 Good afternoon and first of all, it's really great being here, especially hi to everybody here and hi to the all words looking kind of watching me live. So it's a great actually first Asia journey has been really great for me. The past three days are excellent and I hope that the excitement has not gone a bit down today. Even to the last day, but it's still the blockchain track is has just started and it's really great to present in front of you all. So let me get my presentation. Yeah. So I will be speaking something about the blockchain and how exactly is impacting the insurance industry and since the first talk about the blockchain. I will be explaining a bit about blockchain as well. So before that, let me give you a brief introduction about myself. So my name is Amod Narvekar and I am an m tech a masters and that is empty in computer technology. I've done my masters over there and one more thing that while I was in my family of engineering, I had started contributing to the open source projects of Mozilla. I started with the bug fixing and Firefox OS application development. Yes, there was a Firefox operating system altogether during that time and I started contributing that so eventually based on my contributions and based on my performance over there. I was nominated as a representative of Mozilla from India and due to which I was able or I got a platform to attend many of the events regarding Mozilla or regarding many open source conferences where I was able to or where I got a chance to present my myself to the wider range of audience. This is even one of those. So let's quickly jump to the agenda of today's today's session. So I will just briefly demonstrate of what exactly is blockchain and when it comes to insurance that has to a factor of trust. What exactly trust and insurance are kind of interrelated to then we will just go to the security model which we have proposed for the blockchain, especially when we are kind of trying to get in the insurance sector. And when we go to the model, we have to kind of judge or basically have to comment on the complexity and the efficiency of the algorithm as well. So let's get started with it. So one thing that how I came to know about blockchain. So those were blockchain developers here might be knowing that there is a consensus conference which is held every year in New York. And one, at least I think two years back, I just happened to go through the videos of the consensus and I came to know that blockchain is kind of the advent of the blockchain was similar to that of the internet. Means internet was kind of invented past 20, 25 years. During that time, it took some time to sink in. Similarly, the case is with the blockchain. It will take some time, but it is very important. Secondly, it has the ability to change life completely because it is more of a secure model. It has very security kind of features. And that's the reason it has a very much chance to change our life completely. Secondly, it is simple, but when we try to implement it, it is a complex. And last, but most important fact, which I would like to tell about blockchain, that it is not spelled as B-I-T-C-O-I-N. So many people kind of confuse the blockchain with Bitcoin. So Bitcoin, if you see, if you may well say that Bitcoin is a technology behind the blockchain, but that is not true especially. If in that case, we might say that email is a technology behind internet. So even though those are very interlinked, those are related, but that's not for what blockchain has been invented. So blockchain goes on a very kind of important factor or very important component, what we call it as ledger. So a ledger is basically a documentation of the record for the transactions, which we are kind of processing. Let's say I'm sitting in Singapore. One of my friends is sitting in New York. He wants to transfer some money to me. So that's not just one simple process. There are many third parties, many banks as well, which are kind of interlinked with them to happen this transaction smoothly. So when this ledger comes into picture, there are kind of trust issues as well. Secondly, as you know that all the people, all the developers are not good. There are some hackers as well, which try to exploit the transaction for their own personal benefit. And that's the reason we need to have a trusted chain, which is provided by the blockchain. So as you can see in one of the lower GIFs that when a kind of hacker or a bad person tries to intercept, basically all the blockchains or the block come to know or basically they don't give that approval to the hacker to be in the system. So while I was going through the blockchain, when I was trying to understand it better, I found a really very good analogy with the women's kitty party. I'm not sure how it is practiced in Singapore, but in India, women basically or women generally go out, they basically hang out and have a kitty party and they discuss various stuff. So one of the very important games in the kitty party is that they basically have this lottery. Let's say every woman will contribute, let's say one dollar, one or two dollars. And at the end, there will be a lucky draw. The one whose name appears in the shit will basically win all the amount. So now in this case, just analyze it or kind of have an analogy with respect to blockchain. Now is it like, is there any kind of central trust party that basically takes the responsibility of all the trust with the women? No. Each and every woman has a trust about others. That's how blockchain also works. Each and every block or each and every node basically trust or has this mutual trust with the other nodes, of course with enhanced technology. But there is a trust. Secondly, now let's say if among these five women, one woman has some bad intentions to steal all the money. So if in that case, that woman has to influence each and every woman in the group, just having me having bad intention won't impact or won't be of any benefit to me. Unless and until I impact or I can corrupt the mindset of every other woman. So in that in that case, also the blockchain works similarly. If there is a kind of hacker, then he has to hack almost all the nodes, which is practically impossible. And that's why blockchain is said to be the secure one. Now come to the insurance. Now, as we know that insurance basically each and every person has an insurance, whether it respect to automobile or whether it respect to property, or