Smart Contracts based on Private and Public Blockchains for the Purpose of Insurance Services

Abstract

Blockchain technology has evolved into many applications and it has many advantages, especially in insurance business, because the Blockchain solutions minimize the time to process claims for losses and operational expenses. This paper compares the application of private and public Blockchain for insurance services through the experimental implementation of smart contracts based on Hyperledger Fabric and Ethereum. The results from the experiments are presented.