We at This Place are thrilled to announce that we won the London Blockchain Insurance Hackathon, tackling the challenge of how Blockchain technology could be used to reimagine the insurance industry. The concept of creating smart contracts on Ethereum that integrate data from weather forecasts and IoT sensors beat out competing participants from Accenture, KPMG, Microsoft, HSBC, Travellers and CryptoCompare.
Comments from Team Leader Christoph Burgdorfer:
“I was really impressed by the level of innovation and creativity at this year’s #Breaktheblock hackathon. I believe that our team did an outstanding job in putting together a solution that could set the bar for the next generation of insurance.”
The team was challenged with showing the potential of Blockchain technology and how it can used to disrupt the insurance industry. Our idea was based around using the Ethereum Blockchain to insure events against the negative impact of an event of rainy weather.
The premise of our idea has huge potential to be used across a number of applications and was commended on its innovative use of various technologies to address the issues within the insurance industry. The use of forward thinking new technology and innovation is something that is highly valued at This Place and will continue to explore and invest in.
In our solution the underwriting process is fully automated and the insurance policies are issued in the form of smart contracts on the Ethereum blockchain. The underwriting process relies on weather forecast data in order to calculate the insurance premium and the potential payout in the case of rain. IoT devices then detect rain at the event alongside with real-time weather data. In the event of rain, the claim processes get automatically triggered alongside with a location based verification mechanism.
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The winning team: