Blockchain Solutions Research Articles

Evaluation of blockchain implementation solutions in the sustainable supply chain: A novel hybrid decision approach based on Z-numbers

Nowadays, because of the increase in global competition and the need to pay attention to sustainable issues, achieve a competitive advantage, reduce costs, and improve Supply Chain (SC) network management, the use of blockchain and its integration have become necessary in the network. The use of Blockchain Technology (BT) leads to transparency, controllability, security, flexibility, visibility, reduction of costs, efficient processes, and achieving sustainable development goals in the SC network. To successfully implement BT in SC, it is necessary to identify and evaluate the operational solutions to solve the challenges and obstacles of BT. Therefore, this study aims to identify and evaluate BT implementation solutions to achieve sustainability in the SC. The novelties and contributions of this research include identifying blockchain solutions to achieve sustainable development goals in the SC, proposing a new application for the agricultural products SC to utilize blockchain, and presenting a novel hybrid decision procedure including the Step-wise Weight Assessment Ratio Analysis (SWARA) and the Combined Compromise Solution (CoCoSo) using on Z-numbers for evaluating solutions. The proposed approach can deal with ambiguity in the complex environment of the decision due to the consideration of reliability and uncertainty in the data, reducing the number of pairwise comparisons, low inconsistency rate, reducing the complexity of calculations, ease of implementation, no limit in the number of criteria, no dependence on predetermined scales, and providing compromise solutions based on different opinions of experts. To examine the results, sensitivity analysis, and validation were performed. The findings showed that for the successful implementation of blockchain in the agricultural SC, the infrastructure of this technology must be created and integrated with all levels of the SC, and using BT must be provided through the use of sustainable methods. By developing areas of cooperation and participation through the creation of facilitating rules between different partners in the SC, collective investments can be made in the development of the infrastructure.

Development and Implementation of Blockchain Solution to Enable Data Security at University of Port Harcourt

Institutions globally, seek for a solution that intelligently manages the security of data without tampering or mutilations. To compete globally, It has become necessary for the educational sector in Nigeria to build a software solution to end the challenges of fake results, transcripts and certificates and the time it takes to verify their authenticity. This research aims to develop and implement a blockchain solution that would enforce the required security for the Centre for Information and Telecommunication Engineering, University of Port Harcourt (CITE, Uniport), Nigeria. In this study the various services that comprise the building of a decentralized blockchain network, the network consensus algorithm and block explorer application as a unit was put together using JavaScript and its associate libraries. The blockchain data structure was developed with the ability of proof of work, the mining of new blocks, the creation of transactions, the validation of the chain, retrieving the data and other functionalities when demanded. The decentralized blockchain network was developed and tested for ten API (application programming interface) servers and the result shows that the blocks and transactions created were broadcasted throughout the entire network. The results of the consensus algorithms proved that it was able to verify and ensure that the network nodes have valid data and are synchronized. The blockchain explorer application was implemented with a lot of features. It allow user to query the blockchain for specific blocks, results, transcript or certificate.

Enabling Trust in Cross-Organisational Data Sharing for EMU Maintenance: A Double-Blockchain Solution

With the trend for smart maintenance for the electric multiple unit (EMU), there is a critical need for cross-organisational data sharing amongst multiple stakeholders. Traditional centralised solutions may not ensure sufficient trust for data sharing. In the maintenance field, blockchain technology has been introduced to improve security and privacy. However, the current blockchain solutions for data sharing are solely based on public chain or consortium chain, which may have the limitation of low transaction processing rate. Moreover, multiple levels of decentralisation are required in cross-organisational data sharing. For the purpose of providing multiple types of ledger’s governance and a performance improvement, this paper presents a method for developing EMU maintenance data sharing solution based on double blockchain. The method is validated using a case study in Shanghai EMU depot. The proposed solution adopts practical byzantine fault tolerance (PBFT) as the consensus mechanism. Interplanetary file system (IPFS) is introduced to reduce the payload of big data storage.

