Blockchain based Qinsurancechain: Role of Smart Contracts in Fast and Secure Healthcare Insurance Claim

Abstract

The insurance sector in the healthcare industry rely on the insurer, insured, physicians, hospitals, and third-party service providers etc. Although this market is overgrowing, it lacks openness and trust. Because of this, there only appears to be controversy in a number of claim settlement instances. The increase in competition is pushing the insurance companies to use advanced technologies for addressing multiple challenges.In order to do this, blockchain technology can be applied to the insurance industry as an egressing system that provides transparent and secure data storage and transit. . The hybridization of IoT and blockchain technology (BT) can offer diverse benefits to the functioning to the health insurance and mediclaim sector. This article applies blockchain technology to the healthcare insurance industry. Transactions will be handled by contracting out the middlemen engaged in the transaction process and by facilitating quicker payments between stakeholders. We develop a queueing model in detail that evaluates an Insure Chain system's characteristics. We also measures the performance of the model, including the transactions that may be waiting in the unpooled buffer before entering in to the block, transaction waiting time and a transaction’s confirmation time.