The main objective of the CARECHAIN project is to investigate Distributed Ledger Technologies to build an Insurtech platform for the contracting and management of microinsurances. Access through a responsive app will provide with agile mechanisms for icroinsurances, favoring revitalization of economic activity and social protection.
This answers to ONTOCHAIN’s challenges of engineering the trustworthy exchange of information and services, contributing to a resilient internet that protects privacy through blockchain-based technology, provides user empowerment and inclusiveness with accessible technologies, a trustworthy internet with the provision of secure microinsurance managing, and a sustainable internet, guaranteeing decentralized data traceability and interoperability based on data/knowledge standards. The specific objectives are:
SO1 - To define and design the architecture of an Insurtech platform for parametric microinsurances based on DLTs, to allow for managing insurances in a secure and agile way, using a smart contract environment over a distributed ledger with execution conditions being accessed through oracles. This includes analyzing the regulatory framework with respect to DLTs and microinsurances, and defining data model, platform architecture and distributed ledger.
SO2 - To design and implement an innovative distributed ledger for microinsurances with smart contracts to execute coverages using blockchain and Directed Acyclic Graphs. This includes design and implementation of a responsive web app to operate the platform, accessible to users with disabilities; blockchain technologies for transaction traceability; research on DAGs to track states traversed by microinsurances (tangles or quorum (Qubic over IOTA)); and connectors for insurance company interoperability and oracle communication with the ledger.
SO3 - To design and implement an environment for the execution of smart contracts for parametric microinsurance based on the distributed ledger, to guarantee users the application of coverage when meeting contract conditions. This includes research on smart contracts that execute parametric microinsurances, using e.g. Solidity or Qubic, in an automatic guaranteed manner; and research on oracles for communicating between the ledger and external sources, including implementation techniques such as sidechains, for blockchains, or Qubic for tangles.
As benefits to ONTOCHAIN large scale pilot, it will provide integration, linking functionalities from the ecosystem with an enhanced secure DLT managing mechanism for microinsurances using smart contracts. This will also give an entry for ONTOCHAIN into tools for the financial sector, one of the most demanding in the NG Internet in terms of security, transparency, and trustworthiness.