The Insurechain technology solution consists of a web application with a software component (smart contract) that is published and executed on the Ethereum blockchain.
The smart insurance contract includes the rules associated with setting the premium and the settlement verification. Both functionalities are coded in the Solidity language. The verification of reimbursement conditions is based on the services of an “oracle”, whose task is to certify the corresponding weather data, ensuring authenticity and lack of tampering. Finally, the smart contract displays the status and progress of the policy on the blockchain, without disclosing any sensitive customer data.
Blockchain as a Solution
- All that is required is a web portal or a smartphone to underwrite, activate and verify the status of a policy.
- The insurance contract is generated in the form of a smart contract and published on the blockchain, rendering the policy rules transparent.
- The smart contract independently verifies the contract conditions by drawing upon multiple verified sources of data.
- In the event that claims are ascertained, the software contract automatically settles or authorises the corresponding claim payments.