aigang whitpaper yahan read krain:
Executive summary
The blockchain is a decentralised database that maintains a continuously growing list of ordered
records. The blockchain was first used in 2009 as the basis for the digital currency Bitcoin. Since
then the technology has evolved drastically. Now it is one of the cutting-edge innovations even
named the greatest revolution since the Internet. The main advantages of the blockchain technology
underpinning its success are disintermediation (no central agent is required to approve transactions),
immutability (all transactions cannot be altered or deleted), reliability (database is replicated on a
large network of servers and does not have a central point of failure) and transparency (changes to
public blockchains are publicly viewable by all parties).
The second generation of blockchain (referred to as “Blockchain 2.0”) [1] provides a platform for
smart contracts which embed software code that contains defined rules and can execute code based
on those rules. This enables a formation of a Decentralised Autonomous Organisation (DAO) which
functions without human employees. This greatly extends the potential applications beyond digital
currencies especially in the financial industry. The blockchain has just scratched the surface of the
global insurance industry transformation. As potential fields of application in insurance considered
today are new methods for distribution and payment, increased effectiveness in pricing, claims
handling and fraud detection, reinsurance, reducing administrative costs and new products and
services for growth, such as the Internet of Things (IoT).
The IoT is a fast growing phenomenon which is projected to grow to 75 billion objects by 2025.
This provides an emerging market for automated insurance as those devices could detect the broken
part and initiate the claim themselves, e.g. smartphone after crash could detect not functioning
microphone, drone could detect its broken accelerometer or Amazon Echo could detect broken glass
in the office. This paper discusses the framework for incorporating insurance for IoT as a DAO
powered by smart contracts in a blockchain. It discusses the main aspects of the insurance DAO
smart contract, namely Policy, Pricing, Claims and Profit Distributionork.
pora whitepaper read krny k liay yahan click krain:
https://aigang.network/AigangWhitepaper0.2.pdf
