“We study blockchain adoption in insurance-reinsurance markets. Operating costs decrease with the adoption rate, since verification and storage costs are shared. We quantify how the equilibrium adoption decisions depend on contract characteristics, risk aversions, potential losses and cost structure. The reinsurance firm internalizes the benefits of adoption on other insurance firms, acting as a central planner. We characterize the adoption gap between decentralized (Nash) and centralized blockchain consortium.”

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