MedBlockSure: Blockchain‐based insurance system

Abstract

Abstract Health insurance plays a vital role during medical emergencies in the coverage against medical expenses. Insurance fraud is an international challenge that affects most economies worldwide. Government and private companies offer many insurance schemes. The successful implementation of numerous health insurance programs offered for the public by and large are often threatened by corruption, fraud, and numerous other data‐related issues. Further the procedure for acclaiming the insurance money is not only critical in terms of verification of claims but tedious and time consuming also. To help redress these problems, blockchain technology can be utilised as is it offers improved security, transparency, auditability, privacy, accountability along with many other advantages. The goal is to create and implement a blockchain‐based solution for efficient functioning of insurance system and to prevent such health insurance systems from going bankrupt. The authors have proposed an insurance claim model, MedBlockSure using blockchain architecture for creating interoperability between the insurer, the hospital and the insurance company. The model will aid in maintaining transparency between the insurer and the company while eliminating the requirement of middlemen or agents. The conceptual view of the proposed system using sequence and use case diagrams and data management framework and smart claim processing system is demonstrated.

Keywords

• affective computing
• blockchain
• decentralized insurance system
• machine intelligence