Blockchain technology in general and smart contracts in particular can “unlock the hidden values of legacy digital systems,” according to the World Economic Forum , or WEF. To understand how, look no further than India’s Crop Insurance Scheme. In a 40-page white paper released on Wednesday, the Geneva-based organization promotes the importance of interoperability between legacy systems and distributed ledger technologies – but only for specific use cases that are suitable for blockchains. Although the paper promotes highly technical and abstract solutions for enhancing interoperability between blockchains and legacy systems — which it calls the “interoperability bridge” — it provides a tangible example in the form of India ’s Crop Insurance Scheme, which was devised in 2016 as a way to provide insurance coverage and financial support to farmers affected by natural disasters. Issues ranging from transparency and accountability to corruption and information security were all raised by agencies involved in implementing the scheme. The white paper identifies how blockchain-based smart contracts and oracle systems could overcome these challenges. Indian regulators have had mixed feelings about cryptocurrencies , but they’ve been far more receptive to blockchain technology. Earlier this year, the National Institution for Transforming India, a government entity, released a report that explores the role of blockchain in improving business, social and governance outcomes in the country.
All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/blockchain-can-fix-india-s-dysfunctional-insurance-scheme-says-wef
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