Blockchain Legal Resource: Insuring The Blockchain

Blockchain, or distributed ledger technology ("DLT"), is already proving to be a game-changer for businesses globally and across sectors. But is it secure? And can insurance help protect against risks and, thus, help advance the development of this technology?

Security of Blockchain?

Because changes to a blockchain are displayed in real time and no central user controls the record, blockchain is said to be much less susceptible to hacking than a traditional database. However, given the value and potential of high-profile transactions that may take place using blockchain technology, hackers will have incentive to invent new ways to infiltrate and use the technology for malicious purposes.