Blockchain technology has the potential to revolutionize the insurance industry by bringing unprecedented levels of transparency, security and autonomous continuity. By leveraging this technology, insurance companies can streamline their processes, reduce costs, and provide better services to their customers. The proposed framework represents a significant step forward in the industry's evolution, with the potential to create a more efficient and effective insurance ecosystem for all stakeholders involved. This framework offers a new and innovative approach to addresses many of the challenges associated with traditional processes in the insurance applications. By utilizing Blockchain and Internet of Things (IoT) technologies, the framework aims to provide greater transparency, security, efficiency and real-time data decision ultimately leading to an improved customer experience. The accomplished work serves as a foundation for further research and development in the field of blockchain-based insurance applications, with the goal of designing a lightweight, platform-agnostic, auditable, real-time and provable solution.
INDEX TERMS Blockchain , Insurance
I. INTRODUCTIONB LOCKCHAIN technology, at its core, is a distributed ledger that stores and shares data among peers. This decentralized system groups data into "blocks," which must be verified by consensus within the ecosystem before becoming valid and authentic Fig. 1. In a conventional blockchain, special nodes called "miners" validate the transactions that comprise the blocks, with incentives provided through native cryptocurrency or other mechanisms. Once validated, blocks are permanently added to the chain. Blockchain users possess unique public and private keys that, when combined, serve to authenticate their identity [1].