Secured Insurance Framework Using Blockchain with Voting Mechanism

With the Insurance Industry projected to be a 222-billion-dollar industry in India by 2026, it calls for the introduction of newer technology to keep up with this ever-growing industry. Blockchain in near history is one of the fastest evolving technologies which is based on the sole principle of utilizing consensus, decentralization, and encryption to produce an extremely safe underlying software system that is almost hard to hack. Using Blockchain we can ensure safer and more transparent transactions and the eradication of monopolies held by Insurance Institutes with the implementation of a voting mechanism. The main objective of this paper is to develop an applicationthat will streamline the buying and claiming in the insurance process and distribute the power between different actors involved in the system and not make the Insurance company omnipotent. This paper presents a practical implementation of the proposed system on the Polygon PoS blockchain, with testing conducted on the Polygon Mumbai server, demonstrating the real-world applicability and effectiveness of our approach.