How Blockchain and Smart Contracts Transforms Insurance and InsurTech?
Smart contracts for digital insurers are getting a lot of attention these days. They offer a faster, safer, and less expensive way to provide cover
What Is a Smart Contract? A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network.
These basic components are the properties (static and variable), the logic and the ledger. Each of these components can be mapped directly into technical concepts. Properties represent a data schema, logic represents code, and the ledger corresponds to a database.