Smart Contracts: Blockchain's Killer App? (Insurtech Rising 2016)
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Transcript of Smart Contracts: Blockchain's Killer App? (Insurtech Rising 2016)
According to Merriam Webster:
An order or arrangement for a hired assassin to kill someone
"His enemies put out a contract on him..."
What is a contract?
One MinuteA Smart Contract is . . .Turn to your neighbour!
Together, define the termSmart Contractin 1 sentence
Smart Contracts It executes on behalf of the
contracting parties.
What makes a contract smart?
What problems do they solve?
Automation reduces cost
Shared ledger reduces reconciliation
Agility sharpens competitive edge
Cost
Complexity
Competition
Example: Inwards reinsurance processing
Smart Policy
Cedant
Reinsurer
Distributed LedgerTechnology
Audit Trail
Policy Setup
Contracts & Schedules
Review & Test
Deploy & Digitally Sign
Initial Ledger Balances
Pay Premiums
Calculate Inwards by Contract
Settle Claims
Process Reinstatements
Upload OutwardClaims
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