Blockchain applicability in the management of urban water supply and sanitation systems in Spain

Blockchain constitutes a disruptive technology that is currently changing business models and the way organizations operate. This paper explores the applicability of blockchain technology, and of distributed ledger technologies in general, to urban water supply and sanitation services in Spain. The potential of this technology for improving processes in this sector is assessed through a specific methodology of strategic analysis developed for this purpose. First, the technical, legal and managerial factors that condition the potential use of this technology to address the global, operational and governance challenges faced by urban water management are explored. Second, strategic analysis tools (e.g. value chain, factors of competition, and benchmarking) are used to model a water utility organization as a set of processes and characterize blockchain as an enabling technology with both benefits (traceability, immutability, and disintermediation) and limitations. Based on cost-benefit analysis, use cases in which the implementation of a blockchain could improve the organization's performance can be discerned. The results identify the processes and sub-processes of urban water utility management for which the use of a blockchain could improve performance: comprehensive maintenance, the management of serious incidents, and supplier management. Essentially, the methodology developed identifies management processes whose requirements are efficiently met through automation derived from blockchain solutions. Regardless of the management models currently in place in Spain, the traceability and disintermediation benefits of blockchain solutions can help to overcome governance and efficiency challenges associated with the management of urban water supply and sanitation services.

Partition-Tolerant and Byzantine-Tolerant Decision Making for Distributed Robotic Systems With IOTA and ROS2

With the increasing ubiquity of autonomous robotic solutions, the interest in their connectivity and in the cooperation within multi-robot systems is rising. Two aspects that are a matter of current research are robot security and secure multirobot collaboration robust to byzantine agents. Blockchain and other distributed ledger technologies (DLTs) have been proposed to address the challenges in both domains. Nonetheless, some key challenges include scalability and deployment within realworld networks. This paper presents an approach to integrating IOTA and ROS 2 for more scalable DLT-based robotic systems while allowing for network partition tolerance after deployment. This is, to the best of our knowledge, the first implementation of IOTA smart contracts for robotic systems, and the first integrated design with ROS 2. This is in comparison to the vast majority of the literature which relies on Ethereum. We present a general IOTA+ROS 2 architecture leading to partitiontolerant decision-making processes that also inherit byzantine tolerance properties from the embedded blockchain structures. We demonstrate the effectiveness of the proposed framework for a cooperative mapping application in a system with intermittent network connectivity. We show both superior performance with respect to Ethereum in the presence of network partitions, and a low impact in terms of computational resource utilization. These results open the path for wider integration of blockchain solutions in distributed robotic systems with less stringent connectivity and computational requirements.

Will Blockchain Technology Revolutionize Supply Chain Management?

Purpose: The purpose of this paper is to assess if blockchain technology, which is hailed for its potential to improve supply chain transparency and efficiency, can deliver to this promise (Abreu et al., 2021; Mahyuni et al., 2020; Manzoor et al., 2022; Rennie, 2022; Yiannas, 2018). Supply chains are increasingly complex and full transparency is difficult to achieve and may sometimes be undesired, yet governments worldwide are demanding more transparency especially with respect to the social and environmental sustainability of supply chains (Francisco & Swanson, 2018; Franke, 2021; Najjar, 2021). If blockchain technology allows to close this gap, without compromising corporate confidentiality and efficiency requirements, it might change supply chain management drastically. Most other research in this field remains rather superficial with respect to the fundamentals of blockchain technology and supply chain management. Our study will add to the very limited theoretically founded research on blockchain potentials in supply chains.Study Design: Our paper is conceptual. Based on the extant literature, we compare blockchain technology and its advantages to the characteristics of supply chains and challenges of supply chain management to identify a theoretical fit. We investigate if published case studies of blockchain technology in supply chain management support this. Finally, we devise a conceptual framework for the application of blockchain technology in supply chain management.Findings: There is, currently, very limited use for blockchain technology in supply chain management. It does not provide an answer to several of the challenges that exist in supply chain management. Blockchain technology was primarily devised as encryption technology for virtual entities and transactions involving them and not for tangible objects. Published case studies describing the use of blockchain technology in supply chain management do not contradict these findings.They rely on private blockchain solutions lacking the key benefits of blockchain technology. Our conceptual framework constitutes a reference for a future public blockchain solution for supply chains. It offers solutions for some of the challenges but also cannot solve some fundamental challenges, like power imbalances in supply chains.Limitations: Blockchain technology undergoes rapid development. Future blockchain technology may be faster, less energy-intensive and more integrated with other technologies. This may be aided by developments in hardware, like quantum computing. The findings of this paper are limited to currently available technology.Implications: Companies and governments alike should be very cautious when considering investing in currently available blockchain solutions for supply chain management.

