<i>> It maintains an accessible record of the insurance contract itself within a smart contract</i><p>And why would I want details of my insurance contract on a publicly visible blockchain? What am I missing here?<p>edit, to elaborate:
A currency ledger blockchain <i>has</i> to be visible to all participants, that's how we can all come to an agreement on who owns what. What I don't get is why my insurance contract has to be visible by any parties other than me and the insurer. Hence, what value does putting this data on a blockchain bring?
What are the advantages of having this service run on a blockchain? There is nothing stopping a company from providing a similar service with a traditional server setup, right?<p>Is it simply that the contract is visible to others to validate it took place?