Smart Contracts based on Private and Public Blockchains for the Purpose of Insurance Services

Aleksieva, Veneta; Valchanov, Hristo; Huliyan, Anton

doi:10.1109/icai50593.2020.9311371

Cited by 21 publications

(8 citation statements)

References 1 publication

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“…Looking at the potential future of weather derivatives, innovations in the use of blockchain cryptography have the potential to contribute significantly to their supply and ease of use (Kshetri, 2021;Aleksieva, Valchanov, and Huliyan, 2020). Indeed, it has been estimated that blockchain and smart contract technology could reduce administrative costs by as much as 30% on the part of insurers (De, 2018).…”

Section: Discussionmentioning

confidence: 99%

Potential use of weather derivatives in hedging aggregate viticulture yields: An analysis of the Niagara region of Canada

Cyr,

Kushner,

Zhang

2023

J Wine Econ

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Although potentially useful for financially hedging systemic weather-related risks, weather contracts/derivatives (also referred to as parametric insurance) have not seen wide adoption in agriculture outside of applications in developing countries, frequently supported by governments and non-governmental organizations (NGOs). A significant impediment is the lack of financial firms willing to stand ready to sell weather derivatives to individual agricultural producers in the over-the-counter market who, due to the localized nature of weather, face idiosyncratic weather-related risks. In particular, the administrative and reinsurance costs of supplying relatively small contracts with specific terms to many different producers are often prohibitive. The current study considers the potential use of weather derivatives in hedging the aggregate yield/revenues of viticulture producers represented by an industry association located in the province of Ontario, Canada. We examine the sensitivity of aggregate industry yields to several relevant weather-related risks employing copula function analysis. We then consider the potential of a weather derivative in hedging the financial risk associated with cold winter temperatures, which pose the greatest risk to aggregate vinifera yields. The issue of attributing costs and payouts to individual association members remains unresolved, and several alternatives are suggested.

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Section: Discussionmentioning

confidence: 99%

Potential use of weather derivatives in hedging aggregate viticulture yields: An analysis of the Niagara region of Canada

Cyr,

Kushner,

Zhang

2023

J Wine Econ

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“…The main drawback of the public blockchain is its slower transaction processing time. Because of its large size, the public blockchain may introduce a considerable amount of delay in the process [11], [12]. Thus, the frequent retrieval of the device ID from the public blockchain for repeated authentication may hinder the process.…”

Section: A Physical Unclonable Function (Puf)mentioning

confidence: 99%

Private and consortium blockchain-based authentication protocol for IoT devices using PUF

Cunha,

Manjappa

2024

J. Commun. Netw.

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In this work, a static random access memoryphysical unclonable function (SRAM-PUF) based device security framework is proposed which uses the trending blockchain technology for securing the device credentials. The proposed framework produces a unique fingerprint called PUF key for each device based on its hardware characteristics which will act as an authenticating parameter for the devices during the authentication and re-authentication phase. The proposed work uses both consortium and private blockchains for storing device credentials and authentication, unlike the current trend of using either a secured database or only a public blockchain. The consortium blockchain is used for first-time authentication, while the private blockchain is used for repeated authentication which saves the time incurred in accessing the consortium blockchain during repeated authentication. The proposed protocol also includes mutual authentication between the entities involved and thus provides dual security (device authentication and mutual authentication) to the proposed protocol making the system more secure and robust against attacks. Security analysis of the proposed protocol is done using the Scyther tool and the protocol is also theoretically proven to be stable under various attacks using threat analysis and the real-or-random model (ROR). The performance analysis of the protocol is done by analyzing the computation and communication cost of the proposed protocol against other state-of-the-art protocols. Further, the proposed protocol is also evaluated in the blockchain testbed which includes Raspberry PI and Arduino components. The results conveyed that the introduction of a private blockchain reduces the time incurred in the device re-authentication.

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“…Ref. [33] compared using private and public blockchains to provide insurance services through smart contracts based on Hyperledger Fabric and Ethereum. Other use cases of smart contracts in insurance include improving customer experience and reducing operating costs, risk assessment and fraud prevention, and P2P insurance [34].…”

Section: Literature Reviewmentioning

confidence: 99%

Strata Fee Management in Condominiums via Smart Contracts

Scholte,

Wang,

Chung

et al. 2023

JTAER

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Condominiums and similar properties use a stratum to manage daily operations, and owners fund it through strata fees. While existing strata fee management systems may be able to handle such funds, such systems could be more inherently transparent. It is possible to leverage the digital ledger from blockchain networks and smart contracts to build a fully transparent strata fee management system. This paper proposes designing a strata fee management system based on a smart contract in the Ethereum network. Both strata corporations and homeowners can interact with the smart contract to execute common procedures such as paying strata fees and handling expenses. Using smart contracts for strata fee management, it is believed that the chance of fraud by strata corporations is lowered compared to other systems.

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Smart Contracts based on Private and Public Blockchains for the Purpose of Insurance Services

Cited by 21 publications

References 1 publication

Potential use of weather derivatives in hedging aggregate viticulture yields: An analysis of the Niagara region of Canada

Potential use of weather derivatives in hedging aggregate viticulture yields: An analysis of the Niagara region of Canada

Private and consortium blockchain-based authentication protocol for IoT devices using PUF

Strata Fee Management in Condominiums via Smart Contracts

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