Blockchain Technology in Various Fields: Applications, Challenges, And Future

Blockchain technology has revolutionized many industries and has great potential outside of finance. This paper explores blockchain's applications and challenges in agriculture, electricity, transportation, healthcare, and finance. Blockchain technology can track agricultural product origin, quality, and safety to improve supply chain transparency in agriculture. Blockchain can also reduce intermediaries, improve payment systems, and expand financing. Blockchain can enable decentralized electricity management, peer-to-peer energy transactions, and lower transaction costs. It could boost renewable energy integration, grid efficiency, and energy access for underserved communities. Blockchain technology can improve transportation supply chain visibility and reduce fraud by providing a shared, tamper-proof ledger to track goods and prevent unauthorized access. Blockchain can secure, interoperable, and improve patient privacy in healthcare. It could let patients share their health data with providers and researchers while protecting their privacy. Blockchain implementation is also tricky. Scalability, interoperability, compliance, and data privacy Blockchain solutions must handle large amounts of data, integrate with existing systems, comply with laws and regulations, and protect sensitive data. Further research and development are necessary to explore blockchain technology's possibilities in these fields fully.

Artificial intelligence‐based blockchain solutions for intelligent healthcare: A comprehensive review on privacy preserving techniques

AbstractWhile blockchain technology (BT) is considered secure, there are several vulnerabilities that can breach its security. The study in artificial intelligence (AI) and BT is widely popular due to its expanding importance in enhancing security and computational prowess. In this study, we present a comprehensive and meticulous comprehensive review of AI and BT‐based privacy‐preserving smart healthcare. The selection for this study was based on a holistic and integrated approach which involved examining not only individual studies but also their relationships, and trends. Through a systematic analysis of various phases, we identified 91 primary studies pertaining to information needed to stockpile directions called for retorting the research queries. We have undertaken a descriptive comparison of foundational manuscripts, taking into account an array of essential factors, including performance metrics, security protocols, and computational prowess. Our thorough discussions and debates have led to the identification of research gaps in the current manuscript, as well as the direction for future research. We also propose our constructive approach for the aforementioned integration, highlighting its potential benefits and implications.

IMPROVING BYZANTINE FAULT TOLERANCE IN SWARM ROBOTICS COLLECTIVE DECISION-MAKING SCENARIO VIA A NEW BLOCKCHAIN CONSENSUS ALGORITHM

Swarm robotics applies concepts of swarm intelligence to robotics. Discrete consensus achievement is one of the major behaviors found in swarm robotics. Various algorithms have been developed for discrete consensus achievement. However, existing discrete consensus achievement algorithms are vulnerable to Byzantine robots. Blockchain has been successfully used to mitigate the negative effect of Byzantine robots. Nevertheless, since the blockchain solution uses the Proof-of-Work blockchain consensus algorithm, it is vulnerable to the 51% attack. Besides, the swarm also takes longer to achieve consensus. This research proposes a novel blockchain consensus algorithm called Proof-of-Identity—which uses a private-public key pair and a swarm controller—to create a dynamically permissioned blockchain that would negate the 51%-attack problem associated with the Proof-of-Work algorithm while also reducing the consensus time. This proposed solution was tested against the classical solution and the existing blockchain solution using the collective perception scenario. Test results show that the Proof-of-Identity algorithm prevents the 51%-attack problem while improving the consensus time in comparison to the existing blockchain solution without affecting the exit probability.

Распределенные реестры в интернет-торговле как ключевые технологии Индустрии 4.0 и объект правового регулирования

Introduction. The scientific paper traces the modern development of Internet space, which is characterized by the fact that in most spheres of public relations this space becomes indispensable. The technology of data processing and storage based on decentralized distributed registries (blockchain) is highly effective in commercial application. Unfortunately, in the Russian Federation, the technology of decentralized distributed registries is not given enough attention. The purpose of the study is to search for legal solutions for sustainable business development, ensuring its competitiveness, where there is a need for the mandatory use of digital technologies in the activities of legal entities. The authors set a goal to consider the problems of the legal framework governing this technology, as well as the relations that arise from remote purchase and sale transactions carried out by legal entities and individuals on the Internet. Methods. The methodological framework for the study is a set of methods of scientific cognition, among which the main ones are the methods of historicism, systematicity, analysis, and comparative law. Results. Based on the accumulated law enforcement experience and civil doctrine, the authors have proposed recommendations for resolving the most common conflict of laws issues arising from the use of blockchain technology and their regulation at the national and international level. The standards of electronic payments in online commerce at the international level are considered. Conclusions. As a result of the study, the role of digitally fixing the main stages of transactions with many commodities traditionally sold on exchanges, on the blockchain platform is revealed, which ultimately contributes to increasing transparency and security of operations. In this regard, blockchain solutions are of undoubted interest to participants in transactions with classic exchange-traded goods. The authors conclude that blockchain technologies reduce transaction execution costs and risks, contribute to the emergence of new business models and increase the efficiency of transactions.

