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 Life insurers can start  using cryptocurrencies instead of gold.  Some clients will see  cryptocurrency and a lifetime escape from partial-reserve banks. Rising inflation could encourage both insurers and consumers to experiment more with dollar alternatives. In the rapidly evolving environment of cryptocurrency and blockchain technology, searches such as “Bitcoin and Life Insurance” provide a variety of content and topics. 
 Fears range from the possibility that life insurance companies will switch to accepting Bitcoin, to the fact that large life insurance companies are getting involved in buying large amounts of  Bitcoin (or other cryptocurrencies). , all cutting edge and key considerations in the life insurance industry. 
 At the same time, “Decentralized Finance” (DeFi), a key component of Bitcoin and crypto infrastructure, is not only game-changing finance, but is also challenging the foundations of the current financial system. Regulators are currently working to address potential issues, and large cryptocurrency companies are responding in-kind by educating regulators. 
 As the life insurance industry becomes accustomed to Bitcoin, cryptocurrency in general, and DeFi, the participation and influence of the life insurance industry is still in its infancy. 
What a colleague is reading 
 In this case, this article intends to provide an overview of the current state of affairs related to  Bitcoin and blockchain's impact on the life insurance industry today. 
 first looks at DeFi by looking at modern financial infrastructure and the unique challenges associated with currency devaluation, inflation and centralized controls. 
 Next, we take a closer look  at what DeFi really is and how it can affect the current financial system in the US and abroad. 
 Finally, we look at the horizons where Bitcoin, Cryptocurrency, and DeFi can provide new opportunities for life insurers in  space. 
 A leading mutual  company, MassMutual, has a special interest in Bitcoin. In December 2020, MassMutual acquired 100 million bitcoins for  general investment accounts and a stake in NYDIG, a leading  technology and investment solutions provider for bitcoin funds. 
 The Bitcoin transaction between MassMutual and NYDIG  was based on what MassMutual sees as  the growing participation of cryptocurrencies in the financial environment and the need of financial professionals and  clients to gain access to Bitcoin. 
 Related Resources 
 NYDIG Co-Founder and CEO Robert Gutmann said, “MassMutual continues to innovate and  lead  when it comes to Bitcoin. 
 Other life insurance companies are starting to use blockchain technology, a  form of collaborative, password-protected record keeping, such as preventing insurance fraud, tracking records and filing claims. 
 For example, MetLife appears to be using Ethereum blockchain technology to improve transparency and efficiency of its life insurance claim process. 
 Related Questions 
 There are many other issues related to Bitcoin, cryptocurrencies and their impact on life insurance companies. For example, various life insurance companies are starting to accept Bitcoin (or other cryptocurrencies) as payments, or companies that insure crypto assets. There are also related issues, such as getting insurance for 
 cryptocurrency. Lloyd's of London, for example,  has an insurance policy that protects cryptocurrencies stored in online wallets. Finally, there are many considerations for real estate planning, such as taxation, identification, and transfer of crypto assets to future generations. 

 Decentralized Finance 
 DeFi is a fast-growing ecosystem that can offer all kinds of financial products, from coins to digital art (NFT) on a decentralized blockchain network. Programmable applications and protocols (primarily Ethereum) built on the 
 blockchain can automatically execute financial transactions  on the blockchain via smart contracts without intermediaries such as banks for intermediaries. 
 peer to peer 
 Unlike banks or brokerage accounts, the DeFi world does not require government  IDs, social security numbers or proof of address. DeFi transactions allow buyers, sellers, lenders and borrowers to complete peer-to-peer transactions using only computer systems acting as intermediaries, eliminating the need for companies or institutions to initiate transactions. 
 So, not only is DeFi a game changer in finance, it's challenging the current financial system by throwing  the whole arena in my opinion. What this means for DeFi remains to be seen. 
 So what would the world look like without traditional banks, and how would this relate to the life insurance industry? 
  Current Financial Model: Hub and Spoke 
 The modern financial infrastructure that most of us are familiar with is characterized by a hub-and-spoke model. 
 Major centers of financial activity, such as New York and London, act as nodes in the financial industry (banking and brokerage) and influence the economic activity of nerve centers or regional offices such as Milan or Mumbai. 
 Economic activity or difficulty spreads from the wedge to the rest of the economy. 
This model would have worked  well for the last 100 years. However, several major issues exposed flaws in  existing code. 
 For example, the relatively recent banking crisis that led to the Great Depression showed that some balance sheet problems at several large organizations plunged the global economy into a multi-year recession.

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