Smart Policy System
insChain and IoT partners combine insurance process modules based on the blockchain with IoT terminal equipment, sensors, data transmission and server systems so that IoT becomes infrastructure of financial application on top of its basic functions. The terminal device of the Internet of Things joins the data collection, transmission, and collection functions associated with the financial application in the perceptual layer, enabling the server to become an access node of insChain blockchain, and input the time, space and associated data into the blockchain through hardware Oracle (the agent of blockchain to read data from outside), as input variables of smart contract triggers mechanism or business rules.

The Oracle can orient to hardware, organization, or crowd sourcing individuals. The hardware-oriented Oracle links up with the IoT, describing the event objectively through the embedded sensor; the organization-oriented Oracle links up with data interface of the organization, such as weather stations, airline companies, e-commerce platforms, etc., obtaining a real event description that can form consensus; the individual-oriented Oracle crowd sources the event verification task to local information auditor, or verifies the authenticity of the event through social network contacts. Because of its low cost and wide touch, smart contract insurance is especially suitable for creating innovative micro insurance, Pratt & Whitney insurance and rural insurance products.

The smart insurance platform subverts the value chain of traditional insurance from product design and pricing, marketing, underwriting, valuation and management to claims, venture capital, and investment management. We access costomers online and offline, use the blockchain to store customer information and aggregated insurance pool, use big data analysis to asissit professional actuaries with pricing mechanism, and use smart contracts to sale insurance contracts. By using the Internet of things hardware and software Oracle to collect real-time data, insurance smart contract can automatically trigger the payment mechanism. Insurance contract underwriting, parity, management can be demonstrated to the customer through the mobile phone App or the Internet TV OTT port.
    
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