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Insure with Blockchain
Build insurance application using Hyperledger Fabric
Emerging Tech - Blockchain
Blockchain through its distributed ledger, smart contracts, and non-repudiation capabilities that acts as a shared infrastructure can transform multiple processes across the insurance industry. In this developer journey, you’ll implement a web-based insurance application using Hyperledger Fabric.
By Jannick Eisenhardt, Ishan Gulhane
https://github.com/IBM/build-blockchain-insurance-app
N/A
The emergence of Blockchain technology provides an opportunity to the insurance industry to improve their operating efficiency, lower the costs of transaction processing, enhance the customer experience, improve data quality and increase trust between parties. In this project, you’ll develop a sample insurance application automating insurance claim process. In this application, we have four participants, namely insurance, police, repair shop and shop peer. Insurance peer is the insurance company providing the insurance for the products and it is responsible for processing the claims. Police peer is responsible for verifying the theft claims. Repair shop peer is responsible for repairs of the product while shop peer sells the products to a consumer. The web-based application is written in node.js and react. The chaincode (i.e. smart contracts ) for the application is written in Go.
- Generate Certificates for peers
- Build Docker images for network
- Start the insurance network
- Hyperledger Fabric
- Accelerating time to value
- Create a To-do list using Hyperledger Fabric V1.0
- Deploy an Asset Transfer App on Hyperledger Fabric V1.0
- Decentralized energy with Hyperledger Composer
- Create your first Blockchain network using Hyperledger Composer
- Integrate your Blockchain with anything using Hyperledger Composer and NodeRed
In today's digital age, technology is at the core of all aspects of business and personal existence. The insurance industry is looking at technology to enable new ways of working for the market. Blockchain can play a key role in transforming the insurance industry by providing a single, unified platform of information and transparency to all the participants. By leveraging smart contracts (aka automated trustworthy workflow between parties without a central specific co-ordinator), insurance companies can automate their policy services thus reducing their administration and claim processing costs and increasing transparency in the system through fraud detection. In our new developer journey, you'll develop a blockchain network with insurance providers using smart contracts for providing insurance policies and processing claims. We will also have a shop, repair shop and police organizations selling the insurance policies to consumers, fulfilling the repair orders for processed claims and validating the consumer claims for the theft respectively. Blockchain can be leveraged to lower operational costs by reducing the cost of having several redundant processes and automating the processes. The secure, decentralized and verifiable transactions within the network will help in providing transparency by identifying fraudulent duplicate claims. With permission blockchain networks, users will be aware of their counterparts, thus reducing counterparty risks and making the claim process hassle-free for both, the insurer and the insured. Last, but not least, developers will find that Blockchain offers an easy approach to implementing complex applications.