I must admit having been slow to the table when it came to discussions about the insurance industry’s adoption of bitcoin and blockchain technologies. Although I certainly understand the concept, the idea that insurers would trust this technology right out of the gate didn’t convince me that this new form of payment tracking would see insurers clamoring for immediate adoption.
This is largely because of the mystery behind how the technology came to exist in the first place: the inventor of the bitcoin protocol, Satoshi Nakamoto. Nakamoto apparently published a paper via the Cryptography Mailing List in 2008, released the first version of the bitcoin software client in 2009, and then began withdrawing from the technology community in 2010 (perhaps after reaching billionaire status – in bitcoins). The inventor meant to remain anonymous: When bitcoin.org was registered on August 18, 2008, the registrant used a Japanese anonymous registration service, and hosted it using a Japanese ISP, reports CoinDesk.com. To this day, there are groups trying to decipher the meaning of Nakamoto’s name.
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