INSURANCE CLAIMS PERFORMANCE IMPROVEMENT USING BLOCKCHAIN

: In this work focused the application of blockchain technology in insurance claims. There are four parties involved in insurance claim process, the police, insurance, workshop, and retail shop. Additionally, every participant will have a peer node of their own. The insurance firm that insurances the products and handles claim handling is known as the insurance peer. It is the duty and responsibility of the police peer to confirm the theft allegations. While re peer offers the products to customers, repair shop peer is in charge of product repairs. Operating this network on the IBM (International Business Machines) Blockchain Platform has the advantage of allowing you to easily alter the network infrastructure as needed. This includes changing the nodes’ locations, the hardware’s CPU (Central processing unit) and RAM (Random access memory), the endorsement policy required to reach consensus, and the ease with which new organizations and members can be added to the network.