Scientific project: Case Study: Automated Health Insurance Using Smart Contracts

Overview of the Project

Title: Scientific Project in FinTech and Blockchain Innovations

Motivation:

  • I will apply concepts from financial engineering, such as modeling financial decisions through real option theory and using financial instruments like loans and bonds.
  • I should be familiar with programming languages like Python or Matlab for simulating and analyzing complex decision models.

Objective and Task

Objective:

  • The main goal is to analyze business ideas that utilize smart contracts across various industries, including but not limited to banking, insurance, manufacturing, energy, and farming.

Initial Reading:

  • Before diving into your tasks,i need to read the report titled “Smart Contract Technology and Financial Inclusion” by the World Bank Group (2020). This report lays the groundwork for understanding the role of smart contracts in enhancing financial inclusion.

Specific Tasks

  1. Select a Use Case:
    • Identify a specific scenario or industry where smart contracts can be applied. Describe the traditional contracting situation that exists in this use case.
  2. Translate to Smart Contract:
    • Convert the classical contracting situation into a smart contract using an appropriate programming language. You will design and implement a decision algorithm.
  3. Design an IoT Sensor:
    • Create an IoT (Internet of Things) sensor that will interact with the smart contract. This could involve using devices like Raspberry Pi or Arduino to connect physical data to the blockchain.
  4. Simulate the Smart Contract:
    • Run simulations of my smart contract on a blockchain platform. I need to ensure that it behaves as expected under different scenarios.

Example Scenario

  • An example of your project could involve monitoring the temperature of tuna in a refrigerator. If the temperature exceeds a critical threshold (e.g., +8 degrees Celsius), the smart contract triggers a payout to the insurance company covering the financial loss due to spoilage.

Recommended Literature

  • I will be provided with literature sources to support your project, including the World Bank report and practical guides for using Raspberry Pi and mastering Ethereum smart contracts.

Reading Assignments

  • Part 1: World Bank report on smart contracts.
  • Part 2: Raspberry Pi Cookbook (covering setup, networking, operating systems, and sensors).
  • Part 3: “Mastering Ethereum” (covering smart contracts and languages like Solidity and Vyper).

Types of Oracles

  • Understand different types of oracles used in smart contracts:
    • Sensor-driven: These use real-world data captured by sensors.
    • Database-driven: These rely on data from existing databases.

Next Steps

  • Enroll in the FinTech Incubator, which is free and provides additional resources and support.

Task Expectations

    • Code Solution:
    • Develop a clean and well-structured code solution to tackle the chosen task. Follow Python style guidelines and use the provided code template


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