even now onwards or it's like since many years, we have insurance based on our smart devices as well. We purchase laptop, we purchase cell phones, we purchase very high end gadgets, and we make sure that we ensure them. So that is the reason in that case, there are chance of frauds. There are many kind of organizations or let's say they are not authorized, but they kind of fool people into getting things from them or getting contracts from them. And basically they can loot away all the money. So in that case, blockchain basically provides the security or the trust. Secondly, one more important factor is that as we see that blockchain is a chain of blocks. So every since there is a chain, the transaction which had happened earlier can be tracked because since it is a particular chain, let's say one of my transactions getting added, but I just wanted to confirm that what exactly happened in previous five blocks. I can do that because there is a link. Sorry. And as we know that with respect to the insurance is concerned, we have the advent of smart devices as well. We have smart phones, we have tablets, and we have n number of applications through which we can just apply for an insurance by click often button. So we need to focus or we need to kind of have this blockchain to support this IOT mechanism as well because there can be many kind of networks and many third party applications. And even those two parties, let's say the user and the insurance company may be trusted. But in between, if the data has been accessed by some third party, which has some vulnerability flaws, then during that time as well, this kind of blockchain comes into the rescue and we can make sure that the data is not getting corrupted or data is not getting in the wrong hands. So coming to the pillars of blockchain. So first is the decentralization. So as we know that there is no single trusted party which basically takes care of all the trust or all the security measures. Each and every block is responsible for its own security as well as the trust factor it builds with the other blocks. Second is the encryption. We have a tool major layer of encryption. First is the hashing and second is the asymmetric algorithm or symmetric key algorithm due to which it becomes practically impossible to trace the exact content of the data which we are actually sharing among the blocks. Second is the very important thing that is the consensus. Let's say if I want to add my transaction to the block, then I should get the consensus from each and every block in the chain. So if I want to make my system full secure, if I want to make my blockchain technology full extremely secure, then I need to make sure that each and every other block in the chain gives the positive consensus or the positive feedback about what exactly transaction I'm adding to. And last is the smart contracts which is again very important. It is basically contract or basically an algorithm or basically methodology which each and every model uses to ensure that their transaction is safe throughout the system. Now coming to the blockchain security model. So this is just one prototype or what we can see an instance of what exactly a model could be. So let's say I'm working or let's say if I want to have an insurance of my automobile. Let's say if I kind of get my automobile bashed somewhere and if I want to generate a claim. So let's say when I generate a transaction, a block is created with let's say following details. These are just one sample of an example I'm giving, but in actual a block might contain all the details like the header information, the tailor and etc. But mainly let's say if I'm the applicant or if I want to apply for insurance, it will be my detail. The claim data, it will be that exactly what let's say if I want to apply for the car insurance, then the details of the car details of the etc. Which so one thing I want to mention that basically in these kind of two information I have my as well as my claims very much private and personal data, which is very risky if it gets in the wrong hands. And the third component is encrypted data, which we will just see in the next slide. So likewise, if I want to add my data in the chain, we need to understand that there are a lot many kind of transactions, a lot many kind of blocks, which are already existing and I will be just adding my data to that chain. So now to make my data or to make my claim or to make my information more secure, I will have to go through this digital signature procedure. So what exactly this procedure will be? So first of all, in my block, there are two components, applicant details and claim details. Basically, I will make sure that I am going to apply a hashing algorithm to them to that so that the output generated is a hashed output. Why exactly are applying the hashing algorithm? I will tell you in the next slide, but the process will be that of all the data which I want to make sure that doesn't get in the wrong hands. I will have to apply the SHA algorithm, which is one of the hashing algorithms and to get the hashed output. Next step will be from from the hashed on the hashed output, I will be applying the asymmetric key algorithm, which in most of the cases it is RSA encryption algorithm because it is one of the secure encryption algorithms. So in asymmetric key algorithm, just to give a brief background, we will be having two keys, the sender's private key and the public key. So public key will be kind of available openly, but private key will be only with the sender. So sender will be encrypting his data with the private key and receiver can only have or can only decrypt data with the public key. So once we have this encrypted data, we will be adding it to the block. So the third component of the block that is the encrypted data will be generated through this process. And once we have a set of block with the encrypted data, we will be kind of publishing it or we'll be kind of giving it to the other blocks for the approval. Now this happened at the sender's end. Now coming back to the receiver's end, so when the receiver basically receives the block for the approval or for the consensus, so it will be having the receiver's public key and the encrypted data, it will be applying the RSA decryption to get the hashed output. Now if you see the hashed output should be similar to what we had generated in the previous slide. It should be similar. If it is similar, then and then only it