Inspiration
Our inspiration for BlockCover came from the desire to revolutionize the insurance industry by leveraging the power of Web3 technologies. We were motivated by the potential of blockchain to make insurance more transparent, efficient, and accessible.
What it does
At BlockCover, we're reimagining how personal item insurance is managed, making it more transparent, efficient, and accessible than ever before. Our platform harnesses the cutting-edge capabilities of Web3 technologies to offer real-time, blockchain-based insurance policies for a wide range of personal items—from electronics and jewelry to bikes and beyond. By integrating smart contracts and IoT devices, BlockCover automates the insurance process, offering dynamic pricing models and immediate claim resolutions without the need for intermediaries.
How we built it
We used React for our front0end web app. We included an off-chain database using MongoDB to search policy, and store metadata related to policies and claims. The smart contracts were built using RemixIDE and move language. We integrated wellfound wallet for and referred to SUI typescript docs to integrate wallet and SUI network.
Challenges we ran into
We faced challenges with integrating the wallet hooks by SUI into our application. Additionally, we encountered difficulties in finding a public API to validate the stolen status of phones for our phone insurance feature, which is crucial for accurately assessing insurance claims.
Accomplishments that we're proud of
We are proud of our innovative approach to insurance, which combines the efficiency of blockchain technology with the personal touch of insurance services. Our platform's ability to offer real-time, blockchain-based insurance policies for a wide range of personal items is a testament to our commitment to making insurance more accessible and transparent.
What we learned
We have learned designing and building a react app from scratch, integrating it with blockchain and off chain database. Move language was something new for us, and we learned creating smart contracts on move.
What's next for BlockCover
Moving forward, we want to enable community funding in this framework, strengthening automated checks and validation, providing interest on premium deposits and better risk management strategies. We plan on integrating image recognition models for damage of product validation.
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