A Framework for Platform-Agnostic Blockchain and IoT Based Insurance System
J. Guruprakash, Dimitar Tokmakov, L. B. Krithika, Srinivas Koppu, R. Srinivasa Perumal, Anna Bekyarova-Tokmakova, Mihail Milev
Abstract
Blockchain technology has the potential to revolutionize the insurance industry by bringing unprecedented levels of transparency, security and autonomous continuity. By leveraging this technology, insurance companies can streamline their processes, reduce costs, and provide better services to their customers. The proposed framework represents a significant step forward in the industry’s evolution, with the potential to create a more efficient and effective insurance ecosystem for all stakeholders involved. This framework offers a new and innovative approach to addresses many of the challenges associated with traditional processes in the insurance applications. By utilizing Blockchain and Internet of Things (IoT) technologies, the framework aims to provide greater transparency, security, efficiency and real-time data decision ultimately leading to an improved customer experience. The accomplished work serves as a foundation for further research and development in the field of blockchain-based insurance applications, with the goal of designing a lightweight, platform-agnostic, auditable, real-time and provable solution.