Implementation of Smart Contracts based on Hyperledger Fabric Blockchain for the Purpose of Insurance Services

Abstract

Blockchain technology has been evolved into many applications, such as banking, financial markets, accounting and supply chains. The insurance business is other huge economics sector, where the Blockchain solutions minimize time to process claims for losses and the operational costs. The main advantages of Blockchain technology are process identification, transaction security and speed of payment. The paper presents an implementation of smart contracts for insurance services, based on Hyperledger Fabric Blockchain. The experimental results are presented.