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Smart Contracts Basics - Silicon Valley Insurance Accelerator Blockchain Bootcamp


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Slides from my recent talk about Smart Contracts at the SVIA (Silicon Valley Insurance Accelerator) Blockchain Bootcamp ( Professional edited video to come but not available yet. More about blockchain available at and @audsinthecity (Twitter)

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Smart Contracts Basics - Silicon Valley Insurance Accelerator Blockchain Bootcamp

  1. 1. smart contracts: how do they work? audrey chaing december 2017
  2. 2. Table of Contents • What Is A Smart Contract? • Insurance Industry Examples
  3. 3. Smart Contracts
  4. 4. What Is A Smart Contract? Source: Wikipedia, a computer protocol intended to facilitate, verify, or enforce the negotiation or performance of a contract
  5. 5. In the context of blockchain… Source: Smart contracts are – • Pre-written logic (computer code) • Stored & replicated on distributed storage platform (eg a blockchain) • Executed by a network of computers (usually same ones running blockchain) • Can result in ledger updates (cryptocurrency payments, etc) = distributed trustworthy STORAGE = distributed trustworthy CALCULATIONS
  6. 6. Traditional vs. Smart Contracts Source: Attores
  7. 7. Basic Ethereum Smart Contract Source: Solidity Documentation
  8. 8. Industry Examples
  9. 9. Popular Insurance Use Cases • Travel/Life : immediate payouts for delays & cancellations. • Claims Management : automate the verification of coverage and streamline claims settlement to improve operational efficiency and remove costs. • Reinsurance Claims : automate straightforward claims triggered by smart reinsurance contracts and models. • Peer-to-Peer Insurance : peer-to-peer network to establish smart contracts without the need for an intermediary or administrator. Source: KPMG
  10. 10. Source: Etherisc • De-centralized insurance applications. • Founded in 2016. • 1st app, Flight Delay: automates insurance payout if flight is delayed or cancelled. • Pilot developed for DevCon2. Could use the product at DevCon3. • Other demos: Crop Insurance, Social Security Insurance. • "Most Innovative Blockchain Startup" award announced at Blockshow Europe 2017.
  11. 11. Source: Etherisc, Events in InsurTech Blockchain
  12. 12. Not Just Startups… Source: Artificial Lawyer Insurance cover for flight delays Smart contract/blockchain platform for insurance with focus on global shipping Special consultancy division for Smart contracts & blockchain
  13. 13. Thank You Audrey Chaing is a cryptocurrency trader and blockchain analyst, and runs the news site • Trading Bitcoin since 2013. Member of the Oakland Blockchain Developers. • Co-founded 2 companies in food tech and genetics, through which she participated in Start-Up Chile and Singularity University Global Solutions Program. • Over a decade of experience on Wall Street as an investor, trader, and research analyst at companies like Credit Suisse, Wells Fargo, and BlackRock. • Audrey has a degree in Computer Science from MIT with a concentration in Artificial Intelligence, and earned her MBA at the Wharton School of the University of Pennsylvania. @audsinthecity