McKinsey & Company recently submitted a Blockchain technology report to the U.S. Federal Advisory Committee on Insurance. Mckinsey has analyzed how the technology may disrupt a range of industries, emphasizing banking and insurance – and predicts commercial deployment of blockchain technology at scale by the year 2021. Moreover they state, that most people in the industry already believe that blockchain technology will “have a material impact” within three to five years.
McKinsey found 64 different use cases for blockchain in a survey of 200 companies. The report claims that the insurance industry has the largest non-bitcoin blockchain solutions, followed by the payments industry. In terms of dollars value, the biggest revenue generating sector is cross-border business to business payments, generating between $50-$60 billion, followed by trade finance with $14-$17 billion.
In total McKinsey estimates that blockchain will generate $ 80 – 110 billion in revenue boosts across the entire financial sector with more than a quarter being generated in insurance.
Read the key findings from the report here.