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Insure with Blockchain
Build insurance application using Hyperledger Fabric
Emerging Tech - Blockchain
Disrupt the insurance industry by implementing a Blockchain-based web-based insurance application using Hyperledger Fabric.
By Jannick Eisenhardt, Ishan Gulhane
https://github.com/IBM/build-blockchain-insurance-app
N/A
You just crashed your car and you are dreading the effort you are going to have to undertake to deal with your insurance company; not to mention the person who you just crashed into. But think about this – you, the developer have a chance to create a disruption in the insurance industry to improve not only your experience but also millions of people on a global basis. Developers should consider the opportunities that Blockchain affords the insurance industry. There is now a chance to innovate the way data is exchanged, claims processed and fraud prevented. Blockchain can bring together developers of tech companies, regulators and the insurance industry to create a valuable insurance management asset. Blockchain through its distributed ledger, smart contracts, and non-repudiation capabilities that act as a shared infrastructure can transform multiple processes across the insurance industry. Today, insurance processes are manual, error prone and typically have long processing times. There are often different versions of the same data in multiple systems of record that leads to added costs and lengthy disputes. With Blockchain, manual processes are automated by sharing plan participants, entitlement and claim data. Smart Contracts are computationally encoded with participant registration and verification rules. Shared data and smart contract computations reduce downstream disputes. Benefits verification is based on multiple data sources that are readily available to all service providers. 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 application, we have four participants, namely insurance, police, repair shop and shop peer. The Insurance peer is the company providing the insurance for the products who is responsible for processing the claims. The Police peer is responsible for verifying the theft claims. The Repair shop peer is responsible for repairs of the product while the shop peer sells the products to a consumer. The web-based application is written in node.js and Reacts. The Chaincode (i.e. smart contracts) in the application is written in Language Go.
So don’t fret; take this as an opportunity to take an emerging technology and disrupt an entire industry!
- 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.