Metasurance: A Blockchain-Based Insurance Management Framework for Metaverse

Aritra Bhaduri, Ayush Jain, Swagatika Sahoo, Swagatika Sahoo, Raju Halder, Chandra Kumar

2024

Abstract

The worlds of commerce, business, entertainment, education, and healthcare are set for a transition into the Metaverse, enabling people to socialize, shop, invest, manufacture, buy, and sell in the virtual world. This paradigm shift introduces a myriad of risks and threats to the virtual assets, unveiling new avenues for the insurance marketplace to thrive. This paper presents Metasurance, a blockchain-based decentralized platform that enables insurance organizations in crafting and administering tailored insurance products for various virtual assets across different Metaverse platforms. Our solution supports automated management of the complete life cycle, starting from insurance shopping and purchase, premium payments, maturity and claim settlement without any hassle by establishing an interoperability among different Metaverse ecosystems. Moreover, we leverage dynamic price prediction through federated learning, enabling insurance companies to optimize premiums effectively. We present our working prototype developed based on the Hyperledger Fabric blockchain platform, supported by empirical evidence from system benchmarks and load testing, demonstrating enhanced transaction throughput. To the best of our knowledge, this is the first proposal for an insurance solution within the Metaverse ecosystem.

Paper Citation

in Harvard Style

Bhaduri A., Jain A., Sahoo S., Halder R. and Kumar C. (2024). Metasurance: A Blockchain-Based Insurance Management Framework for Metaverse. In Proceedings of the 19th International Conference on Evaluation of Novel Approaches to Software Engineering - Volume 1: ENASE; ISBN 978-989-758-696-5, SciTePress, pages 190-201. DOI: 10.5220/0012722100003687

in Bibtex Style

@conference{enase24,
author={Aritra Bhaduri and Ayush Jain and Swagatika Sahoo and Raju Halder and Chandra Kumar},
title={Metasurance: A Blockchain-Based Insurance Management Framework for Metaverse},
booktitle={Proceedings of the 19th International Conference on Evaluation of Novel Approaches to Software Engineering - Volume 1: ENASE},
year={2024},
pages={190-201},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0012722100003687},
isbn={978-989-758-696-5},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 19th International Conference on Evaluation of Novel Approaches to Software Engineering - Volume 1: ENASE
TI - Metasurance: A Blockchain-Based Insurance Management Framework for Metaverse
SN - 978-989-758-696-5
AU - Bhaduri A.
AU - Jain A.
AU - Sahoo S.
AU - Halder R.
AU - Kumar C.
PY - 2024
SP - 190
EP - 201
DO - 10.5220/0012722100003687
PB - SciTePress