This paper is published in Volume-5, Issue-2, 2019
Area
Computer Science And Engineering
Author
Amith Kumar V., Abhiram Prasad, Dr. Rajashekara Murthy S.
Org/Univ
R. V. College of Engineering, Bengaluru, Karnataka, India
Keywords
Insurance, PAYD, PHYD, MHYD, Blockchain, Smart contract, Public Key, Private Key
Citations
IEEE
Amith Kumar V., Abhiram Prasad, Dr. Rajashekara Murthy S.. Application of blockchain in Usage Based Insurance, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARIIT.com.
APA
Amith Kumar V., Abhiram Prasad, Dr. Rajashekara Murthy S. (2019). Application of blockchain in Usage Based Insurance. International Journal of Advance Research, Ideas and Innovations in Technology, 5(2) www.IJARIIT.com.
MLA
Amith Kumar V., Abhiram Prasad, Dr. Rajashekara Murthy S.. "Application of blockchain in Usage Based Insurance." International Journal of Advance Research, Ideas and Innovations in Technology 5.2 (2019). www.IJARIIT.com.
Amith Kumar V., Abhiram Prasad, Dr. Rajashekara Murthy S.. Application of blockchain in Usage Based Insurance, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARIIT.com.
APA
Amith Kumar V., Abhiram Prasad, Dr. Rajashekara Murthy S. (2019). Application of blockchain in Usage Based Insurance. International Journal of Advance Research, Ideas and Innovations in Technology, 5(2) www.IJARIIT.com.
MLA
Amith Kumar V., Abhiram Prasad, Dr. Rajashekara Murthy S.. "Application of blockchain in Usage Based Insurance." International Journal of Advance Research, Ideas and Innovations in Technology 5.2 (2019). www.IJARIIT.com.
Abstract
Usage Based Insurance (UBI) consists of schemes such as Pay As You Drive (PAYD) and Pay How You Drive (PHYD). In this paper, we detail the application of Blockchain in Usage Based Insurance schemes - PAYD and PHYD. Using Blockchain, we propose an effective mechanism to store transaction data and also the condition of the vehicles. We also detail measuring these parameters to calculate premium amounts, create new insurance schemes and also a new market for used vehicle sale.
