Insurance Smart Contract

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What is an Insurance Smart Contract

The insurance industry is an area which benefits greatly from this technology, an insurance smart contract is based on the premise of an agreement between a policyholder and an insurer. Records of an insurer can be held on the blockchain and recalled for insight over a period of time as set.

Key Features

  • Store partial

    identity information on the blockchain

  • Complete verification

    automatically

  • Monetise

    specific personal information

  • Merge with other

    smart contracts

Overview

May you get into a minor car accident, the first thing you would worry about is an insurance payment. If the accident is not your fault, you expect the guilty side to cover repair expenses. But what would you do if this person denies their fault? Your chances of getting a refund are not too inspiring.

May the car be equipped with an IoT device reporting its location, speed, time of the accident, you would have no reasons to worry.In case you’re right, the data on the blockchain would prove your words, and you would get your payment automatically.