Beyond the Block: A Novel Blockchain-Based Technical Model for Long-Term Care Insurance

• 成果类型: Article
• 署名作者: Zhang, Wenping; Wei, Chih-Ping; Jiang, Qiqi; Peng, Chih-Hung; Zhao, J. Leon
• 署名单位: Renmin University of China; National Taiwan University; Copenhagen Business School; National Chengchi University; The Chinese University of Hong Kong, Shenzhen
• 刊物名称: JOURNAL OF MANAGEMENT INFORMATION SYSTEMS
• ISSN/ISSBN: 0742-1222
• DOI: 10.1080/07421222.2021.1912926
• 发表日期: 2021
• 页码: 374-400
• 关键词: information-technology; Supply chains; capabilities; MARKETS; DESIGN; risks

摘要

The insurance business is characterized by complicated transactional interrelationships among various stakeholders involved in insurance-related activities. Given this unique nature, the century-old challenge in the insurance industry is to effectively reduce transaction costs among the stakeholders while maintaining business privacy and trust. Although blockchain is a promising technology to mitigate this challenge, two technical issues, namely (1) inefficiency in data auditing and (2) difficulty in verifying encrypted data, are of strategic importance when applying blockchain to the insurance industry. To address these technical challenges, we propose an innovative blockchain-based technical model, InsurModel, in the context of newly initiated long-term care insurance in China. Specifically, we utilize cryptographical methods including zero-knowledge-proof to 1) represent business interdependence and 2) verify confidential business information without disclosure of specifics. We demonstrate the scalability and applicability of InsurModel and explore its strategic implications in constraining adverse behaviors of the stakeholders.