This paper is published in Volume-5, Issue-1, 2019
Area
Blockchain Technology
Author
Jayesh Arun Bordekar
Co-authors
Shubham Kumar Gupta, V. S. N. Tinnaluri, Aditya Kumar Sinha
Org/Univ
Centre for Development of Advanced Computing, Pune, Maharashtra, India
Pub. Date
31 January, 2019
Paper ID
V5I1-1201
Publisher
Keywords
Blockchain fintech, Smart contracts insurance

Citationsacebook

IEEE
Jayesh Arun Bordekar, Shubham Kumar Gupta, V. S. N. Tinnaluri, Aditya Kumar Sinha. Insurance claiming process based on blockchain technology using smart contract, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARIIT.com.

APA
Jayesh Arun Bordekar, Shubham Kumar Gupta, V. S. N. Tinnaluri, Aditya Kumar Sinha (2019). Insurance claiming process based on blockchain technology using smart contract. International Journal of Advance Research, Ideas and Innovations in Technology, 5(1) www.IJARIIT.com.

MLA
Jayesh Arun Bordekar, Shubham Kumar Gupta, V. S. N. Tinnaluri, Aditya Kumar Sinha. "Insurance claiming process based on blockchain technology using smart contract." International Journal of Advance Research, Ideas and Innovations in Technology 5.1 (2019). www.IJARIIT.com.

Abstract

In modern society, blockchain technology is used to improve traditional companies. One type of traditional companies are insurance companies. These companies suffer several problems that are leading to decrease their efficiency in modern societies. The insurance industry is heavily dependent on multiple processes between transacting parties for initiating, maintaining and closing a different kind of policies. The main problems of these companies are that their operations are not transparent. In addition, considering the potential of the smart contract of the blockchain, determining insurance rates must be transparent. The application of blockchain in FinTech processing requires a deep understanding of the underlying business processes. In this study, we focus on the design of an efficient approach for processing insurance related transactions based on a blockchain-enabled platform.