Research Papers
The Implementation of Blockchain Technology in the Travel Insurance Industry
Case Studies of Fizzy and Etherisc
Abstract
Blockchain technology is receiving increasing interest in the travel insurance industry, as it is con-sidered a revolutionary technology that could solve problems and inefficiencies present in tradi-tional insurance models, which can be time-consuming, inefficient, and subject to errors. Block-chain-based platforms offer greater transparency, efficiency, and security, which are key aspects of the travel insurance industry. This paper aims to explore the possibilities that present themselves when the said technology is implemented in the travel insurance industry. Two specific use cases of blockchain-based smart contract technologies are presented: Fizzy and Etherisc. On the one hand, Fizzy is an example of a failed use case for blockchain adoption in the travel insurance industry, while Etherisc is an example of a case that has been successful. The analysis of the two cases is conducted using the SWOT Framework, identifying the strengths and weaknesses of the two projects, as well as the opportunities and risks that this market presents. The comparison be-tween these two cases shows that the adoption of blockchain technology has great potential at disrupting the market. There are several opportunities such as lowering the costs, gaining customer trust, and lowering the error potential. However, obstacles must be faced to profit from these op-portunities.
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Blockchain storage solution for Healthcare and Insurance
March 2023
Abstract
The storage of healthcare data is essential for many stakeholders in the healthcare industry, such
as hospitals, patients, and insurance companies. However, the past Corona pandemic has shown
delays and inefficiencies due to the patients’ data storage difficulties. Furthermore, various cyberattacks
have shown that the current storage solutions bear potential security risks. This paper attempts
to demonstrate to insurance companies and healthcare providers the possibilities and advantages
of blockchain-based storage solutions for Electronic Health Records, how blockchain can
solve existing problems, and the explicit advantages and disadvantages. The focus is on the possible
applications for insurance companies and their advantages in this segment. Furthermore, this
paper provides an in-depth exploration of blockchain-based solutions for enhancing EHR storage,
as proposed by several researchers. The majority of these solutions utilize a blockchain in combination
with the Inter Planetary File System (IPFS), which is the focus of this paper. Given the
sensitivity of EHR data, privacy and security are crucial considerations when sharing such information.
As a result, this paper examines the requirements for an effective and secure EHR storage
system.
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Accounting automation for cryptocurrencies transactions
How to build an interface that connects a smart contract to a classic accounting tool
July 6th, 2023
Abstract
Traditional double-entry bookkeeping is the base of today’s accounting. Despite its impact on the business world, it is vulnerable to manipulation and because of its nature, as well as its lack of standardization, it is also time-consuming and error-prone. The combination of the double-entry bookkeeping method with blockchain technology is called triple-entry bookkeeping. It could be a possible solution for the addressed problems, by providing a decentralized and transparent system with tamperproof transaction records and partwise automatization.
The following paper emphasizes the importance of double-entry bookkeeping for accurate financial reporting and highlights the limitations of manual accounting systems. It briefly introduces blockchain accounting, related topics, and a summary of the Swiss accounting software Banana+. Furthermore, the report discusses Swiss accounting standards applicable to companies utilizing blockchain technology by covering Swiss Value Added Tax (VAT) and corporate income tax. Finally, it proposes a Python-based interface solution, which connects blockchain transactions done on the Polygon Testnet with the accounting platform Banana+. The code facilitates the exchange rate conversion of blockchain transactions into Swiss francs and provides tax calculations. Detailed instructions for modifying and executing the code are provided. The outcome of the code execution is three CSV files that can be imported into the accounting software Banana+, intending to make blockchain transactions accountable.
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Smart Contracts for Smart Insurers
The Potential of Smart Contracts in the Travel Insurance Industry
March 15th, 2023
Abstract
The travel insurance industry faces significant challenges, including extended claims processing times and a lack of transparency. Nonetheless, the integration of smart contracts holds tremendous promise for transforming the industry and enhancing the customer experience. This paper explores the potential of smart contracts to address these issues. Smart contracts offer transparency, security, and immutability, making them an ideal tool for tackling these challenges. The paper examines current implementations of smart contract-based travel insurance products, highlighting their ben-efits and limitations. It also identifies potential future use cases for smart contract-based travel insurance, such as baggage loss, medical evacuation, and travel health insurance. This study demonstrates the immense potential of smart contract-based travel insurance to revolutionize the industry and improve the customer experience. Moreover, further research is needed to fully realize this potential and overcome the regulatory, legal, and technical challenges that currently hinder widespread adoption.
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Blockchain Solutions for Fraudulent Claims in Healthcare Insurance
March 15th, 2023
Abstract
This paper aims to make blockchain-based solutions for healthcare insurance fraud accessible to insurers that have no or little knowledge of blockchain technology. In recent years a lot of research papers showed concepts to solve certain kinds of fraud using blockchain technology. This paper is a literature review of these sources, presenting the solutions and evaluating the strengths and risks of the utilization of blockchain technology in the healthcare insurance industry. While the strengths outweigh the weaknesses and the implementation could be very profitable in big markets, this paper concludes that implementation will not happen in the immediate future.
This paper shows why blockchain-based solution are more effective and more efficient than the current system. Many types of fraud can be prevented successfully with the solution of blockchain-technology. It also shows that the more efficient the solution is, the less insurance companies must trust the insureds. Additionally, the cost for the insureds can be reduced. Finally, the strengths outweigh the risks. All this means that blockchain-based solutions could be an interesting oppor-tunity in the future for insurance companies.
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