Use of Blockchain Enabled IoT in Insurance: A Case Study of Calamity Based Crop Insurance

The insurance process contains multiple policies and activities and is mainly dependent on the closing of policies on initiating, maintaining, and closing the claims. The major concerns in insurance are processing time, security, and settlement time of payments. Blockchain can help the insurance industry to mitigate and improve the processing time. Blockchain has the characteristics of immutability, integrity, security, and no third-party dependency. In this paper, we present the use case of blockchain along with IoT to improve the insurance processes. Further, we propose a framework for automatic claim settlement of crop insurance in case of yield loss due to natural calamity. The proposed framework is based on a smart contract-enabled blockchain to reduce the claim processing time and maintain data integrity.