ubirch – IoT Data. Secured. Forever.
The Internet of Things will only grow to its full potential, if we can truly trust all the billions of connected devices and the data they deliver …
The Blockchain for Things creates Trust for IoT devices. The ubirch solution works similar to sealing a contract at the office of a sworn-in notary. Afterwards the seal can still be broken and the contract changed – but not without leaving traces. And if these traces are detected, the original document can be retrieved from the notary’s archive.
A NOTARY SERVICE FOR THE INTERNET OF THINGS
ubirch implements exactly this level of trustworthiness by applying hard, military-grade cryptography and blockchain technology.
What makes our solution truly unique: ubirch guarantees this notary-level of trustworthiness right from the moment, data is sealed on the connected device, milliseconds after it has been measured – and not only after it has been stored in a blockchain somewhere in the cloud.
The ubirch protocol and the ubirch software are guaranteeing that IoT data is trustworthy and secure, i.e., that a sealed data packet…
…has not been changed
…originates from the device
…is not a duplicate
…has not been deleted
The ubirch protocol can secure IoT sensors in a way that insurance companies can fully rely on the data coming from the insured risks. This is also possible when the insurance company isn’t directly connected to the IT of the insured object – ubirch sealed data can also be verified when it arrives in the IT of the insurance company indirectly.
With the ubirch seal on the data the insurance company can check if the date really comes from the specified sensor/device and whether anything has been changed in the content or the order of data. This check can be performed fully automatically and at a high speed.
A solution like this offers a number of business benefits for insurance companies:
Risks can be assessed better with IoT – Sensors can provide historical information about a machine or a building, environmental conditions can be checked and IoT sensors can provide early indicators of a failure.
Damage Tracking and Prevention
Damage can be reported automatically and reliably. Whenever something happens to an insured risk IoT sensors can deliver data what happened in real time. If this data can be trusted by the insurance the claim can be handled automatically.
Fraud by forged damage data can be reduced by sealing the data from the source. Every manipulation of the data creates a red-flag immediately.
Claim settlement can potentially be automated or at least be accelerated. Condition data can be used to prevent or curb damage
Additional to securing IoT sensors it is possible to seal the data of a smartphone accordingly. In the case of photos this is particularly important for insurance companies. Using an app equipped with the ubirch protocol damage and risks can be documented, for example. Secured photos play an increasingly important role in the field of micro insurances.
“Parametric Insurances will become more and more important in the near future – but we also need solutions to get reliable IoT sensor data. The ubirch solution offers an exciting approach with an intelligent application of blockchain technology.”
Dr. Matthias Maslaton, Member of the Board ARAG SE
“Insurers have to deal more with the fact that the Internet of Things also creates new opportunities to assess and hedge risks. ubirch has developed an interesting approach to generate particularly trustworthy data.”
Frieder Knüpling, Chief Risk Officer, SCOR
WHAT WE CAN OFFER
We can help you to make your company, your IT and your team ready for IoT and Blockchain – because they will almost certainly reshape how insurances are offered in the near future.
Invite us over, and we will tell you how to build up a smart-contract based, parametric insurance that is reading IoT data from a Blockchain. Or we are doing a test-drive for your next company event, a conference or a team-workshop. Just get started, contact us whenever you are ready.
Responsible for this content