Workshop on Blockchain Materclass at Transforming Future Powered By #DigitalErra 2018
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This document provides an overview of blockchain technology and how it can be applied in the insurance industry. It discusses how a blockchain-based platform could create an ecosystem where healthcare providers, insurance companies, diagnostic centers, and policyholders can securely and transparently share permissioned health records. This would allow for lower insurance premiums, more predictive analytics for patient care, automated processes like claims and reconciliation, and new insurance products that incentivize healthy behaviors. The blockchain network is described as providing benefits like disintermediation, trustless exchange of information, auditability, identity management, and fraud reduction.
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Workshop on Blockchain Materclass at Transforming Future Powered By #DigitalErra 2018
- 2. The technology innovations that changed us so far
- 3. The First generation of the digital revolution brought us the Internet of Information. The Second generation is bringing us the Internet of Value. Technologies that are going to changes us going forward
- 4. A detailed look at a blocks This block/previous block Hashes Transactions Events Smart Contracts Agreement What is a blockchain?
- 5. Hash functions take any input and produce a single output The same input will always yield the same output hash It is not possible to derive the input from the output Hash functions are critical to the way blockchains work What is a Hash function? 000000572734
- 6. • A blockchain is a ledger of digital events shared between all nodes on the system. What is a blockchain? Node 4 Node 3 Node 1 Node 2
- 7. What is a blockchain? Block 1575 Transaction: Hash: 76f0ec56ce04423 Block Hash: 0000057ec2fda71 Block 1574 Transaction: Hash: 8d0df86ffc15cd62 Transaction: Hash: feb359ad27c907d Previous Block Hash: 000000d68b2f0a3b Previous Block Hash 00000057ec2fda71 Block Hash: 0000087ea2ffe94 Block 1576 Previous Block Hash 0000087ea2ffe94 Block Hash: 0000044bf2efe32 Previo 000000 Block: 000094 Previo 000000 Block: 000094 Made up of a series of blocks added in chronological order
- 8. Blocks – a detailed look Block 1575 Transaction: Hash: 8d0df86ffc15cd62 Originator: 0x04bd4155ff5243e6 Recipient: 0x0d7e5445fe7589f9 Block Hash: 0000057ec2fda71 Block 1574 Transaction: Hash: 8d0df86ffc15cd62 Originator: 0x06fd91d545105d5 Recipient: 0x04bd4155ff5243e6 Transaction: Hash: feb359ad27c907d Originator: 0x07dd71d507100c1 Recipient: 0x06fd91d545105d5 Previous Block Hash: 000000d68b2f0a3b Previous Block Hash 00000057ec2fda71 Block Hash: 0000087ea2ffe94 “This Block” Number
- 9. What’s in a Block ? Block 1575 Transaction: Hash: 8d0df86ffc15cd62 Originator: 0x04bd4155ff5243e6 Recipient: 0x0d7e5445fe7589f9 Block Hash: 0000057ec2fda71 Block 1574 Transaction: Hash: 8d0df86ffc15cd62 Originator: 0x06fd91d545105d5 Recipient: 0x04bd4155ff5243e6 Transaction: Hash: feb359ad27c907d Originator: 0x07dd71d507100c1 Recipient: 0x06fd91d545105d5 Previous Block Hash: 000000d68b2f0a3b Previous Block Hash 00000057ec2fda71 Block Hash: 0000087ea2ffe94 Transactions that occurred since the previously committed block. Previous Block Hash This Block Hash
- 10. Block 1575 Transaction: Hash: 8d0df86ffc15cd62 Block Hash: 0000057ec2fda71 Block 1574 Transaction: Hash: 8d0df86ffc15cd62 Transaction: Hash: feb359ad27c907d Previous Block Hash: 000000d68b2f0a3b Previous Block Hash 00000057ec2fda71 Block Hash: 0000087ea2ffe94 Block 1576 Previous Block Hash 00000057ec2fda71 Block Hash: 0000087ea2ffe94 Previo 000000 Block: 000094 Previo 000000 Block: 000094 “Empty” blocks can occur…. Not all blocks have Transactions
- 11. Block/Previous Block Hash Block 1575 Transaction: Hash: 8d0df86ffc15cd62 Originator: 0x04bd4155ff5243e6 Recipient: 0x0d7e5445fe7589f9 Block Hash: 0000057ec2fda71 Block 1574 Transaction: Hash: 8d0df86ffc15cd62 Originator: 0x06fd91d545105d5 Recipient: 0x04bd4155ff5243e6 Transaction: Hash: feb359ad27c907d Originator: 0x07dd71d507100c1 Recipient: 0x06fd91d545105d5 Previous Block Hash: 000000d68b2f0a3b Previous Block Hash 00000057ec2fda71 Block Hash: 0000087ea2ffe94 Acts like a pointer to the block that came before it in the chain. A hash of all the data in the previous block. Merkel Tree
- 12. Previous Block Hash & “Block 0” Block 1575 Accounts: Hash: 8d0df86ffc15cd62 Gas Limit: 2153 Mining Difficulty: x”400” Block 1574 Block Hash 000000a83b7e1e6f Block 1 Form the 'links' of the chain, back to the genesis (Block 0). Block 0 Hash: 000000d68b2f0a3b Transaction: Hash: feb359ad27c907d Originator: Alfa Romeo Recipient: Beechvale Group Previous Block Hash 000000d68b2f0a3b
