International Journal of Computer Science & Network Security

International Journal of Computer Science & Network Security (국제컴퓨터통신보호논문지학회)
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Efficient Decentralized Sharing Economy Model Based on Blockchain Technology: A Case Study of Najm for Insurance Services Company

  • Atheer Alkhammash (Information Systems Department, Faculty of Computing and Information Technology, King Abdulaziz University) ;
  • Kawther Saeedi (Information Systems Department, Faculty of Computing and Information Technology, King Abdulaziz University) ;
  • Fatmah Baothman (Information Systems Department, Faculty of Computing and Information Technology, King Abdulaziz University) ;
  • Amal Babour (Information Systems Department, Faculty of Computing and Information Technology, King Abdulaziz University)
  • Received : 2023.09.05
  • Published : 2023.09.30
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Abstract

Blockchain is an emerging technology that is used to address ownership, centrality, and security issues in different fields. The blockchain technology has converted centralized applications into decentralized and distributed ones. In existing sharing economy applications, there are issues related to low efficiency and high complexity of services. However, blockchain technology can be adopted to overcome these issues by effectively opening up secure information channels of the sharing economy industry and other related parties, encouraging industry integration and improving the ability of sharing economy organizations to readily gain required information. This paper discusses blockchain technology to enhance the development of insurance services by proposing a five-layer decentralized model. The Najm for Insurance Services Company in Saudi Arabia was employed in a case study for applying the proposed model to effectively solve the issue of online underwriting, and to securely and efficiently enhance the verification and validation of transactions. The paper concludes with a review of the lessons learned and provides suggestions for blockchain application development process.

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