What is it about?
This paper analyzes the possibilities of using Blockchain technologies in the field of insurance services. Due to Blockchain technology and smart contracts, a complete digitalization of the insurance process can be achieved. Cryptographic algorithms provide data protection from external malicious attacks, as well as limiting their visibility only to people who are authorized to see them. Smart contracts provide the opportunity to create policies, monitor their status and through the business logic that can be described in them, to automate the process of processing insurance claims.
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Why is it important?
This paper presented the creation of a Blockchain based software solution for servicing the insurance business. Through smart contracts it is possible to create an insurance policy, to determine the insurance risk, to execute of insurance claims. The proposed smart contract is based on Hyperledger Fabric Blockchain. The goal of future research is to expand this decision with payment of compensation with smart contract, based on second Blockchain, which be public.
Perspectives
The Blockchain also optimizes the reinsurance process, as well as the operations of brokers. In areas, where supply-side monitoring is required, such as medicines, in health insurance etc., this new decision will improve the insurance process. For instance, expensive and life-saving drugs, taken by the insurer, are delayed until they reach the patient due to the long process of approval by the insurer, manufacturer, distributor and the hospital, because of the ineffective standard the insurance processes.
prof. Veneta Panayotova Aleksieva
Technical University of Varna
Read the Original
This page is a summary of: Implementation of Smart Contracts based on Hyperledger Fabric Blockchain for the Purpose of Insurance Services, September 2020, Institute of Electrical & Electronics Engineers (IEEE),
DOI: 10.1109/bia50171.2020.9244500.
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