Mar 25, 2022
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Completed
INSURANCE SMART CONTRACTS
$10,000+
more 1 year
United States
2-5
Service categories
Service Lines
Blockchain
Software Development
Domain focus
Banking & Financial Services
Business Services
Transportation & Logistics
Challenge
The main challenge was to create a smart contract that will work in any case with no human involved. Plus it has to calculate insurance risks by itself.
The main challenge was to create a smart contract that will work in any case with no human involved. Plus it has to calculate insurance risks by itself.
Solution
We've built smart contracts on Solidity. The system checks the history of cases and conditions they were happening and calculates insurance rates. If the insurance case happens, it pays out the insurance to a user automatically.
We've built smart contracts on Solidity. The system checks the history of cases and conditions they were happening and calculates insurance rates. If the insurance case happens, it pays out the insurance to a user automatically.
Results
It is a decentralized solution that allows users to quickly buy the insurance and receive fees in case of insurance cases without a need of contacting anywhere. The system works fully automatic, it calculates insurance rates based on the possibility of insurance cases. Makes payments automatically in case of insurance case had a place to happen.
It is a decentralized solution that allows users to quickly buy the insurance and receive fees in case of insurance cases without a need of contacting anywhere. The system works fully automatic, it calculates insurance rates based on the possibility of insurance cases. Makes payments automatically in case of insurance case had a place to happen.