Volume 41, Issue 3, January 2024, Pages 717–728
Saad Slaoui Hasnaoui1 and Hafid Barka2
1 Research Team in Economics and Management of telecommunications and information technologies, National Institute of Posts and Telecommunications, Rabat, Morocco
2 Research Team in Economics and Management of telecommunications and information technologies, National Institute of Posts and Telecommunications, Rabat, Morocco
Original language: English
Copyright © 2024 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
This article investigates the feasibility of designing a comprehensive insurance solution without the involvement of insurers or intermediaries. The study begins by the introduction of the blockchain and smart contract concept and their transformative potential on many sectors, of which the insurance market. A novel Peer-to-Peer home insurance model using the parametric concept is presented, answering a real-world issue. To validate the concept, the model is realized on an Ethereum blockchain testbed. Results of the demonstration reveal the feasibility of the solution and the potential of this type of application to streamline insurance processes, enhance transparency, and reduce reliance on intermediaries. This article contributes to the ongoing evolution of the insurance by examining the paradigm shift from centralized to decentralized models. And by addressing the ability of blockchain and smart contracts to realize this shift.
Author Keywords: blockchain, smart contract, P2P insurance, parametric insurance.
Saad Slaoui Hasnaoui1 and Hafid Barka2
1 Research Team in Economics and Management of telecommunications and information technologies, National Institute of Posts and Telecommunications, Rabat, Morocco
2 Research Team in Economics and Management of telecommunications and information technologies, National Institute of Posts and Telecommunications, Rabat, Morocco
Original language: English
Copyright © 2024 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
This article investigates the feasibility of designing a comprehensive insurance solution without the involvement of insurers or intermediaries. The study begins by the introduction of the blockchain and smart contract concept and their transformative potential on many sectors, of which the insurance market. A novel Peer-to-Peer home insurance model using the parametric concept is presented, answering a real-world issue. To validate the concept, the model is realized on an Ethereum blockchain testbed. Results of the demonstration reveal the feasibility of the solution and the potential of this type of application to streamline insurance processes, enhance transparency, and reduce reliance on intermediaries. This article contributes to the ongoing evolution of the insurance by examining the paradigm shift from centralized to decentralized models. And by addressing the ability of blockchain and smart contracts to realize this shift.
Author Keywords: blockchain, smart contract, P2P insurance, parametric insurance.
How to Cite this Article
Saad Slaoui Hasnaoui and Hafid Barka, “Blockchain for Peer-to-Peer Insurance: Design and implementation of a P2P Insurance application using smart contracts,” International Journal of Innovation and Applied Studies, vol. 41, no. 3, pp. 717–728, January 2024.
