Designing A Permissioned Blockchain Network For The Insurance Claim Process Using Hyperledger Fabric And Composer

Abstract

This research aims to examine the benefits of blockchain technology (BCT) in the vehicle insurance process. The article addresses a number of benefits offered by BCT, including automating the identity verification and doing away with the need for numerous parties to manually certify the legitimacy of transactions. India's financial and business networks can be anticipated to change the accounting process to a different extreme with the introduction of BCT. Unfortunately, they are having some difficulties implementing and acclimating to this modern technology. Here is the solution, blockchain technology may help us solve the existing problem. Insurance firms and car owners can benefit from blockchain technology since it can effectively open up communication channels, encourage industry integration, and improve insurance provider’s ability to access record. Using BCT, banking operations will be more efficient, quicker, and less expensive because to the removal of middlemen. Decentralization, transparency, and secure transactions will be the main advantages.