Blockchain based Insurance Model for Managing Aging Infrastructure Risks

Thomas Wendling from Jacobs Engineering and an Advisor to the Integrated Engineering Blockchain Consortium participate in Risk Roundup to discuss -Blockchain-based Insurance Model for Managing Aging Infrastructure Risks.

Blockchain-based Insurance Model for  Infrastructure

From machines to vehicles, structures to buildings, roads to bridges, the internet to satellites; the fundamental physical, digital, and space facilities and systems serving a nation are manufactured at great expense. Now, irrespective of cyberspace, geospace, and space (CGS); when the infrastructure ages, or the rapidly changing fundamentals of technology makes the infrastructure obsolete, it either needs to be repaired, upgraded, or replaced. Justifiably, the decision to repair, upgrade or replace the infrastructure needs to be made.

While there are ways to transfer and mitigate the infrastructure security risk, there is a growing concern that the traditional insurance model will not be enough to manage the rapidly growing security risks. It is important to understand and evaluate this further:

• Critical infrastructure in cyberspace, geospace, and space
• Aging infrastructure
• Different ways to manage or transfer infrastructure security risks
• Role of the insurance industry in managing aging infrastructure risks
• Role of blockchain technology
• The hypothesis for blockchain based insurance model for aging infrastructure risks across CGS
• Role of Actuary

Blockchain Insurance Model for Infrastructure

While the idea and potential for a blockchain-based insurance model for managing aging infrastructure risks have a real value and promise, the fact remains that the promise and potential will not be reached without cooperation and collaboration from everyone involved. Time is now to talk about infrastructure risks and managing them effectively!

For more please watch the Risk Roundup Webcast or hear the Risk Roundup Podcast

About the Guest

Thomas Wendling has 30 years of experience in global infrastructure working at the ministerial level as an international business development manager with Suez Environment and currently as a “Systems Engineer” with Jacobs Engineering. He serves on the “Board of Advisors” of the “Integrated Engineering Blockchain Consortium”, an organization that fosters engineering applications of distributed ledger technology. He has also served on the program committee of the Enterprise Risk Management Symposium, which provides thought leadership and best practices in risk management for the insurance and banking industries, and has been a frequent speaker on strategic risk and the future of money.

About Risk Group

Risk Group is a leading strategic security risk research and advisory organization.

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