Assessing the Environmental Sustainability of Polygons Consensus Mechanism and Transaction Processing, Comparing Its Energy Consumption and Carbon Footprint with Other Layer 2 and Layer 1 Blockchain Solutions, And Exploring Potential Avenues for Further Optimization

Abstract: This research paper aims to assess the environmental sustainability of Polygon's consensus mechanism and transaction processing, comparing its energy consumption and carbon footprint with other Layer 2 and Layer 1 blockchain solutions. The growing popularity of blockchain technology has raised concerns about its significant energy consumption and environmental impact. As a Layer 2 scaling solution, Polygon has gained traction for its ability to enhance scalability and reduce transaction costs on the Ethereum network. However, its environmental sustainability remains a critical aspect that needs evaluation. To begin, an in-depth environmental impact assessment is conducted to analyze the energy consumption and carbon footprint associated with Polygon's consensus mechanism and transaction processing. Data on energy consumption is collected and compared with other Layer 2 and Layer 1 blockchain solutions. Through quantitative analysis, the carbon emissions produced by Polygon's operations are quantified and compared to industry benchmarks. This assessment provides a baseline for evaluating Polygon's environmental performance. The research then delves into a comparative analysis, examining the energy consumption efficiency of Polygon's consensus mechanism in relation to other blockchain solutions. This analysis includes an assessment of scalability and transaction throughput, considering the trade-offs between energy consumption and network performance. By comparing Polygon with other Layer 2 and Layer 1 blockchain solutions, insights are gained into the environmental advantages and challenges posed by Polygon's consensus mechanism. Furthermore, potential avenues for optimizing Polygon's consensus mechanism and transaction processing are explored. The research explores innovative techniques and improvements that could enhance the sustainability of Polygon's operations. These optimization strategies focus on reducing energy consumption and minimizing the carbon footprint. Additionally, the feasibility and benefits of integrating renewable energy sources into Polygon's infrastructure are investigated. The potential of renewable energy integration to contribute to sustainable transaction processing is examined, considering challenges and opportunities. Governance and policy considerations play a crucial role in promoting environmental sustainability within Polygon's ecosystem. This research evaluates the governance structures and policies that influence sustainable practices within Polygon. The decision-making processes and mechanisms driving sustainability-related initiatives are analyzed, highlighting the importance of effective governance in driving environmental sustainability. Economic incentives and rewards are also explored as mechanisms to encourage sustainable practices within Polygon's ecosystem. The research examines existing economic incentives and mechanisms designed to incentivize energy efficiency and carbon reduction. The effectiveness of these incentives is evaluated, and potential strategies for further incentivization are discussed. The economic aspects of sustainability are crucial in encouraging stakeholders to prioritize environmental concerns

СОЦІАЛЬНО-ЕКОНОМІЧНІ АСПЕКТИ ВИКОРИСТАННЯ ТЕХНОЛОГІЇ БЛОКЧЕЙН У МЕНЕДЖМЕНТІ ДАНИХ КЛІНІЧНИХ ДОСЛІДЖЕНЬ

The article considers blockchain technology, which is one of the types of distributed ledger technology and currently has real prospects for application in the medical field, in particular for managing data arrays in clinical trials. The essence of the currently existing discussion among medical managers and other employees on the feasibility of introducing blockchain technology into clinical trials is revealed. To address this issue, the authors carried out a thorough analysis of the social and economic aspects of the application of blockchain technology in clinical trial data management. As a result of the analysis of a large number of scientific publications, social effects of the use of blockchain technology in the management of clinical trial data have been established and systematized. The article proves that the social effect of using blockchain technology in the management of clinical trial data is certainly significant. This factor clearly indicates the need to use this technology in the practice of clinical trials. The authors argue that it is important for a contractual research organization, pharmaceutical company, healthcare institution or other entity in which a clinical trial is performed to take into account the economic component of using blockchain technology to manage data sets in the process of performing clinical trials. Therefore, for the final decision on the adoption of blockchain technology in the management of clinical trial data, the article also considers the approach to taking into account the economic aspect. To determine the economic effect of the introduction of blockchain technology, an appropriate calculation method has been proposed. According to this methodology, the effect of the application of blockchain technology depends on: the proportion of conflicting disease and treatment records (drug studies) that require reconciliation; percentage reduction in the cost of issuing one conditional entry in the patient's medical card. It is indicated that the predictive assessment of the effect for a medical institution depends on a specific blockchain solution. The conditional example in the article shows the expediency of applying the proposed methodology for determining the economic effect of using blockchain technology in the management of clinical trial data.

