The increasingly urgent need for crypto-native insurance
The insurance industry has a long history of providing vital support for major innovation leaps. It is no coincidence that the modern insurance industry and the industrial revolution arose in parallel. It has actually been compelling argued that the invention of fire and property insurance – in response to the great fire in London – lubricated the gears of capital investment that drove the industrial revolution and is probably the reason it started in London. Through the first and every subsequent technological revolution, insurance has offered innovators and investors a safety net and acted as an outside, objective validator of risk – and thereby served as a source of both the encouragement and the necessary security to confidently test and break barriers.
Today, we are in the midst of a new digital financial revolution, and the argument for this new technology is clear and compelling. The latest White House Order on “Ensuring the Responsible Development of Digital Assets” further underscored this and was a landmark moment for the industry that lifted the discussion around the importance of technology to the national stage and recognized its importance for the US strategy, interests and global competitiveness.
Sofia Arend is currently the Communications and Content Manager at the Global Blockchain Business Council (GBBC). Prior to joining GBBC, Sofia worked for the Atlantic Council, a top 10 global think tank for defense and national security. Sofia received her Bachelor of Arts in International Relations and Global Studies with honors from the University of Texas at Austin, where she competed as an NCAA Division-I recruited rower.
J. Gdanski is a privacy, security and risk management expert, a key leader in blockchain companies and CEO and founder of Evertas – the first company dedicated to insuring crypto assets and blockchain systems.
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