[Hackverse] pnb MedLife Insurance

#xdc

Project Name : pnb MedLife Insurance

Tagline : Revolutionizing Life Insurance Through Decentralization and Transparency

*The Project It Solves *: Traditional life insurance systems are plagued by inefficiencies, lack of transparency, and a cumbersome, paper-heavy process that can lead to delays in policy management and claim settlements. These centralized systems often result in eroded trust among policyholders due to the opaque nature of claim processing and policy issuance. Furthermore, policyholders are constrained by the limitations of single blockchain networks, lacking the flexibility to choose or switch networks based on transaction costs, speed, and security preferences. This scenario underscores a critical need for a revolutionary approach that can offer both transparency and flexibility, restoring trust and efficiency in the life insurance sector.We propose a decentralized life insurance platform built on Web3 technology, utilizing blockchain to enhance transparency, efficiency, and security. Our platform allows users to choose and switch between multiple blockchain networks like Polygon,XDC Network according to their transaction preferences.

*Challenges ran into *: Facing network traffic on the XDC Network presented a significant challenge, primarily due to increased demand and transaction volume on the platform. To address this, we implemented several strategies, such as optimizing our smart contract code for efficiency, utilizing off-chain computations where possible, and exploring layer 2 solutions for scaling. These measures helped alleviate congestion, ensuring smoother transactions and a better user experience on our insurance platform.

*Tech Stack *: Next.js,Solidity,Remix IDE, Tailwind CSS

Github Url : https://github.com/vmmuthu31/PNB-MetLife

Video Demo : https://youtu.be/ZtYoIXrysNU?si=Wiz9-TIlZIzgPfKb

Screenshot :