provide
a
platform
that
all
contested
parties
to
collaborate
with
each
other
without
a
trusted
third
party involvement.
First,
it
will
re-establish
the
trust
between
companies
by
providing
a
tamper-proof
of
records
and
audit
trails.
For
example,
blockchain
will
create
an
immutable
distributed
ledger
among
the
insurance
companies,
so
that
it
is
difficult
for
one
insurance
company
to
make
any
change
or
transactions
without
an
agreement
from
the
others.
Secondly,
Providing
a
rule
set
to
make
the
settlements
will
also
reduce
the
human
intervention
and
complete
actions
efficiently
without
much
delay.
Therefore,
information
handling
between
the
insurance
companies
and
the
Powersafe
is
less
prone
to
errors
and
data
integrity
will
be
assured.
Finally,
If
the
trust
between
the
insurance
companies
is
established,
it
is
not
required
to
have
a
trusted
third
party
to
monitor
the
actions
of
insurance
companies
which
avoids
information
flow
from
one
company
to
another
third party. This will assure the confidentiality of information as well.
3) Consortium/Private blockchain.
When
creating
and
controlling
the
nodes,
it
is
not
required
to
have
a
third
party
involvement
and
the
insurance
companies
are
accepted
or
controlled
either
by
a
consortium
of
insurers
of
the
central
authority
of
Powersafe
(i.e.,
for
private
blockchain).
In
the
meantime,
access
to
the
blockchain
and
related
data
will
be
limited
to
a
consortium
of
insurers
(i.e.
third
parties
will
not
be able to join the network as in public blockchain networks).
4)
One
of
the
main
challenges
in
deploying
blockchain
in
Power-Safe
Inc
is
the
governance.
Since
this
is
a
new
technology
and
has
not
been
widely
deployed
so
far,
there
can
be
a
lack
of
trust
in
the
new
technology.
If
the
decision-makers
(i.e.,
executives)
are
not
familiar
with
the
concepts, they will be reluctant to accept them.
The
second
is
the
steep
learning
curve.
The
company
has
to
launch
new
learning
sessions
to
educate
staff
regarding
the
blockchain
and
how
to
operate
it.
Therefore,
there
will
be
a
steep
learning
phase
at
the
beginning
which
involves
personnel
from
both
PowerSafe
Inc
and
insurance
companies
as
well.
So
this
awareness
process
will
incur
extra
costs
at
the
beginning
in addition to the cost of computing and network resources required.