A Self-Organized Framework for Insurance Based on Internet of Things and Blockchain

A smart contract can be used for automating business processes triggered by specific events caused by IoT sensors, data feeds, or other applications. A blockchain-based smart contract management system is an innovative technology foreseen to automate future business-to-business (B2B) processes. By optimizing business workflow operations, especially in multi-party arrangements, blockchain can play central role in business process re-engineering. In this paper we present a multi-organizational smart contract management system in which a user can create, deploy, and execute smart contracts. This research article consists of two parts; in the first part, we have compared existing smart contract management systems based on different characteristics that can play a vital role in selecting a particular system for a specific business need. In the second part, we have proposed a framework for a blockchain-based smart contract management system. It is a unified architecture that supports both DAO and organizational level blockchain-based smart contract execution. There are two types of separate blockchains used in the proposed framework; SBlockchain and TBlockchain. SBlockchain is used to store smart contracts, whereas all the data generated by the smart contracts stores inside the TBlockchain. In addition, each smart contract has some terms and clauses which are necessary for some event execution. Various components of the framework and their implementation have been described in detail with the help of relevant use-cases.INDEX TERMS blockchain, DAO, IoT devices, smart contracts, smart contracts management system

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“…Neo's universal Lightweight Virtual Machine [14] -Ethereum Virtual Machine [44] On-Chain [45] Range of Storage Systems…”

Section: Smart Contract Storage Locationmentioning

confidence: 99%

SmartCon: A Blockchain-Based Framework for Smart Contracts and Transaction Management

et al. 2022

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“…Futuristically, several existing breakthroughs in computing like Cloud Computing [18], Internet of Things (IoT) [59], Artificial Intelligence (AI), machine learning methods [60], and data analytics [61] will be joined and leveraged to automate and drastically transform the manner in which insurance processes are handled contemporarily. The following are the major types of insurance being provided by modern companies and how blockchain's contribution can be implemented.…”

Section: A Major Types Of Insurancementioning

confidence: 99%

Blockchain in Insurance: Exploratory Analysis of Prospects and Threats

Amponsah¹,

Adekoya²,

Weyori³

2021

IJACSA

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Ever since the first generation of blockchain technology became very successful and the FinTech enormously benefited from it with the advent of cryptocurrency, the second and third generations championed by Ethereum and Hyperledger have explored the extension of blockchain in other domains like IoT, supply chain management, healthcare, business, privacy, and data management. A field as huge as the insurance industry has been underrepresented in literature. Therefore, this paper presents how investments in blockchain technology can profit the insurance industry. We discuss the basics of blockchain technology, popular platforms in use today, and provide a simple theoretical explanation of the insurance sub-processes which blockchain can mutate positively. We also discuss hurdles to be crossed to fully implement blockchain solutions in the insurance domain.

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“…The self-governing model is the final stage of collaborative insurance where all insurance intermediaries are removed to self-insure. Vahdati et al [2018] proposes a self-organizing framework for insurance based on IoT (Internet of Things) and blockchain, which eliminates the main problems of traditional insurers such as the transparency of their operations. This last model of peer-to-peer insurance is also know as decentralized insurance.…”

Section: Introduction 1collaborative Insurancementioning

confidence: 99%

Collaborative Insurance Sustainability and Network Structure

Charpentier¹,

Kouakou²,

Löwe³

et al. 2021

Preprint

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The peer-to-peer (P2P) economy has been growing with the advent of the Internet, with well known brands such as Uber or Airbnb being examples thereof. In the insurance sector the approach is still in its infancy, but some companies have started to explore P2P-based collaborative insurance products (eg. Lemonade in the U.S. or Inspeer in France). The actuarial literature only recently started to consider those risk sharing mechanisms, as in Denuit and Robert [2020b] or Feng et al. [2021]. In this paper, we describe and analyse such a P2P product, with some reciprocal risk sharing contracts. We consider the case where policyholders still have an insurance contract, but the first self-insurance layer, below the deductible, can be shared with "friends". We study the impact of the shape of the network (through the distribution of degrees) on the risk reduction. We consider also some optimal setting of the reciprocal commitments, and discuss the introduction of contracts with "friends of friends" to mitigate some possible drawbacks of having people without enough connections to exchange risks.

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A Self-Organized Framework for Insurance Based on Internet of Things and Blockchain

Cited by 16 publications

References 8 publications

SmartCon: A Blockchain-Based Framework for Smart Contracts and Transaction Management

SmartCon: A Blockchain-Based Framework for Smart Contracts and Transaction Management

Blockchain in Insurance: Exploratory Analysis of Prospects and Threats

Collaborative Insurance Sustainability and Network Structure

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