Fundamental Elements of a Blockchain-Based Tax System: Governance, Legal and Technology Aspects

This article, which builds on an earlier one by the same authors, aims to make a further step in the definition of the fundamental elements of a blockchain-based tax system by developing a comprehensive theoretical framework for the use of blockchain technology in the tax domain. Based on literature review and conceptual legal analysis, the authors zoom in on three building blocks respectively focusing on the governance, legal and technology aspects. Each building block is composed of a series of conceptual items that require the attention of legislators, founding entities and developers while starting to approach the design of a blockchain solution for tax. In the authors’ view, only by first solving the issues related to each of these items in a coordinated manner will it be finally possible to enable governments and tax authorities across the globe to promote a gradual shift towards a blockchain-based tax system.

User acceptability of blockchain technology for enabling electronic health record exchange

PurposeBlockchain systems have been proposed as a solution for exchanging electronic health records (EHR) because they enable data sharing in decentralised networks. This paper aims to analyse the user acceptability of blockchain technology in enabling EHR exchange and to formulate practical implications for increasing user acceptability.Design/methodology/approachA technology acceptance model [extended Unified Theory of Acceptance and Use of Technology (UTAUT) model] was used as a framework to measure the effects of 13 factors. The authors conducted a survey and analysed data from 214 participants using partial least square path modelling.FindingsThe acceptance of blockchain for EHR sharing is positively influenced by performance expectancy, social influence and perceived trust. Effort expectancy and facilitating conditions do not influence acceptance. The UTAUT model explains the variance in acceptance at 58.4%. Self-efficacy influences effort expectancy, incentives influence facilitating conditions and security predicts perceived trust.Practical implicationsThree implications are drawn: (1) Users need to clearly understand system’s purpose, functions, security mechanism and environmental impacts. (2) Users are incentivised to share health data via a blockchain solution if the technology offers personalising options and health information. (3) Health personnel can socially impact patients to use blockchain-based solutions.Originality/valueStudies have shown that blockchain technology is a valuable solution for exchanging EHR. The novelty of this work is to identify how and why patients may accept this emerging technology for EHR exchange.

Improving Trust in a (Trans)National Invoicing System: The Performance of Crash vs. Byzantine Fault Tolerance at Scale

Crash fault tolerance describes the capability of a distributed system to maintain its proper function despite the occurrence of crashes or failures in one or more of its components. When a distributed system possesses crash fault tolerance, it can be further fortified to achieve Byzantine fault tolerance. Byzantine fault tolerance empowers a distributed system to establish consensus among participants, even when faced with faulty or malicious behavior. Consensus plays a critical role in various tasks, including determining the accurate value of a shared variable, electing a leader, or validating the integrity of a business transaction. Compared to crash fault tolerance, Byzantine fault tolerance instills greater trust because it enables consensus even in the presence of malicious entities. This paper focuses on the performance evaluation of two blockchain solutions that exhibit Byzantine fault tolerance, in contrast to a blockchain solution that demonstrates crash fault tolerance. Specifically, the paper investigates the additional performance requirements associated with the enhanced trust resulting from Byzantine fault tolerance in e-business trading on both national and transnational scales. We analyze the resources needed to operate a business-to-business/business-to-government (B2B/B2G) compliance framework in two distinct geographic scenarios. The first examines the national scale, using Denmark as an example, which is the eleventh largest European country by GDP. The second scenario considers the scale of the European Union (EU) with its 27 member states (plus the United Kingdom).

