Application of Smart Contracts based on Ethereum Blockchain for the Purpose of Insurance Services

Aleksieva, Veneta; Valchanov, Hristo; Huliyan, Anton

doi:10.1109/bia48344.2019.8967468

Cited by 24 publications

(14 citation statements)

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“…For conventional insurance models, shifting the cost of insurance coverage to another party is complicated or even impossible for the insurers. Nevertheless, by implementing the smart contract, insurers are issued tokens for their commitments (i.e., ERC20 tokens for the Etherium) [4,22,23]. The tokens are issued upon the requirement by the insurers and its value is dependent on market fluctuations [24].…”

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confidence: 99%

“…This will allow a direct participation of all insurers and other entities through blockchain. The methodology suggested in this paper is inspired from [23,26] with improvements. Insurance companies hold the information pertinent to the applicable policies on the chain inside the documentation region of a deal or off-chain, e.g., on the business website.…”

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confidence: 99%

“…Insurance companies hold the information pertinent to the applicable policies on the chain inside the documentation region of a deal or off-chain, e.g., on the business website. The former method lets customers uncover all qualifying insurance firms by looking for the blockchain which in effect provides the smaller insurance companies with a desirable environment by supplying them with high visibility [23]. The insurance firms store main words in the ledger, e.g., insurance forms, thus holding off-the-chain details to reduce the related overheads.…”

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confidence: 99%

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Blockchain Based Crop Insurance: A Decentralized Insurance System for Modernization of Indian Farmers

et al. 2021

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Conventional crop insurance systems are complex and often not economically feasible. Farmers are often reluctant to be covered for their crops due to lack of trust in insurance firms and the fear of delayed or non-payment of claims. In this paper, a blockchain based crop insurance solution is suggested. The solution suggested in this paper is an affordable, efficient, low cost crop insurance solution which will ensure many farmers are insured and benefiting from timely crop insurance. Currently the cost of administering insurance is an essential barrier to accessing this facility. With the proper use of blockchain based on ethereum this expense can be reduced dramatically. We have conducted various tests on platforms such as Google Cloud and found that the least throughput is 165 transactions. Upon analysis we have found that the time taken by the block formation is directly proportional to the timing of processing. The end-to-end average latency of the system was achieved as 31.2 s, which was quite effective for the infrastructure what we are using. Upon conducting acceptance testing, we found that the system suggested in the paper is effective and we are planning to release the application on open source platforms for future improvements.

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Blockchain Based Crop Insurance: A Decentralized Insurance System for Modernization of Indian Farmers

et al. 2021

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“…Nugraha et al [155] highlighted that smart contracts address high cycle time and low activity time efficiency in official documents business process. Aleksieva et al [84] articulated that smart contracts can reduce operational costs and time to process claims for losses in the insurance industry.…”

Section: Rq2 What Are the Benefits Of Smart Contracts Applications In Various Industries From The Procurementmentioning

confidence: 99%

A Review of Smart Contracts Applications in Various Industries: A Procurement Perspective

Chong

Chi

2021

Advances in Civil Engineering

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Smart contracts have been well-received by researchers and practitioners for the unique features of automatic execution, transparency, and nontampering in a blockchain environment. However, little is known about the current development status of knowledge and practice regarding the application of smart contracts in various industries, especially from the procurement perspective. Thus, this paper aims to address the gap with a mixed method of bibliometric analysis and systematic literature review. Based on the evaluation of 174 filtered publications, the review has analyzed the current development status of this research area with its distributions in years and journals, cooperation networks between authors, institutions, and countries, keywords cooccurrence network, and classifications of the application of smart contracts. The results show the application of smart contracts has attracted global attention since 2016 with the Ethereum and Hyperledger fabric as the main platforms in various industries, especially in information communication technology (ICT), public management, supply chain, energy, finance, and healthcare. Various functions and benefits of smart contracts, as well as their potential advantages, have been identified and articulated from the procurement perspective. A research framework has also been developed to highlight future procurement needs in business operations across the industries via an integrated procurement approach of smart contracts.

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“…Later, with the development of blockchain technology, Ethereum began to appear, intended for the next generation of cryptocurrency and decentralized application platform. Ethereum is the representative of Blockchain 2.0, which uses smart contracts to solve the problem of decentralized application in the monetary field [5,6].…”

Section: Introductionmentioning

confidence: 99%

A Regulatable Blockchain Transaction Model with Privacy Protection

Zhang¹,

Miao²,

Zhang³

et al. 2021

IJCIS

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Blockchain is a decentralized distributed ledger technology. The public chain represented by Bitcoin and Ethereum only realizes the limited anonymity of user identity, and the transaction amount is open to the whole network, resulting in user privacy leakage. Based on the existing anonymous technology, the concealment of the sender, receiver, amount of the transaction, and does not disclose any information, which makes the supervision difficult. Therefore, the design of blockchain scheme with privacy protection and supervision functions is of great significance. In this paper, a blockchain transaction model with both privacy and supervision function is proposed. It uses probability encryption to realize the hiding of the true identity of the blockchain transaction, and uses the commitment scheme and zero-knowledge proof technology to realize the privacy protection and guarantee legitimacy verification of the transaction. With the use of encryption technology, the regulators can supervise blockchain transactions without storing the users' information, which greatly reduces the pressure on storage, computing and key management. In addition, it does not rely on specific consensus mechanism and can be used as an independent module. The security performance analysis shows that the proposed scheme has great practicability and has potential application in many fields.

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Application of Smart Contracts based on Ethereum Blockchain for the Purpose of Insurance Services

Cited by 24 publications

References 0 publications

Blockchain Based Crop Insurance: A Decentralized Insurance System for Modernization of Indian Farmers

Blockchain Based Crop Insurance: A Decentralized Insurance System for Modernization of Indian Farmers

A Review of Smart Contracts Applications in Various Industries: A Procurement Perspective

A Regulatable Blockchain Transaction Model with Privacy Protection

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