Fraud is problematic for all stakeholders in the insurance ecosystem and affects much more than the cost of insurance premiums as a result. The hackathon will, amongst other things, investigate using a digital asset/token or currency (such as Ripple XRP or bitcoin) as a potentially cheaper payment method than conventional methods.
It will explore a number of applications of blockchain like smart contracts, automated payments and tracking assets from when it was purchased, until destroyed or stolen. Previous claims that have been made for that asset can also be tracked thereby helping insurers prevent, detect and counter fraud.
Programmers, creatives and other changemakers will be working together to leverage the blockchain technology to provide potential solutions for some of the insurance industry’s biggest challenges. Participants don't necessarily need any experience in blockchain or cryptocurrencies to participate. Mentors will work with teams on how to rapidly deploy working prototypes. Prizes include R10,000 cash for the winning team, training courses from The Bitcoin Academy and spot prizes during the event.
Register online to participate in the event.
