Blockchain is best known as the technology underlying cryptocurrencies like Bitcoin, but what is blockchain and how does it work? In this session, we'll look at the basic features of the distributed ledger technology that defines blockchain and how it applies in financial transactions. Next, we'll move on to "Blockchain 2.0" and examine how smart contracts expand the utility of blockchain applications. We conclude with a survey of potential insurance applications and try to answer if blockchain is a game-changer for risk management.

By the end of this session, you should be able to:

• Explain the nature and function of distributed ledger technology and how it reduces friction in financial transactions.
• Describe how smart contracts stored on a blockchain could expand the capacity of distributed ledger technology beyond cryptocurrencies.
• Project how and where blockchain applications can be useful or transformative for risk management and insurance organizations.