Blockchain in Insurance: Exploratory Analysis of Prospects and Threats

Amponsah, Anokye Acheampong; Adekoya, Adebayo Felix; Weyori, Benjamin Asubam

doi:10.14569/ijacsa.2021.0120153

Cited by 28 publications

(24 citation statements)

References 98 publications

(167 reference statements)

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“…The insurance systems in literature studied above are inefficient at large scale as most of the systems are either very simple or too complex to be implemented in rural areas where there is a lack of knowledge about technology. The solutions suggested in the literature are lacking in scalability and most of them do not obey the standard regulations as set up by regional organizations [19]. Moreover, the systems suggested in the literature claims to provide a tamper-proof environment for the execution of smart contracts and free from any external attacks.…”

Section: Related Workmentioning

confidence: 99%

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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Section: Related Workmentioning

confidence: 99%

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

et al. 2021

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“…It has also come to light that Blockchain faces a number of issues, including scalability, security, and privacy, as well as taxation and regulation. The insurance industry has yet to reap the benefits of new generation blockchain architectures and distributed ledger technologies [40].…”

Section: Insurancementioning

confidence: 99%

Comparative Analysis and Modern Applications of PoW, PoS, PPoS Blockchain Consensus Mechanisms and New Distributed Ledger Technologies

Arslan¹,

Sipahioğlu²,

Safak³

et al. 2021

Adv. sci. technol. eng. syst. j.

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Central authorities have registered economic transactions based on trust since the dawn of time. With the advent of paper, methods for documenting transactions and records became more difficult and detailed. With the widespread use of computers in recent years, digital recording has made record keeping easier and since then every technical advancement has made data recording more convenient and faster. Transactions have accelerated as technology has advanced, but the maintenance of records has remained under the jurisdiction of the authorities. The use of distributed ledger systems allows data to be released from the control of central authorities. A distributed ledger is a peer-to-peer network in which non-centralized data is shared by participants. The Bitcoin payment system and cryptocurrency, which arose after the 2008 financial crisis, was the first distributed ledger application. Central authorities' poor economic decisions aided in the rise of Bitcoin. The aim of Bitcoin is to make the current financial systems liberal from the influence of central authorities. With the rise in popularity of Bitcoin, the blockchain technology that underpins it has begun to garner interest. While blockchain technology was initially associated with the financial sector due to Bitcoin, research into its use in other sectors such as supply chain, records management, electoral systems, notary services, file systems, energy and artificial intelligence has begun. Several Blockchain infrastructures have been built to allow the use of blockchain technology in a variety of industries. However, it has been revealed in practical approaches that blockchain technology has limitations in terms of speed and scalability. As a result, new distributed ledger technologies with increased speed and scalability have been established. Hashgraph, Tangle, Tempo, Holochain are examples of newly developed distributed ledger technologies. Different influential features distinguish new generation distributed ledger technologies from the conventional Blockchain methods, which can yield into several and practical modern applications. In this study, Blockchain and new generation Distributed Ledger Technologies are compared and possible future applications are outlined.

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“…However, academic literature is still scarce and mainly focused on technology (Risius and Spohrer 2017). Besides that, the insurance industry is still underrepresented in blockchain literature (Amponsah et al 2021).…”

Section: Introductionmentioning

confidence: 99%

The state of art, opportunities and challenges of blockchain in the insurance industry: a systematic literature review

Anguiano

Esteban

2023

Manag Rev Q

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Blockchain technologies are quickly changing the competitive business landscape. However, key stakeholders are still sceptical about how, when, and what blockchain might bring to their businesses. This study aims to analyse how blockchain might reshape the insurance industry from an economic and business perspective, as well as to identify which are the challenges and enablers that specifically affect blockchain adoption within this industry, through a Systematic Literature Review (SRL). We also classify existing challenges into five strategic areas: Social, Technological, Environmental, Economic, and Political. Additionally, we provide several recommendations to the manager on identifying the existing hurdles and smoothing transformation.

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Blockchain in Insurance: Exploratory Analysis of Prospects and Threats

Cited by 28 publications

References 98 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

Comparative Analysis and Modern Applications of PoW, PoS, PPoS Blockchain Consensus Mechanisms and New Distributed Ledger Technologies

The state of art, opportunities and challenges of blockchain in the insurance industry: a systematic literature review

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