Blockchain technology is a distributed ledger technology in which records are entered, stored, validated, and continued in order of transaction entry in each counterparty’s secure computer system. Each entry is linked to the previous entry to ensure the validity and immutability of the entire transaction. In essence, the ledger is shared by all participants in a transaction and allows all of them to see and verify the entire transaction, avoiding redundancy and inconsistency. Blockchain is the technology behind Bitcoin. It is also used in some financial services and banking sectors. It provides a more secure way to conduct direct peer-to-peer business transactions and requires less human intervention. To use today’s buzzword, this is a disruptive technology that could radically change the way certain business transactions are processed. It is also being used, at least experimentally, for certain insurance-related products such as disaster swaps. The insurance and reinsurance industry is interested in Blockchain technology because it can reduce the administrative burden, eliminate frictional costs, reduce if not eliminate inconsistencies, and improve auditability.