- 13. Transaction details (logical) Block 1575 Transaction: Hash: 8d0df86ffc15cd62 Originator: LeaseCan Recipient: Joe Payne Block Hash: 0000057ec2fda71 Block 1574 Transaction: Hash: 8d0df86ffc15cd62 Originator: Beechvale Group Recipient: LeaseCan Transaction: Hash: feb359ad27c907d Originator: Alfa Romeo Recipient: Beechvale Group Previous Block Hash: 000000d68b2f0a3b Previous Block Hash 00000057ec2fda71 Block Hash: 0000087ea2ffe941) Interaction between two participants 2) a Call to a Smart Contract “Who” Participated in the transaction
- 14. Transaction details (actual) Block 1575 Transaction: Hash: 8d0df86ffc15cd62 Originator: 0x04bd4155ff5243e6 Recipient: 0x0d7e5445fe7589f9 Block Hash: 0000057ec2fda71 Block 1574 Transaction: Hash: 8d0df86ffc15cd62 Originator: 0x06fd91d545105d5 Recipient: 0x04bd4155ff5243e6 Transaction: Hash: feb359ad27c907d Originator: 0x07dd71d507100c1 Recipient: 0x06fd91d545105d5 Previous Block Hash: 000000d68b2f0a3b Previous Block Hash 00000057ec2fda71 Block Hash: 0000087ea2ffe94 Account addresses (pointers to account details stored in the Fabric)
- 15. Counter-party records Bank records Party C’s Records Auditor records Party B Records Party A’s Records API-integrations Incident Inefficient, expensive, vulnerable Ledger Ledger Ledger Ledger Ledger Ledger Problem - Difficult to monitor asset ownership and transfers in a trusted business network
- 16. Counter-party records Bank records Party C’s Records Auditor records Party B Records Party A’s Records Consensus, provenance, immutability, finality Ledger Ledger Ledger Ledger Ledger Ledger Participants have multiple shared ledgers NOTE : Participants same as before Solution - A permissioned, replicated, shared ledger
- 17. Blockchain for Business Smart Contract Privacy Shared Ledger ValidationEnsuring appropriate visibility; transactions are secure, authenticated & verifiable Business terms embedded in transaction database & executed with transactions All parties agree to network verified transaction Append-only distributed system of record shared across business network Broader participation, lower cost, increased efficiency
- 18. Traditional Vs Consortium Approach Empaneled Doctor A Empaneled Doctor B Sales A Insurer A Sales B Insurer B Diagnostic Centre A Diagnostic Centre B Hospital BHospital A Pandurang Pandurang is looking forward to get his life insured He is approached by an Insurance Company A Insurance Company A, spends on empaneled doctor, diagnostic center, hospitals in the process of acquiring a new customer Insurance Company A, Spends on the underwriting process and on boards Pandurang as a Policy Holder Pandurang is now approached by Insurance Company B Insurance Company B, also spends on Empaneled doctor, Diagnostic Centre, Hospitals in the process of acquiring an existing insurance policy holder Insurance Company B, Also spends additionally on the underwriting process Benefits of a Consortium ApproachTraditional Approach Traditional Approach Improve discoverability Shared trusted processes Trusted recordkeeping Reduce costs and complexity Enhance efficiencies Improved claims processing Fraud detection & Prevention Increased auditability Auto reconciliation Create shared economy
- 19. Blockchain solutions will transform healthcare enterprises and increase quality of care by enabling new ecosystems— and new business models—to evolve. Healthcare information stored in blockchain will change not only the way you store clinical information, but how you share information within your organization, with healthcare partners, payers, and most importantly, with patients.
- 20. Insurance Eco System for Trading of Permissioned Health Records Regulators UIDAI Healthcare Providers Insurance Providers Lawmakers Diagnostic Centers Suppliers / Dealers Use existing infra, policies to truly reach last mile in healthcare Data driven governance Medical Records Master New insurance products that reward diligence Audit and regulations Supply orders triggered by smart contract events PredictiveAnalytics for patient care Patient records Wearables (IOT) Policy Holders Medical History Lower premiums from trusted records Prescriptions Financial Institutions Insurance premiums/payouts triggered by events Permissioned Blockchain Network Pharmacy Pharmacies/ Pharmacuetical Companies
- 21. Disintermediation & trustless exchange Information on the platform is Secure and Immutable and transparent ledgers Auditability is built into the platform Changes to the ledger is Consensus-based and transactional Flexible and orchestrated Accountability with obfuscation, achieving privacy through channels Identity Management Faster Transactions & Lower Transaction Cost Repository for World Check, A Hybrid Blockchain in the making Automated Reconciliation Financing Decision Fraud Reduction Why Blockchain ?