Smart contract – one of the core technologies of blockchain



Official account: BSN Institute

Blockchain is an integrated innovation of multiple computer technologies. Among these many sources, the most important one is smart contract technology.

Smart contract is based on these trusted and tamper proof data, which can automatically execute some pre-defined rules and terms. Taking insurance as an example, if everyone’s information (including medical information and risk information) is true and credible, it is easy to carry out automatic claim settlement in some standardized insurance products. In the daily business of insurance companies, although the transactions are not as frequent as those in the banking and securities industries, the dependence on reliable data is increasing. Therefore, using blockchain technology and starting from the perspective of data management can effectively help insurance companies improve their risk management ability. Specifically, it is mainly divided into policyholder risk management and insurance company risk supervision.