Blockchain Based Transparent Vehicle Insurance Management

The automotive industry is re-blooming with recent enhances in technology. Electric vehicles and autonomous vehicles are already attracting attention to the industry and providing momentum for adoption of other emerging technologies. This has its impact on a diverse range of stakeholders from manufacturers to consumers. There is a new frontier that can lend its abilities to the experiences built around vehicles and it is the blockchain technology. Blockchain technology is an enabler. It can act as a transaction medium between interacting parties. It can also be used as a tamper-free ledger to store a history of transactions. With these two simple abilities, blockchains can enable several applications to make vehicle-related experiences better. In this paper, we propose a tamper-free ledger of events as an insurance record of motor vehicles. This insurance record system can include all aspects of insurance transactions. It not only would improve the experience around proving insurance, but also act as evidence in the event of a dispute. This ledger can have extended services around providing a clean driving record. Individual drivers, dealers, insurance companies, lawyers, law enforcement agencies and motor vehicle agencies are all stakeholders of this blockchain based solution.