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dc.identifier.citationAbdilla, J. (2020). Blockchain: identifying the potential, establishing the risks and relative mitigants for the banking and insurance industry (Master's dissertation).en_GB
dc.descriptionM.A.INSURANCE&RISK MANGT.en_GB
dc.description.abstractObjective: Locally the initial hype on blockchain was followed by passive interest. It was therefore opportune to present the financial services industry with a study to reveal the potential, risks and relevant mitigants blockchain provides for the insurance and banking sectors. Research was tackled through a process, establishing: - The potential advantages of adopting blockchain technology in the insurance and banking industry. - The current situation with regards to the integration of blockchain within the EU and other European countries. - The technology’s potential adoption in insurance and banking business models, identifying successful case studies. - The main risks and relevant mitigating considerations for this technology Design: The research from this thesis was sourced from; - Academic sources, including research papers and reports available on the internet. - Professional reports and papers from reputable research consultancies, the big 4 accountancy firms and world-renowned experts in the field. - Interviews with; 1. The players who locally were the key consultants mapping out the blockchain roadmap 2. Academics and regulatory bodies who have a strong overall vision of the marketplace and its challenges 3. The banking and insurance professionals who are key decision makers within their respective operations Findings The banking and insurance sectors are on an international scale slowly adopting blockchain within their operations. Blockchain has significant potential, but economies of scale are crucial to ensure viability. This is why the larger multinationals in these sectors are taking the decision and making the material resource investment in this regard. Others are adopting a wait and see approach before deciding to move forward, however, it is likely that such technology will also bring about a number of takeovers and mergers to achieve viability. There are still some challenges associated with the adoption of blockchain. Scalability in terms of transactional efficiency still needs improvement. Interoperability, the ability to interact with legacy and evolving blockchain systems and platforms is also being tackled. Risk issues arising are not dissimilar to other evolving cutting-edge technologies. Within a European context GDPR also presents some challenges, arising from the immutable and decentralised nature of blockchain. Solutions are being identified and established, but some are still in the theoretical stage or testing phase. Players in the industry will likely be tail-end followers because of economies of scale and governments will need to lead the way with initiatives, such as loading certain public records on the system to demonstrate the workability and effectiveness of the technology. Value and conclusion: The study undertaken demystifies an element of uncertainty and provides a bridge for the gaps in research existing on the subject matter. The approach adopted to tackle these gaps was two pronged; - a comprehensive understanding as to the potential of the technology, the evolving and emerging risk elements, challenges and relative mitigants; - the project and its accomplished objectives provide the industry sector players with a structured plan in gaining an insightful understanding when considering the adoption of blockchain. It also provides guidance on the finer and more complex technical elements.en_GB
dc.subjectBlockchains (Databases) -- Maltaen_GB
dc.subjectBanks and banking -- Maltaen_GB
dc.subjectInsurance companies -- Maltaen_GB
dc.subjectRisk management -- Maltaen_GB
dc.titleBlockchain : identifying the potential, establishing the risks and relative mitigants for the banking and insurance industryen_GB
dc.rights.holderThe copyright of this work belongs to the author(s)/publisher. The rights of this work are as defined by the appropriate Copyright Legislation or as modified by any successive legislation. Users may access this work and can make use of the information contained in accordance with the Copyright Legislation provided that the author must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the prior permission of the copyright holder.en_GB
dc.publisher.institutionUniversity of Maltaen_GB
dc.publisher.departmentFaculty of Economics, Management and Accountancy. Department of Insuranceen_GB
dc.contributor.creatorAbdilla, John (2020)-
Appears in Collections:Dissertations - FacEma - 2020
Dissertations - FacEMAIns - 2020

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