Research from National Taiwan University in Sensor Research Provides New Insights (A Trustable and Secure Usage-Based Insurance Policy Auction Mechanism and Platform Using Blockchain and Smart Contract Technologies): Technology – Sensor Research

Tech Daily News

2023 AUG 08 (NewsRx) -- By a News Reporter-Staff News Editor at Tech Daily News -- A new study on sensor research is now available. According to news reporting from Taipei, Taiwan, by NewsRx journalists, research stated, “This study presents an architectural framework for the blockchain-based usage-based insurance (UBI) policy auction mechanism in the internet of vehicles (IoV) applications.”

Our news correspondents obtained a quote from the research from National Taiwan University: “The main objective of this study is to analyze and design the specific blockchain architecture and management considerations for the UBI environment. An auction mechanism is developed for the UBI blockchain platform to enhance consumer trust. The study identifies correlations between driving behaviors and associated risks to determine a driver’s score. A decentralized bidding algorithm is proposed and implemented on a blockchain platform using elliptic curve cryptography and first-price sealed-bid auctions. Additionally, the model incorporates intelligent contract functionality to prevent unauthorized modifications and ensure that insurance prices align with the prevailing market value. An experimental study evaluates the system’s efficacy by expanding the participant pool in the bidding process to identify the winning bidder and is investigated under scenarios where varying numbers of insurance companies submit bids.”

According to the news reporters, the research concluded: “The experimental results demonstrate that as the number of insurance companies increases exponentially, the temporal overhead incurred by the system exhibits only marginal growth. Moreover, the allocation of bids is accomplished within a significantly abbreviated timeframe. These findings provide evidence that supports the efficiency of the proposed algorithm.”

For more information on this research see: A Trustable and Secure Usage-Based Insurance Policy Auction Mechanism and Platform Using Blockchain and Smart Contract Technologies. Sensors, 2023,23(14). (Sensors - http://www.mdpi.com/journal/sensors). The publisher for Sensors is MDPI AG.

A free version of this journal article is available at https://doi.org/10.3390/s23146482.

Our news editors report that more information may be obtained by contacting Wen-Yao Lin, Department of Information Management, National Taiwan University, Taipei 10617, Taiwan. Additional authors for this research include Kuang-Yen Tai, Frank Yeong-Sung Lin.

ORCID is an identifier for authors and includes bibliographic information. The following is ORCID information for the author of this research: Kuang-Yen Tai (http://orcid.org/0000-0003-1778-8896).