Smart Contracts and Insurance on the Blockchain

Introduction Smart contracts are a new and exciting area in computing science. Their application in finance, gambling, e-commerce, and automation of various tasks that are currently performed semi-manually is very promising. Smart contract are computer scripts (software) that aid in the self-execution and self-enforcement of traditional contracts. For the first time in history money or more precisely digital tokens, like bitcoin, are native to these software contracts, opening up wide areas of possibilities. Having money as a native type available to a computer program is a big deal. It allows the removal of the whole complicated layer of payment processing that current websites, apps, and other software systems have to deal with. One area that might benefit immensely from smart

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Insurance products and the Blockchain

Describe a plausible scenario of the state of the cryptocurrency ecosystem that would allow traditional insurance products to be built/delivered in a decentralized manner. For the first time in history, distributed, decentralized, and autonomous entities are capable of existing and functioning in cyberspace. Blockchain is the underlying technology that makes it possible. In this brief paper we will outline how an insurance operation can utilize blockchains to its advantage. We will also touch on some societal benefits of blockchains in the insurance industry. Furthermore, we will outline a case where an insurance company as a DAC could exist with technology that is currently available (but perhaps is not fully deployed). Blockchains are essentially databases. Insurance companies can utilize them in

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