asia)
I-CHAIN
RRGs for Blockchain-based Networks
Fidentiax
Sofocle
InsureX
Dynamis

8. Legal Considerations Securities Laws Smart Contracts
Data Privacy/Security (e.g. GDPR)
DMCA-type safe harbors
Systems and products without an “owner”
Tax Implications
Money Transmission