Blockchain Technologies in Insurance: Prospects and Limitations

Abstract

This article analyzes the prospects and limitations of implementing blockchain technologies in the insurance industry, with a particular focus on the Russian market. The relevance of the study is driven by the sector's conservatism, rising fraud, pressure from digitalization, and demand for transparency. Despite blockchain's potential, its widespread adoption faces barriers: regulatory uncertainty, high costs, and mistrust among market participants. Therefore, the authors identify and categorize the technological, regulatory, and organizational limitations to the large-scale use of distributed ledgers in insurance. Particular attention is paid to assessing the prospects for adapting blockchain technologies to the Russian insurance market, taking into account its specific characteristics.