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Blockchain has huge potential to add significant value to banking and finance. Not only does blockchain promise cost costs and improve efficiency, but it also has the potential to increase revenue by allowing insurers to attract new business by providing higher-quality service.

According to the study, the worldwide demand for blockchain in the insurance industry is predicted to increase from $64.5 million in 2018 to $1.39 billion in 2023, representing an 84.9 percent CAGR during the forecast period.