A Blockchain Framework for Insurance Processes

Raikwar, Mayank; Mazumdar, Subhra; Ruj, Sushmita; Sengupta, Satarupa; Chattopadhyay, Anupam; Lam, Kwok-Yan

doi:10.1109/ntms.2018.8328731

Cited by 147 publications

(58 citation statements)

References 8 publications

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“…Reference [127] discusses applying blockchain to the insurance life cycle, from seeking a quotation to binding a policy contract, to the claiming process, which could help reduce fraudulent insurance claims. Experimental prototypes have been created to offer finegrained insurance policy control [128].…”

Section: ) Insurancementioning

confidence: 99%

“…It is one of the top two popular blockchain platforms we found in the literature set. It supports use cases including school information hub [243], event ticket system [101] in education, culture, science and innovation sector; medical data sharing [115], [116] and insurance process improvement [128]- [130] in well-being, health and safety sector; supply chain management [155] and vehicle-to-grid payment [203] in transportation sector. One reason the number of Hyperledger Fabric use cases is less than that of Ethereum in our surveyed literature is possibly because we have seen a lot of peer-to-peer market cases in our list, especially in the energy and economy sectors.…”

Section: ) Hyperledger Fabricmentioning

confidence: 99%

“…A voting application [71] is able to assign voter eligibility, collect vote and manage the voting outcome. Insurance systems can monitor related asset and behavior status collectively to decide on the insurance policies and fulfill fine-grained insurance claims [128], [130]. In an energy domain application, [180] uses smart contract to optimize operation of the total available energy storage systems in order to achieve efficient use of shared resources and minimize external energy dependence.…”

Section: ) Collective Decisionsmentioning

confidence: 99%

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Blockchain for Cities—A Systematic Literature Review

2018

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Blockchain is considered one of the most disruptive technologies of our time. Numerous cities around the world are launching blockchain initiatives as part of the overall efforts toward shaping the urban future. However, the infancy stage of the blockchain industry leads to a severe gap between the knowledge we have and the actions urban policy makers are taking. This paper is an effort to narrow this rift. We provide a systematic literature review on concrete blockchain use cases proposed by the research community. At the macro-level, we discuss and organize use cases from 159 selected papers into nine sectors recognized as crucial for sustainable and smart urban future. At the micro-level, we identify a component-based framework and analyze the design and prototypes of blockchain systems studied in a subset of 71 papers. The high-level use case review allows us to illustrate the relationship between them and the four pillars of urban sustainability: social, economic, environmental, and governmental. The system level analysis helps us highlight interesting inconsistencies between well-known blockchain applicability decision rules and the approaches taken by the literature. We also offer two classification methodologies for blockchain use cases and elaborate on how they can be applied to stimulate cross-sector insights in the blockchain knowledge domain.INDEX TERMS Bitcoin, blockchain, computer networks, consensus, crypto token, distributed computing, Ethereum, Hyperledger Fabric, systematic literature review, smart city, smart contract, system analysis and design, peer-to-peer computing, urban sustainability, use case.

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Section: ) Insurancementioning

confidence: 99%

Section: ) Hyperledger Fabricmentioning

confidence: 99%

Section: ) Collective Decisionsmentioning

confidence: 99%

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Blockchain for Cities—A Systematic Literature Review

2018

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“…The full list of the selected papers can be seen in Table 1. Electrical Engineering in Japan [24] Software Engineering and Algorithms in Intelligent Systems [25] Accounting and Finance [26] Journal of Economics and Business [27] Production and Operations Management [28] Quality-Access to Success [29,30] European Business Organization Law Review [31] NMIMS Management Review [9] Strategic Change-Briefings in Entrepreneurial Finance [32] International Journal of Environmental Research and Public Health [33] Proceedings of The International Conference on Business Excellence [34] Technological Forecasting and Social Change [35] 2018 IEEE International Conference on Intelligence and Security Informatics (ISI) [36] Journal of Investment Management [37] Blockchain Technology: Platforms, Tools and Use Cases [38] Handbook of Blockchain, Digital Finance, and Inclusion, Vol 1: Cryptocurrency, Fintech, Insurtech, and Regulation [39] 2018 9th IFIP International Conference on New Technologies, Mobility, and Security (NTMS) [40] Journal of Money Laundering Control [41] Australian Feminist Studies [42] Internet Science, INSCI 2017 [43] Emerging Markets Finance and Trade [44] Financial and Credit Activity-Problems of Theory and Practice [45] 2018 6th International Symposium on Digital Forensics and Security (ISDFS) [46] Journal of Management Information Systems [47] Journal of Risk Finance [48,49] Review of International Business and Strategy [50] International Journal [51] Financial Innovation [52] Business Horizons [53] Enfoque UTE [54] Computer [55] Symmetry-Basel…”

