{"id":129807,"date":"2020-12-09T23:31:42","date_gmt":"2020-12-09T20:31:42","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/blockchain-can-fix-indias-dysfunctional-insurance-scheme-says-wef\/"},"modified":"2020-12-09T23:31:42","modified_gmt":"2020-12-09T20:31:42","slug":"blockchain-can-fix-indias-dysfunctional-insurance-scheme-says-wef","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/blockchain-can-fix-indias-dysfunctional-insurance-scheme-says-wef\/","title":{"rendered":"# Blockchain can fix India\u2019s dysfunctional insurance scheme, says WEF"},"content":{"rendered":"<p>&#8220;<strong># Blockchain can fix India\u2019s dysfunctional insurance scheme, says WEF  <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjAtMTIvNDMyNGI0ZmYtY2RlMi00YzFmLWE2OWQtMDk3ZWZkMGQwZDNlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>Blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> and smart contracts in particular can \u201cunlock the hidden values of legacy digital systems,\u201d according to the World Economic Forum, or WEF. To understand how, look no further than India\u2019s Crop Insurance Scheme.\u00a0<\/p>\n<p>In a 40-page white paper released on Wednesday, the Geneva-based organization promotes the importance of interoperability between legacy systems and distributed ledger technologies \u2013 but only for specific use cases that are suitable for blockchains.<\/p>\n<p>The WEF <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"http:\/\/www3.weforum.org\/docs\/WEF_Interoperability_C4IR_Smart_Contracts_Project_2020.pdf\">says<\/a>:<\/p>\n<blockquote><p>\u201cOnce readers have already established that blockchain is desirable for their specific use case and business processes, this paper aims to spotlight the role of blockchain, smart contracts and oracles in accelerating the automation of such processes.&#8221;<\/p><\/blockquote>\n<p>Although the paper promotes highly technical and abstract solutions for enhancing interoperability between blockchains and legacy systems \u2014 which it calls the \u201cinteroperability bridge\u201d \u2014 it provides a tangible example in the form of India\u2019s Crop Insurance Scheme, which was devised in 2016 as a way to provide insurance coverage and financial support to farmers affected by natural disasters. <\/p>\n<p>Issues ranging from transparency and accountability to corruption and information security were all raised by agencies involved in implementing the scheme. The white paper identifies how blockchain-based smart contracts and oracle systems could overcome these challenges.<\/p>\n<p>The paper reads:<\/p>\n<blockquote><p>&#8220;The crop insurance programme serves as an apt case to highlight the current deficiencies most legacy systems face when dealing with multiparty business processes.\u201d<\/p><\/blockquote>\n<p>It continues:<\/p>\n<blockquote><p>\u201cIf an organization\u2019s objective is to automate business processes in a decentralized and disinter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>ted manner for various reasons, then a blockchain\u2011based architecture becomes imperative.<\/p><\/blockquote>\n<p>Indian regulators have had mixed feelings about cryptocurrencies, but they\u2019ve been far more receptive to blockchain technology. Earlier this year, the National Institution for Transforming India, a government entity, released a report that <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/niti.gov.in\/sites\/default\/files\/2020-01\/Blockchain_The_India_Strategy_Part_I.pdf\">explores<\/a> the role of blockchain in improving business, social and governance outcomes in the country. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/blockchain-can-fix-india-s-dysfunctional-insurance-scheme-says-wef\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Blockchain can fix India\u2019s dysfunctional insurance scheme, says WEF &#8221; Blockchain technology in general and smart contracts in particular can \u201cunlock the hidden values of legacy digital systems,\u201d according to the World Economic Forum, or WEF. To understand how, look no further than India\u2019s Crop Insurance Scheme.\u00a0 In a 40-page white paper released on&#8230;<\/p>\n","protected":false},"author":1,"featured_media":129808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/4324b4ff-cde2-4c1f-a69d-097efd0d0d3e.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,75554,79671,17318],"class_list":["post-129807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-dlt","tag-world-economic-forum","tag-india"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/129807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=129807"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/129807\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/129808"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=129807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=129807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=129807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}