Security and Efficiency in Vehicle Insurance: A Blockchain-Based Solution

Abstract

This research study presents a blockchain-based approach for improving efficiency and transparency in the vehicle insurance industry. By leveraging the Ethereum blockchain and Solidity smart contracts, a smart contract named “VehicleInsurance” is introduced to automate policy management and claims processing. The smart contract incorporates enums and structs to represent coverage levels, claim statuses, and policy details. It enables policy creation, renewal, cancellation, claim registration, and processing. Modifiers ensure policy validity, mappings store policy and claim data for efficient retrieval. Events notify stakeholders about policy actions and claim events. The smart contract is implemented and tested in Ethereum REMIX IDE platform. The smart contract deployed on Ethereum network is tested rigorously by creating various test scenarios. Overall, this smart contract demonstrates the potential of blockchain technology in revolutionizing the insurance industry. Benefits include improved customer experience, streamlined operations, cost reduction, and better fraud detection. By eliminating the need for intermediaries and providing a transparent and immutable system, it enhances trust between policy holders and insurance providers.