The concept of smart insurance contracts could seriously disrupt the insurance industry . The idea is that a blockchain - based contract could make payouts against insurable events without the need for policyholders making claims or insurers administering them . InsurETH Without qualified oracles there can be no insurance that has any relation to the world that we live in. built a smart insurance product demonstrating the concept last year : as information relating to delayed payments is plain fact and publicly available , automatic and immediate payment of a smart contact relating to such a claim could be triggered with little to no need for human intervention . To expand the concept across the sector , well - qualified oracles would be needed to establish what “ conditions ” exist and when they have been “ undeniably reached ” to create a bridge between the blockchain and current conditions of places , people and things in the real world . Looking forward , an evolved social network infrastructure could even be used to help validate claims in sectors such as motor insurance , where claims could be automatically triggered after an application by a smartphone app or the connected car itself . This potential technology could marry well with P2P insurance and enable a near - autonomous , self - regulated insurance business model for managing policies and claims .
The concept of smart insurance contracts could seriously disrupt the insurance industry . The idea is that a blockchain - based contract could make payouts against insurable events without the need for policyholders making claims or insurers administering them . InsurETH built a smart insurance product demonstrating the concept last year : as information relating to delayed payments is plain fact and publicly available , automatic and immediate payment of a smart contact relating to such a claim could be triggered with little to no need for human intervention . To expand the concept across the sector , well - qualified oracles would be needed to establish what “ conditions ” exist and when they have been “ undeniably reached ” to create a bridge between the blockchain and current conditions of places , people and things in the real world . Looking forward , an evolved social network infrastructure could even be used to help validate claims in sectors such as motor insurance , where claims could be automatically triggered after an application by a smartphone app or the connected car itself . This potential technology could marry well with P2P insurance and enable a near - autonomous , self - regulated insurance business model for managing policies and claims .