Smart insurance using crypto policy

Project Title

Smart insurance using crypto policy

Project Area of Specialization BlockchainProject Summary

In the modern era, we are getting advanced technology and it has become more advanced now people prefer the easy and fast way. Nowadays there are a lot of insurance companies that provide insurance to people regarding health, life, etc. But The process of buying the policy and claiming the policy is difficult for the people and if every process is successful then you have to wait for the bank to make the payment. Also, the bank system is centralized. If the admin or owner of the bank changes something in the database then you don't have anything to prove or ask them about your money when you send them or save them in the bank then you are going to trust the bank you sign the policy document with the bank. The bank has access to your money. Now we are going to develop an insurance company in blockchain that provides the insurance to the people but it is decentralized(DApp) authority is not in the hand of one person like in centralized application admin.

Blockchain is very expensive but very important regarding the security of the data. We kept that part of the data to the blockchain which we want to secure so no one is able to change or temper the data. So in our application, we keep our payment module on the blockchain. Because we want it super secure every transaction would be recorded on the blockchain so every user sees their account details and history of transactions with a public address. Here blockchain provides consistency in our application. Our smart contract would manage the payment and act as a bank also admin would not be able to change the data because when you deploy the smart contract on the main-net then you would not be able to make any changes in the smart contract so that is super secure and easy for a user to trust on it because you prefer that you have access to your data no one changes your data. In our application, we have a portal where users can set up an account, buy or return the policy and pay the amount in crypto. Also, users would be able to claim their documents on the portal. The owner of the company verifies these documents and releases the amount there would be a status set in the smart contract so the user would get their amount in less than an hour except he would go to the bank wait for the turn and get the amount if the bank is close he would not able to get their amount but in crypto, you can get you money at any time also you can transfer to any public address of the user.

Project Objectives

This project will help the user to buy and return the insurance policy and pay the amount of the policy in cryptocurrency Ethereum and get the claim amount in the cryptocurrency. Users will be able to log in or sign up for their account and set up their account and view all the policies with their details and then buy the policy and pay using a crypto wallet so it would take less time as compared to the banks to pay you your amount in less than an hour.

The basic purpose of this system is to provide the user with the best and most easy way to buy and return the insurance policy. Also, pay and get the payment in less time than banks at any time and provide security to user money.

Project Implementation Method

 The key idea behind the project is that we will create a web application based on the blockchain (Ethereum blockchain). We will automate the insurance company module. We will take our insurance payment module to the blockchain which basically provides transparency here. Our smart contract will handle the payment-related work in our project. Firstly, there will be a signup page where the user creates his account and provides his information. After authentication, he will be redirected to the dashboard page where he will be able to see the policies list provided by the company and he will be able explore the policies in detail. There will be some other features like; users will be able to see the history of the deposit amount, withdrawal amount, and account balance in a digital wallet. When the user found that he is interested in any policy then there would be an option of buy policy where the user can buy the policy. For buying the policy he would enter the required information which will be needed for buying the policy when he will ready to go he will click buy then his digital wallet which would be in his browser will connect to this app after confirmation and then he will pay the amount of digital money “eth” which is will be required for buying and also some gas fee for calling blockchain function. After verification and confirmation on the blockchain, payment will be added to the blockchain and the user gets the confirmation message that his money is added to the blockchain. No one can change or interrupt the blockchain history because of decentralization. After the confirmation data will also be added to the local DB so we can display data on the user screen. User will be able to see the buying policy there would also be a return policy option by clicking this button user will be able to return the policy before the process we will show the message on the screen that the user actually wants to return the policy or this happens mistakenly if user checks that he is willing to return the policy we will call our blockchain smart contract function to return the amount after detecting the amount of eth which is on the agreement before buying the policy that if the user returns the policy some amount will be deducted from his account and remaining will be returned to the user like 10% or 20% which will be confirmed while developing the logic for the smart contract as per requirement. The user will not be able to get the amount without admin verification when the user uploads the documents. Admin will be able to see the document on his dashboard. He would have three options: accept, reject and verify.  When the admin verifies and accepts documents user can withdraw the given amount which would be equal to the mentioned amount on the document and less than the policy amount

Benefits of the Project

This project will help the user to buy and return the insurance policy and pay the amount of the policy in cryptocurrency Ethereum and get the claim amount in the cryptocurrency. 

The basic purpose of the system is to provide the user with the best and most easy way to buy and return the insurance policy. Users will pay and get the payment in less time than banks at any time and provide security to user money.

Technical Details of Final Deliverable

Software and Hardware requirements:

• Laptop or PC

• A visual community for the .net core backend

• Visual code for React front end

• Remix editor for blockchain smart contract 

• React, c#, Solidity 

• Ropsten Testnet 

• Metamask Digital wallet.

• 8 Gb Ram for development

•  256 Gb SSD for development 

 

System Requirements:

Minimum: 

For Desktop:

      Dual-core processor

       2GB of RAM

For Mobile:

        GHz processor

        1GB of RAM

Final Deliverable of the Project Software SystemCore Industry ITOther IndustriesCore Technology BlockchainOther TechnologiesSustainable Development Goals Good Health and Well-Being for PeopleRequired Resources

Item Name	Type	No. of Units	Per Unit Cost (in Rs)	Total (in Rs)
			Total in (Rs)	61000
SmartPhone	Equipment	1	35000	35000
Tablet	Equipment	1	20000	20000
Wifi device	Equipment	1	6000	6000