TAGLINE: Revolutionizing Insurance and De through Blockchain Innovation
THE PROBLEM IT SOLVES:
This project solves the problems in insurance industry such as insurance settlement delay, insurance fraud, highly paper intensive records and process transparency by using blockchain technology XDC blockchain to be precise to improve transparency, reduce paper intensive works by introducing simple E signature of the validator who cross checks the claim, and most importantly reduces the settlement delay and insurance fraud by updating the claim status regularly and randomizing the validators and providing the validators a rating based on their performance respectively.
In order to further develop this project we have planned to implement Flash loans and staking of assets from multiple blockchain networks which can be integrated with Wanchain L1 blockchain's interchain communication technology.
CHALLENGES RAN INTO:
Workflow ideation: The problem statement ideation was already a hassle considering the stress during the competition but coming up with a workflow to solve the problem was challenging.
Security & Compliance: Ensuring transaction security, user data protection, and regulatory compliance was challenging.
Smart Contract deployment: Writing secure and efficient smart contractts is crucial for efficient deployment.
Tech Stack :
Deploying the smart contract
Wallet for transactions
Interaction With XDC blockchain
To enable an seamless UX and UI
Team Profile :
Team name : CodeX
Team members :
- Ravi Rohith A
- Ram Kishor S
- Gokul Prithiv
- Prakash T R
XDC Wallet Address :