Application of Smart Contracts based on Ethereum Blockchain for the Purpose of Insurance Services
Veneta Aleksieva, Hristo Valchanov, Anton Huliyan · 2019
The insurance business is looking for solutions to minimize its operational costs and time to process claims for losses. Blockchain technology gives advantages such as transaction security, process identification, process automation and payment speed. This paper presents an experimental implementation of smart contracts based on Ethereum blockchain for insurance services. A decentralized crypto-token, based on ERC20 standard for smart contract, is implemented. A web-based interface is created for sales of these crypto-tokens. The results from the experimental tests are presented.