Our proposal implies using data from the external sources passing through a blockchain-based smart contract. In this case, data is stored and processed in the network of nodes. Nodes are installed and supported by an open community, do not belong to any entity and hence no one is able to affect the data recording process.
Insurance – Communication Through Smart Contract
Decentralized process of communication/connection with a data source through a smart contract. The insurance company receives data related to the occurrence of the insured event through a smart contract. The third-party data is used directly in a smart contract and not in the insurance company’s IT system.
Disadvantages of the existing model
The insured has to present a claim and accompanying documents to the insurance company.
Insurance companies can be potentially interested in rejecting compensation claims under the pretext of incomplete documentation.
Data is transferred into a smart contract from external sources with the help of an Oracle.
Advantages of the new model
Decentralized data recording offers the following benefits:
Independence from stakeholders. Noone can affect data source data storage.
Fault-tolerance and outage protection – the property that enables a network to continue operating properly if some of the network nodes fail.
Communication with data source
We have created a unique blockchain platform which makes it possible to adopt blockchain technology in a variety of existing industries
Single protocol for issuing, storing and transferring various types of assets
Infrastructure on a distributed network with a public registry
Accounts system with public and private keys
Set of security systems
Built-in programming language for creating services
We have a strong team of programmers and support offering:
Consultations on how to use technologies
Help with PoC (proof of concept) and MVP development