Group No.10
Final Year Project
Aromal S
Noel Jose TP
Bimal Murali
Sneha S Kumar
With the help of distributed ledger, smart contracts, and non-repudiation capabilities, blockchain is revolutionizing the way financial organizations do business, and the insurance industry is no exception.
This project plans to implement a web-based blockchain app using the Blockchain Platform to facilitate insurance sales and claims.
INTRODUCTION
Blockchain presents a huge opportunity for the insurance industry. It offers the chance to innovate around the way data is exchanged, claims are processed, and fraud is prevented.
Blockchain can bring together developers from tech companies, regulators, and insurance companies to create a valuable new insurance management asset
INTRODUCTION
Currently, many insurance processes are manual, error-prone, and can require long processing times. There are often different versions of the same data in multiple systems of record, leading to added costs and lengthy disputes.
With blockchain, manual processes are automated by sharing information on plan participants, entitlements, and claim data.
INTRODUCTION
Smart contracts are computationally encoded with participant registration and verification rules. Shared data and smart contract computations reduce downstream disputes.
Benefits verification is based on multiple data sources that are readily available to all service providers.
This application helps the insurance industry to improve operating efficiencies, lower the costs of transaction processing, enhance the customer experience, improve data quality, and increase trust among parties.
INTRODUCTION
We're planning to develop a web-based app, with Node.js in backend and React.js in Frontend
Hyperledger Fabric platform is used to implement the blockchain part.
The application has four participants (peers) :
1. The Insurance peer, is the company that provides the insurance.
2. The Police peer responsible for verifying the accident or theft claims.
3. The Repair shop peer is responsible for repairs of the product.
4. The Shop peer sells the products to a consumer.
IMPLEMENTATION
ReactJS is one of the most popular JavaScript front-end libraries which has a strong foundation and a large community.
ReactJS is a declarative, efficient, and flexible JavaScript library for building reusable UI components. It is an open-source, component-based front-end library that is responsible only for the view layer of the application. It was initially developed and maintained by Facebook and later used in its products like WhatsApp & Instagram.
TECH STACK
React.js
Node.js is a cross-platform environment and library for running JavaScript applications which are used to create networking and server-side applications.
Node.js is open-source, completely free, and used by thousands of developers around the world.
TECH STACK
Node.js
Hyperledger Fabric, an open-source project from the Linux Foundation, is the modular blockchain framework and the standard for enterprise blockchain platforms. Intended as a foundation for developing enterprise-grade applications and industry solutions.
Its modular and versatile design satisfies a broad range of industry use cases. It offers a unique approach to consensus that enables performance at scale while preserving privacy.
TECH STACK
Hyper Ledger Fabric
Kubernetes is an open-source container orchestration system for automating software deployment, scaling, and management.
It provides basic mechanisms for the deployment, maintenance, and scaling of applications.
With the widespread adoption of containers among organizations, Kubernetes, the container-centric management software, has become the de facto standard to deploy and operate containerized applications.
TECH STACK
Kubernetes
ARCHIETECTURE
WORKING
The Node.js application server uses the Fabric SDK to interact with the deployed network on the Blockchain Platform (Hyper Ledger Fabric)
The React UI uses the Node.js application API to interact and submit transactions to the network.
The users interacts with the insurance application web interface to update and query the blockchain ledger and state.