According to Sibylle Fischer , Director Strategic Venturing of the Baloise Group , the Swiss insurance group headquartered in Basel , adoption is in its infancy . She writes : “ Right now there are very few products available , and smart contracts remain fairly limited in the types of events and contingencies they can address . With sizeable challenges ahead ( particularly around data protection , regulation , privacy , and legacy infrastructure ), there ’ s much work to be done for smart contracts to truly scale . However , as blockchain technology continues to evolve and DeFi matures , there is a general understanding within the insurance industry of the massive potential for adoption , growth and expansion in the smart contract space .”
46 November 2022