Blockchain-Driven Generalization of Policy Management for Multiproduct Insurance Companies
This article presents a Blockchain-based solution for the management of multipolicies in insurance companies, introducing a standardized policy model to facilitate streamlined operations and enhance collaboration between entities. The model ensures uniform policy management, providing scalability an...
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| Format: | Article |
| Language: | English |
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MDPI AG
2024-09-01
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| Series: | Future Internet |
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| Online Access: | https://www.mdpi.com/1999-5903/16/10/356 |
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| author | Abraham Romero Roberto Hernandez |
| author_facet | Abraham Romero Roberto Hernandez |
| author_sort | Abraham Romero |
| collection | DOAJ |
| description | This article presents a Blockchain-based solution for the management of multipolicies in insurance companies, introducing a standardized policy model to facilitate streamlined operations and enhance collaboration between entities. The model ensures uniform policy management, providing scalability and flexibility to adapt to new market demands. The solution leverages Merkle trees for secure data management, with each policy represented by an independent Merkle tree, enabling updates and additions without altering existing policies. The architecture, implemented on a private Ethereum network using Hyperledger Besu and Tessera, ensures secure and transparent transactions, robust dispute resolution, and fraud prevention mechanisms. The validation phase demonstrated the model’s efficiency in reducing data redundancy and ensuring the consistency and integrity of policy information. Additionally, the system’s technical management has been simplified, operational redundancies have been eliminated, and privacy is enhanced. |
| format | Article |
| id | doaj-art-a6494f00f7a44a3eb4363b69ac0da170 |
| institution | OA Journals |
| issn | 1999-5903 |
| language | English |
| publishDate | 2024-09-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Future Internet |
| spelling | doaj-art-a6494f00f7a44a3eb4363b69ac0da1702025-08-20T02:11:09ZengMDPI AGFuture Internet1999-59032024-09-01161035610.3390/fi16100356Blockchain-Driven Generalization of Policy Management for Multiproduct Insurance CompaniesAbraham Romero0Roberto Hernandez1Industrial Engineering Doctoral Program, Universidad Nacional de Educación a Distancia (UNED), 28040 Madrid, SpainDepartment of Communication and Control Systems, ETSI Universidad Nacional de Educación a Distancia (UNED), 28040 Madrid, SpainThis article presents a Blockchain-based solution for the management of multipolicies in insurance companies, introducing a standardized policy model to facilitate streamlined operations and enhance collaboration between entities. The model ensures uniform policy management, providing scalability and flexibility to adapt to new market demands. The solution leverages Merkle trees for secure data management, with each policy represented by an independent Merkle tree, enabling updates and additions without altering existing policies. The architecture, implemented on a private Ethereum network using Hyperledger Besu and Tessera, ensures secure and transparent transactions, robust dispute resolution, and fraud prevention mechanisms. The validation phase demonstrated the model’s efficiency in reducing data redundancy and ensuring the consistency and integrity of policy information. Additionally, the system’s technical management has been simplified, operational redundancies have been eliminated, and privacy is enhanced.https://www.mdpi.com/1999-5903/16/10/356blockchainmultipolicy managementMerkle treeinsurancesmart contractspolicy standardization |
| spellingShingle | Abraham Romero Roberto Hernandez Blockchain-Driven Generalization of Policy Management for Multiproduct Insurance Companies Future Internet blockchain multipolicy management Merkle tree insurance smart contracts policy standardization |
| title | Blockchain-Driven Generalization of Policy Management for Multiproduct Insurance Companies |
| title_full | Blockchain-Driven Generalization of Policy Management for Multiproduct Insurance Companies |
| title_fullStr | Blockchain-Driven Generalization of Policy Management for Multiproduct Insurance Companies |
| title_full_unstemmed | Blockchain-Driven Generalization of Policy Management for Multiproduct Insurance Companies |
| title_short | Blockchain-Driven Generalization of Policy Management for Multiproduct Insurance Companies |
| title_sort | blockchain driven generalization of policy management for multiproduct insurance companies |
| topic | blockchain multipolicy management Merkle tree insurance smart contracts policy standardization |
| url | https://www.mdpi.com/1999-5903/16/10/356 |
| work_keys_str_mv | AT abrahamromero blockchaindrivengeneralizationofpolicymanagementformultiproductinsurancecompanies AT robertohernandez blockchaindrivengeneralizationofpolicymanagementformultiproductinsurancecompanies |