SaCI: A Blockchain-Based Cyber Insurance Approach for the Deployment and Management of a Contract Coverage

Despite the rapid growth of the cyber insurance market in recent years, insurance companies in this area face several challenges, such as a lack of data, a shortage of automated tasks, increased fraudulent claims from legal policyholders, attackers masquerading as legal policyholders, and insurance companies becoming targets of cybersecurity attacks due to the abundance of data they store. On top of that, there is a lack of Know Your Customer procedures. To address these challenges, in this article, we present , an innovative architecture that utilizes Blockchain technology to provide data transparency and traceability. The backbone of the architecture is complemented by Smart Contracts, which automate cyber insurance processes, and Self-Sovereign Identity for robust identification. The effectiveness of ’s architecture is compared with the literature against the challenges the cyber insurance industry faces. In a nutshell, our approach presents a significant advancement in the field of cyber insurance, as it effectively combats the issue of fraudulent claims and ensures proper customer identification and authentication. Overall, this research demonstrates a novel and effective solution to the complex problem of managing cyber insurance, providing a solid foundation for future developments in the field.

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A novel multi-objective service composition architecture for blockchain-based cloud manufacturing

Tong

Zhao

2022

Journal of Computational Design and Engineering

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In recent years, many core technologies of Industry 4.0 have advanced significantly, particularly the integration of big data technology and cloud manufacturing (CMfg). The decentralization and traceability features of blockchain technology (BCT) provide an effective solution to provide trusted resource service in CMfg. Service composition is a core issue of CMfg to increase the value of digital assets. However, existing research on service composition based on BCT suffers from both the blockchain proof-of-work (POW) mechanism and the service composition problem need to consume large computational overheads, as well as the blockchain fork problem affecting the system's reliability, which reduces the usefulness of these schemes. To solve these problems, this paper proposes a novel multi-objective service composition architecture for blockchain-based CMfg (MOSC-BBCM). In MOSC-BBCM, first, a blockchain-chained storage structure is designed for the actual manufacturing cloud service constraint and scale dynamic changes, which can fully use the historical service information and accelerate the search for high-quality solutions. Second, to reduce the squandered computing resources in the POW, a mining mechanism based on multi-objective service composition and optimal selection is proposed, where miners competitively solve a nondeterminate polynomial (NP)-hard problem to replace the mathematical puzzle. Finally, an incentive mechanism based on the environment selection method is proposed, which can avoid the fork problem while distributing on a labor basis. The effectiveness of the proposed MOSC-BBCM is verified in simulated numerical experiments of CMfg, which shows that the architecture provides a flexible and configurable scheme for blockchain-based CMfg with high availability.

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SaCI: A Blockchain-Based Cyber Insurance Approach for the Deployment and Management of a Contract Coverage

Cited by 6 publications

References 13 publications

On Trust, Blockchain, and Reputation Systems

On Trust, Blockchain, and Reputation Systems

INCHAIN: a cyber insurance architecture with smart contracts and self-sovereign identity on top of blockchain

A novel multi-objective service composition architecture for blockchain-based cloud manufacturing

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