Authors:
Aritra Bhaduri
1
;
Ayush Jain
1
;
Swagatika Sahoo
1
;
2
;
Raju Halder
1
and
Chandra Kumar
1
Affiliations:
1
Indian Institute of Technology Patna, India
;
2
Kalinga Institute of Industrial Technology, India
Keyword(s):
Metaverse, Virtual Assets, Insurance, Blockchain, Hyperledger Fabric.
Abstract:
The worlds of commerce, business, entertainment, education, and healthcare are set for a transition into the Metaverse, enabling people to socialize, shop, invest, manufacture, buy, and sell in the virtual world. This paradigm shift introduces a myriad of risks and threats to the virtual assets, unveiling new avenues for the insurance marketplace to thrive. This paper presents Metasurance, a blockchain-based decentralized platform that enables insurance organizations in crafting and administering tailored insurance products for various virtual assets across different Metaverse platforms. Our solution supports automated management of the complete life cycle, starting from insurance shopping and purchase, premium payments, maturity and claim settlement without any hassle by establishing an interoperability among different Metaverse ecosystems. Moreover, we leverage dynamic price prediction through federated learning, enabling insurance companies to optimize premiums effectively. We pre
sent our working prototype developed based on the Hyperledger Fabric blockchain platform, supported by empirical evidence from system benchmarks and load testing, demonstrating enhanced transaction throughput. To the best of our knowledge, this is the first proposal for an insurance solution within the Metaverse ecosystem.
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