A blockchain is a growing list of records, called blocks, that are linked using cryptography in a way that makes it difficult or impossible to change, hack, or cheat the system. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data. It is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. Ethereum is an open software platform based on blockchain technology that enables our developers to build and deploy decentralized applications.
Smart contract is a phrase used to describe a computer code that can facilitate the exchange of money, content, property, shares, or anything of value. It is a self- executing contract with the terms of the agreement between two parties being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. When running on the blockchain a smart contract becomes like a self-operating computer program that automatically executes when specific conditions are met. Because smart contracts run on the blockchain, they run exactly as programmed without any possibility of censorship, downtime, fraud or third-party interference, and transactions are trackable and irreversible.
The blockchain oracle forms a bridge between the smart contract and the external data needed for the smart contracts to work properly. The blockchain itself is not related to the outside world; it cannot obtain data from it. However, smart contracts built on the blockchain need data. An oracle is a special layer that connects to external data sources and then makes that data available to that particular blockchain. In practice, therefore, it is a data translation service designed specifically to enable smart contracts to implement what is contained in them.
Embed code is code that is generated by a third-party website such as InsurWiz in our case, that our partners can copy into own webpage. This embedded code will show the InsurWiz applications on the partners web page. So we can give our customers an easy way to use our solutions.
Our services are utilizing big data and blockchain technology. We develop automated processes to replace manual processes. This system examines specific events and automatically execute the specific action that was previously assigned to it.
We are able to automate any processes in which we are provided with the right data to investigate a particular event.
Our solutions are fully automated, eliminating any manual processes, resulting in a fast and efficient workflow.
In our processes we are using smart contracts, therefore there is absolutely no need of time-consuming paperwork.
The largest advantages of blockchain are transparency and immutability. All data stored on a blockchain can be tracked and these data cannot be altered.
We strive to apply the latest cutting-edge technologies and we ensure continuous improvement in order to provide future-proof services to our customers.
Our first product, MoWI, was developed for Aegon N. V. MoWI was a pilot project launched in 2019. Our aim was to introduce an innovative way of claim adjustment within the insurance process.
With MoWI, customers can customize the conditions of their insurances (e.g., what is the ideal percentage of functioning ski lifts during the trip), set the period of the travel and the expected compensation. After that, the contract is recorded as a smart contract in a public blockchain. In case the conditions are met, compensation is automatically received without claiming process.