While most people have heard about Bitcoin, many do not appreciate that the 'block-chain' technology which underlies it has much wider applications. Its combination of security, decentralisation, reliability and adaptability make it suited to many business uses. 'Smart contracts' where the technology automatically moves money (e.g. pays insurance claims) when externally ascertainable events occur are just one.
Berry Holding-Parsons is a solicitor who specialises in this field and works in the insurance sector. He explained to a full meeting room the underlying idea of block-chain and how it may be (and is already tentatively being) put to work in the insurance market, amongst others.
Helped by the presence of Gary Nuttall, a technical expert in this field, he provoked a vigorous discussion of the possibilities, snags, the current technology and how it and its applications may develop, especially in our market. This continued well past the close of the meeting and into the bar afterwards!
Another first class and well attended meeting showing the great value AirSP provides for members.