Survey Paper Life Insurance and Death claim management using blockchain

Abstract

 The insurance sector is heavily dependent on multiple processes for transacting parties for beginning, preserving and closing diverse kinds of policies. The major concerns are the time required and security of transaction processing and payment settlement. Blockchain innovation which was initially created as an unchanging dispersed record for recognizing twofold spending of cryptographic forms of money is presently progressively utilized in various FinTech (Financial Technology) frameworks to attempt profitability and security necessities. The application of blockchain in FinTech processing requires a profound understanding of the basic mechanisms of industry. Smart contracts help us in automating the interactions between the blockchain system and the traditional transaction system. In this paper, we are focusing on designing an effective method to use blockchain enabled platform for transactions of insurance sector. We will discuss the primary design necessities, design suggestions and convert different insurance related processes into smart contracts. In order to evaluate the performance of our system and the security of the proposed design, comprehensive experiments are performed.