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Special thanks to Steven Ehrlich for this excellent article on Forbes.

Original article here:
https://www.forbes.com/sites/stevenehrlich/2019/06/19/metlife-plans-to-disrupt-2-7-trillion-life-insurance-industry-using-ethereum-blockchain/#1ce735542770

The Value of Blockchain

According to Zia Zaman, CIO of MetLife Asia and CEO of LumenLab, it was important to utilize blockchain technology for three key reasons. First, he said “We think there are benefits from a security point of view”. Second, he noted that there is a lot that they can learn from DLT from experimenting with it, as opposed to a traditional database. Specifically, he noted that “If you try technology that has been around for twenty years you’re not going to learn as much as if you try it with a decentralized system like DLT, and that’s advantageous because we are realizing that there is a lower cost of implementation for this system versus the other way.” The third reason, and perhaps the most important, is that DLT systems are built for multiparty participation. “As a data provider, if you use DLT, it is much easier to add another node.”

 

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