A Review of Blockchain Solutions in Supply Chain Traceability

A Review of Blockchain Solutions in Supply Chain Traceability

Security Model for a Central Bank in Latin America using Blockchain

Banking institutions in Latin America are the target of increasingly sophisticated and advanced cyber-attacks and threats, which increase every year and leave substantial economic losses, due to the high level of global interconnection and digitization of their operations. The objective of this work is to design a model to guarantee information security in a Central Bank in Latin America using Blockchain technology. Exploratory research, observation and inductive and deductive methods are used to propose Blockchain solutions in a Central Bank. The results are a model for secure transactions in Blockchain, Smart Contract functions and a data management process. It was concluded that the security model for a central bank provides high level of information management and storage of transactions in a secure and immutable way.

Block-Chain Framework for Educational Domain and its Benefits

Blockchain technology has gained significant attention in recent years due to its potential to revolutionize various industries. In the educational domain, a blockchain-based framework has emerged as a promising solution with several benefits. This paper explores the concept of a blockchain-based framework for the educational domain and highlights its benefits. The framework focuses on areas such as credential verification, academic records and transcripts, anti-fraud measures, micro-credentialing, secure assessments, and efficient data sharing. By leveraging blockchain technology, educational institutions can enhance transparency, security, and efficiency in these areas. Credential verification becomes more reliable and tamper-proof as digital credentials are stored on the blockchain. Academic records and transcripts can be securely shared between institutions, simplifying the transfer process and reducing administrative burdens. Blockchain's immutability and cryptographic security features help combat issues like fake degrees or certificates, ensuring the authenticity of educational qualifications. The framework also enables the issuance and management of micro-credentials, reflecting specific skills or knowledge. By recording these credentials on the blockchain, individuals can have a comprehensive and verifiable record of their lifelong learning achievements. In the assessment process, blockchain technology enhances security and integrity by preventing data manipulation or cheating. The framework provides a decentralized and transparent platform for storing question banks, exam results, and assessments. Furthermore, blockchain-based frameworks facilitate secure and efficient sharing of educational resources, research findings, and collaborations. Smart contracts automate processes such as copyright permissions, royalty distributions, and collaborative project agreements, ensuring transparency and fairness. While the benefits of a blockchain-based framework in education are promising, challenges regarding technical implementation, scalability, cost-effectiveness, and privacy must be addressed. Further research and development are needed to explore these aspects and enable widespread adoption of blockchain solutions in the educational domain

Bringing trust and transparency to the opaque world of waste management with blockchain: A Polkadot parathread application

The majority of countries are currently struggling with unsustainable levels of waste production and low levels of recycling, particularly relating to household waste, and this area is in urgent need of new solutions. In general, the waste management sector has struggled with low consumer trust, fraud, manipulation, significant manual processes, and low levels of information and control. Recent events relating to the COVID-19 pandemic have highlighted, in particular, the role of trust in effective public policy making and consumer behavioural change. Here we propose a hybrid blockchain solution called a Polkadot parachain. Polkadot is a blockchain technology that connects a network of blockchains, each called a parachain, that can be customised to the business needs of a given application. This solution provides the cost benefits, scalability, and control of a permissioned or private blockchain while providing the security, verifiability, and trust of a public blockchain. The solution is developed with a design science approach and combines three typically separate blockchain use cases: supply chain tracking, incentivisation through a payment system, and gamification to achieve a complete solution for waste management. We provide a detailed discussion on the design of this blockchain solution with the use of blockchain functionality assessed against the criteria and development approaches found in the literature. Finally, we demonstrate how such a blockchain can be implemented with the Substrate blockchain development framework.

Insurance Industry and Block Chain Technology: An Analysis of Opportunities and Challenges

Blockchain is incorporated into our distributed platform design as a system service to facilitate the execution of transactions in insurance procedures. The insurance sector is highly reliant on several procedures between parties engaged in a transaction for opening, retaining, and closing various types of policies. Our view of data management and security has undergone a paradigm shift as a result of the emergence of blockchain technology. Blockchain technology is essential to the insurance industry for optimization of claims processing and policy automation, resulting in lower costs and greater efficiency. Additionally, the ability of blockchain to increase transparency and reduce fraudulent activity promotes credibility and trust between the insured and insurer. This paper explains how the insurance sector might profit from blockchain technology investments. We review the fundamentals of blockchain technology, major platforms currently in use, and offer a simple explanation of the insurance sub-processes that blockchain might enhance. This paper also discuss about the challenges that must be overcome for blockchain solutions to be completely adopted in the insurance industry.