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Over the years, complexity and costs related to the management of insurance processes have undermined the profitability of companies and inhibited the distribution of innovative insurance products.
The world of insurance is governed by countless processes, requiring enormous investments in terms of financial and human resources.
Above all, this complexity hinders the development and dissemination of so-called micro policies, in other words those insurance products with low premiums and limited durations.
All companies are therefore searching for solutions to increase the efficiency of their actuarial, verification and claim settlement processes, so as to ensure the reduction of associated costs and guarantee the best possible end-user experience.
The Insurechain technology solution consists of a web application with a software component (smart contract) that is published and executed on the Ethereum blockchain.
The smart insurance contract includes the rules associated with setting the premium and the settlement verification. Both functionalities are coded in the Solidity language.
The verification of reimbursement conditions is based on the services of an “oracle”, whose task is to certify the corresponding weather data, ensuring authenticity and lack of tampering.
Finally, the smart contract displays the status and progress of the policy on the blockchain, without disclosing any sensitive customer data.
The insurance industry is extremely complex and all applicable regulatory processes necessitate the extensive involvement of economic and human resources:
A platform was developed which, by integrating with the Ethereum blockchain, facilitates the setting and enforcement of smart contracts for travel insurance.
Through front-end web development users can:
By integrating with the Ethereum blockchain the platform:
The application architecture is implemented using the following components:
Property: a Blockchain accelerator manages the change of property ownership, in other words the transfer of ownership of any digital or physical asset (e.g. vehicles, equity, houses, etc.). Through the registration of a transaction in the Blockchain register, the identity of the seller and the buyer, the unique identifier of the asset and the time stamp associated with the transaction are guaranteed and cannot be modified.
Voting: in contexts that require a high level of transparency and security, such as voting in public ballots (e.g. to express a preference in a survey), the Blockchain technology relies on crypto currencies to guarantee both the legal certainty of the vote and the transparency of the process.
IoT (Internet of Things): things rely on the use of the Blockchain technology to manage the authentication and integrity of messaging between themselves, in order to guarantee the use of a safe and reliable IoT network.
Ticketing: ticketing and couponing systems are highly complex. Furthermore, the risk of distributing counterfeit tickets is a major problem even for the more advanced and modern systems. Through the use of a web platform that exploits the specific features of Blockchain technology, it’s possible to create a secure and interoperable couponing/ticketing solution that still ensures the best possible end user experience.
SDN Security: the rise of Software-Defined Networks means that there are new ways for hackers to enter a network or system. Securechain is the solution that introduces security gateway into SDN, whilst creating a forensically auditable and unchangeable log of events. Securechain is built on the Ethereum
Secure Authentication: Authentichain is a new authentication system developed using Blockchain Technology. With Authentichain, it is possible to manage a private network of smart devices that are mutually authenticated and verified. It is also possible to easily extend the network and connect it to other networks (e.g. service providers, specialised technical support, etc.) while guaranteeing the actual identity of the parties involved and the traceability of access.