Christopher O'Brien was quoted in Insurance Journal on February 14, 2018, about how insurers can approach emerging risks in blockchain technology and virtual currencies since the currency is not regulated by banks and clearing houses.
Mr. O'Brien said, "This is sweeping through for the insurance industry. Your clients are going to touch these risks even if they're not blockchain companies."
Although some believe that when appropriately applied, blockchain is a revolutionary technology, according to O'Brien, there is also the potential for fraud if inappropriately applied.
"We're at the very beginning of this technology, even though it's been around since 2009," said O’Brien.
"We're talking about a shared network," he stated. "So, is personal information being shared? How is that being secured? Obviously, the risk of theft in this space is great as well."