An Insurtech platform CARECHAIN will be built for microinsurance based on DLTs. The integration of CARECHAIN with other platforms in ONTOCHAIN ecosystem will be sought, particularly DART (oracles) and GIMLY (self-sovereign ID). The components are:
Distributed ledger for microinsurance contracting and management: central to the platform, it will provide means for customers and insurers to establish smart contracts that reflect parametric microinsurances. It will store the transactions of contracts and the readings of parameters obtained from the oracles.
The particular technology will be chosen from the research on the best implementation, including as possibilities Blockchains, Directed Acyclic Graphs (DAG), Holochain, Hashgraph or Tempo, among others, as well as the blockchain platform provided by iExec. An environment for the execution of smart contracts will be created as an important functional innovation, guaranteeing for users (clients and insurers), the identity of the counterpart when signing contracts. These smart contracts will be the reflection in the virtual world of a parametric microinsurance itself: when the pre-established conditions are met, the clause corresponding to that scenario will be executed (e.g. the insured will be compensated).
Oracles for communication between the distributed ledger and the real world, ingesting data related to the parameters considered in parametric microinsurance: Since a distributed ledgercannot read data external to it, oracles (sidechains in the case of blockchain or Qubic in the case of tangles) are responsible for reading data from the real world, for example periodically or on changes of state, and storing them in the distributed ledger. As such, oracles will be investigated and designed to communicate between the DLT and other sources, to allow to verify microinsurance conditions, considering platforms of oracle assemblies, e.g., Bridge Oracle over TRON, Qubic over IOTA or Provable Things.