Blockchain Based Secured Vehicle Insurance Framework using Hyperledger Composer
Archana Hombalimath, Neha Mangla · Research Square · 2022
Abstract The manual settlement of traditional vehicle insurance policies is atroublesome operation. The settlement procedure is difficult due to anumber of factors, including concealed requirements from the insurer orcharges of fraud by the insured. Additionally, this method takes a longperiod, which makes it incredibly ineffective. The use of blockchain technologyand smart contracts in the vehicle insurance industry has thepotential to completely alter this situation. Any transaction or modificationto a block is made following the decentralized validator entity,not a specific individual. The smart contract is a special feature that isrecorded on the blockchain and is activated when certain requirementsare met. This study proposes a framework for using blockchain-basedsmart contracts for vehicle insurance contracts. A private hyperledgernetwork is used to host this blockchain and intelligent contract-basedinfrastructure. The JavaScript programming language is used to createsmart contracts. To verify the transactions, the system employsthe Proof of Authority consensus mechanism. This framework canaddress all the safety and confidence problems associated with traditionalinsurance policies through the deployment of blockchain technology.