Authors: Priyanka Gupta, Hardik Gupta, Anurag Tomar, Piyush Raghav
Abstract: This project aims to revolutionize the insurance claims process by leveraging blockchain technology and smart contracts to address inefficiencies such as fraud, human errors, security risks, and high administrative costs. Traditional insurance claim processing is complex, requiring extensive human intervention, multi-domain interactions, and data from multiple sources, making it time-consuming and labor-intensive. By utilizing a private Ethereum blockchain and the Solidity programming language for smart contract development, this framework automates claim verification and settlement, ensuring transactions occur only if all predefined conditions are met. The integration of the Proof of Authority (PoA) consensus algorithm enhances transaction validation, improving security and transparency throughout the process. Additionally, decentralized applications (DApps) facilitate seamless user interactions, while the InterPlanetary File System (IPFS) enables off-chain data storage to maintain accessibility and immutability without overloading the blockchain network. This decentralized system prioritizes trust, transparency, and scalability, allowing for efficient processing of health insurance claims, particularly for prescription drugs, while significantly reducing operational costs. By combining blockchain’s transparency with scalable off-chain storage, this solution transforms the insurance sector, offering a reliable, secure, and cost-effective approach to claim management.
