Authors:
Shikhar Bhatt
;
Sumit Hotchandani
;
Kailash Raj Gaur
and
Sumedha Sirsikar
Affiliation:
Maharashtra Institute of Technology, Pune, MH, India
Keyword(s):
Blockchain, Insurance, Ethereum, Encryption, Cryptography, Smart Contract, IPFS.
Abstract:
In India, the insurance sector is rife with inefficiencies. The entire process, from buying an insurance policy to settling claims, has numerous stumbling blocks. Blockchain is considered as a disruptive technology that could revolutionize and bring huge benefits to the insurance sector. It can be can be a game-changer, making the entire insurance process simpler, secure and efficient. Through this paper, we are proposing a blockchain based system “LifeBlocks” to solve various problems in the insurance sector. The paper talks about the problems in the current insurance process and how our system overcomes these problems. The paper discusses the four major use-cases of the system along with technologies like Parity Ethereum, InterPlanetary File System (IPFS) and Smart Contracts used to develop our insurance platform.