Section: Paper Informationmentioning

confidence: 99%

Blockchain in FinTech: A Mapping Study

et al. 2019

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Blockchain is currently one of the most important topics in both the academia and industry world, mainly due to the possible effects that the continuing application of this new technology could have. The adoption of this technology by FinTech companies constitutes the next step towards the expansion of blockchain and its sustainability. The paper conducts a mapping study on the research topics, limitations, gaps and future trends of blockchain in FinTech companies. A total of 49 papers from a scientific database (Web of Science Core Collection) have been analyzed. The results show a deep focus in challenges such as security, scalability, legal and regulatory, privacy or latency, with proposed solutions still to be far from being effective. A vast majority of the research is focused into finance and banking sector, obviating other industries that could play a crucial role in the further expansion of blockchain. This study can contribute to researchers as a starting point for their investigation, as well as a source for recommendations on future investigation directions regarding blockchain in the FinTech sector.

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“…Application of permissioned BC. Various use cases and applications of permissioned BC have been be proposed and discussed, and the results are being published as articles including papers such as [27] and [28]. Considering concrete system operations by utilizing knowledge on the practical applications described in these articles would help in polishing our proposal to make it more feasible for production uses.…”

Section: Related Workmentioning

confidence: 99%

Smart-Contract Based System Operations for Permissioned Blockchain

Sato

Himura²

2018

2018 9th IFIP International Conference on New Technologies, Mobility and Security (NTMS)

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Recently, enterprises have paid attention to permissioned blockchain (BC), where business transactions among inter-authorized organizations (forming a consortium) can automatically be executed on the basis of a distributed consensus protocol, and applications of BC have expanded as permissioned BC has adopted the features of the smart contract (SC), which is programmable user-defined business logic deployed in BC and executed with the consensus protocol. A single BC-based system will be built across multiple management domains (e.g., the data centers of each organization) having different operational policies (e.g., operational procedures, timing, dynamic parameters); although establishing system management and operations over BCbased systems (e.g., SC installation for updates) will be important for production uses, such multi-domain formation will trigger a problem in that executing system operations over BC-based systems will become time-consuming and costly due to the difficulty in unifying and/or adjusting operational policies, which is important in maintaining operational quality. Toward solving the problem, we propose an operations execution method for BCbased systems; the primary idea is to define operations as a smart contract so that unified and synchronized cross-organizational operations can be executed effectively by using BC-native features (e.g., consensus protocols). To be adaptable to the recent BC architecture in which participating nodes have different types of roles, we designed the proposed method as a hybrid architecture characterized with in-BC consensus establishment and execution status management and out-BC operations execution for all types of nodes operated by agents that listen to triggered events including operational instructions defined in SCs. A performance evaluation using a prototype with Hyperledger Fabric v1.2.0 shows that the proposed method can start executing operations within 3 seconds. Also, a functional evaluation indicates that the proposed method is more effective than alternatives from the aspect of cross-organizational BC-based system operations. Furthermore, a cost evaluation based on an estimation model and actual measurement shows that the total yearly cost of SC installation operations for updates at a quarterly pace for a 7organization BC-based system could be reduced by 74 percent compared with a conventional manual method. Keywords-permissioned blockchain; Smart contract; System operations and management; Hyperledger FabricI.

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A Blockchain Framework for Insurance Processes

Cited by 147 publications

References 8 publications

Blockchain for Cities—A Systematic Literature Review

Blockchain for Cities—A Systematic Literature Review

Blockchain in FinTech: A Mapping Study

Smart-Contract Based System Operations for Permissioned Blockchain

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