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INSURANCE SMART CONTRACTS

Smart contract for insurance cases which can be checked from trusted public platforms
Project summary
Country
USA
Industry
Insurance, Smart-contract
Time
2 years
Technology stack
mobile app developed by HF-Solution as a crypto wallet and payment service

About Project

It is a decentralized solution that allows users to quickly buy the insurance and receive fees in case of insurance cases without a need of contacting anywhere. The system works fully automatic, it calculates insurance rates based on the possibility of insurance cases. Makes payments automatically in case of insurance case had a place to happen.
The Challenge
The main challenge was to create a smart contract that will work in any case with no human involved. Plus it has to calculate insurance risks by itself.

The Solution

We've built smart contracts on Solidity. The system checks the history of cases and conditions they were happening and calculates insurance rates. If the insurance case happens, it pays out the insurance to a user automatically.