indemDeFi : Indemnity through Decentralized Finance -To streamline the delivery of benefits to those sets of citizens affected by displacement as a result of a catastrophic loss event. With the effects of Climate Change, we as a planet are experiencing Natural Disasters that are much more destructive with each event. From Wildfires, Hurricanes and other Natural Disasters, the Insurance industry needs to expedite delivery of benefits and services to minimize disruption to their customers.
What it does
The dapp allows customers to trigger a "Fire" situation (Emergency) and enable their benefits card in a click of a button. It allows the user to check their claim receipts and also check out at their purses namely "lodging", "meals" and "supplies". The user can transact either using the payments card or by issuing a claim to the appropriate wallet. The app also loads the latest available "Per Diem" data and real-time weather data to enable automatic trigger of the benefits card.
How we built it
We took the traditional use case and mapped the appropriate features to Agoric and Tendermint with UI/UX from AI bots and GraphQL. We utilized the cosmic-swingset examples to construct the smart contract behind the policy and insurance calculations using the realtime data stored in the tendermint blockchain. We constructed two different blockchain ID's on tendermint to store the FEMA mandated Per Diem data using the OpenGSA API and a realtime weather oracle respectively. We attempted to utilize ICS to formulate the calculations (We did not get this far yet).
Challenges we ran into
We had issues with the libraries that were attempting to use but learned a lot from the examples and the Documentation available. We also had to improvise quite a bit to work around the block size (1 Mb) and also structuring it in a way that we can easily retrieve. We also have programmed most of the backends and have been partially successful in connecting to the frontends. But we managed to do our best to pin up most of the libraries and enable a partial communication between the backends and the views.
Accomplishments that we're proud of
We were surprised to find a few efficient solutions to some adaptations in the libraries that we were depending on. We also have published the solutions we found on the slack channels for the other fellow hackers to utilize which we believe might have saved a good chunk of time.
What we learned
The feedback we got from our fellow peers reinforced our ideas and the efforts that we were taking. Even though there are many blockchains out there, we learnt quick finality (Cosmic/Tendermint) and data security(Agoric/SES) is certainly a game-changer when it comes to real-world adoption.
What's next for indemDeFi
We will be pursuing the project to fruition as we planned to include this idea as a module to one of our projects that we are working on.