will be giving the approval. So now the point of telling is that if I am the hacker and if I want to tamper one of the particular block details, then basically the hashed output will never be same. And that is the reason the I won't get consensus or the approval or the positive feedback from the rest of the blocks. And in most of the consensus process to make the system a bit less complex, instead of having an approval from all the blocks, we are just having an approval from the 80% of the blocks. Let's say if I'm having the 100 blocks in the kind of system and if I'm getting the approval from at least 80 blocks, then the transaction is considered as valid. And those blocks for the information are considered as miners because they are getting or they are taking the part in the mining process of the consensus. And let's say basically a scenario where I am the hacker and I just came to know that the transaction is getting kind of in process. If I want to kind of corrupt or tamper the data or fetch the details of that particular individual. So basically practically it is impossible. But let me say that if I happen to get the signing key of the sender of the block, let's say, so even if I'm getting the signing key, it will be ensured that the hashed output will be different. So due to which what will happen that if I let's say if I want to tamper a particular block, I tampered it and I went that passed the block to the chain. And if I get the rejection from rest of the blocks, then I won't be able to proceed further. So for that, I will have to tamper 80% of the block in the chain, which is ideally impossible. Because I just give an example of the 100 blocks, but in the real example scenario, there will be millions of the blocks and being a hacker to tamper at least 80% of them, which is practically impossible. And that's the reason that is how blockchain is termed as the secure or the most secure technology. Because a hacker has to do a really high amount of effort in order to make his point come true. So we use these two algorithms that is the SHA and SHA one that is the shower one, which you call it and the RSA. So first of all, why exactly one question might arise that why exactly are we using the hashing algorithm? Let me just navigate quickly to this slide, previous slides. So why exactly are we applying this hashing algorithm? We can directly apply to the RSA encryption and get the encrypted data. The reason being that when we apply to the hashing algorithm and when we get the hashed output, the output has limitation with size or it is finite in number. And RSA algorithm is computationally expensive. It is very kind of expensive to provide a large amount of data to the algorithm and basically get the encrypted data. Even though it will give the proper output, but it will be very much time consuming and the performance of the entire system will slow down. So that's the reason we are applying the SHA algorithm to get the hashed output, which is a finite number which of the finite length and that finite length we applied to the RSA encryption. Secondly, the hashed algorithm is one way. I won't be able to come back or I won't be able to decrypt the original data from the hashed output. That is the reason what far we can go is we can just compare the hashed output, but we cannot get the actual applicant details and the claim details while actually we are kind of processing an insurance or a claim. So let me go back to the slides further. So that's the reason it is computationally efficient and as we know that as we just discussed that it is fixed length input due to which the complexity is in the limit. And secondly, thirdly, it is collision resistant means no two hashed output will be same for different inputs. So let's say if I'm just changing one character of the input, the hashed output will be totally different. Secondly, the hashed output or the hash text won't give me any characteristics of the input. Let's say for just to give an example, let's say I'm just trying to passing a number. So the hashed output won't tell me even the features like whether this number is even or odd or whether this number is two or three digit or whether his number is prime or something. So I won't be able to guess anything about the input if I apply the SHA algorithm from the hashed text output. And once we apply or once we kind of have the blockchain technology in place, we have a good impact in the insurance. First is basically we are able to get a digital identity. So we have a secure digital identity due to which we can process our claims very easily. Second is the Bitcoin. So as we say that blockchain is tremendously implemented in Bitcoin because we have this inter or the third party or interbank transactions across countries, across states, across regions, so much that we need to have a secure kind of technology in place. So that is the reason we might need to have this blockchain technology in insurance as well. And lastly, I discussed that since we are having a lot of interbank transactions, we need to maintain our way to give a kind of awareness about security as well. Okay, so if you're having this blockchain, then definitely we are at a very secure level because we have trust as well as we have the consensus as well as we have all the definite characteristics which a blockchain possesses. And as far as the platforms are concerned about the blockchain, so we have these many platforms. So basically Ethereum, Ripple, Corum, Hyperledger Fabric. So I think if I'm not wrong, Corum basically deals with the smart contracts. I need to revise this once, but yes, Corum deals with smart contracts. At the same time, Ethereum deals with I think B2B business to business or basically e-commerce when it is being implemented. So Ethereum is widely used or it is being in the process of being adopted by many organizations or many institutes. And regarding Ripple and Hyper Fabric are similar technologies, I guess, which are being used especially when we are trying to have in the healthcare systems. When you're trying to have this, I think this Hyperledger Fabric is being used. And as far as the financial thing is concerned or the financial services are concerned like in insurance. So basically we have R3 Corda. So we have these many characteristics which are being used like basically consensus. Then privacy, they have proved that the privacy of the data is being maintained and it's not getting violated anywhere. Then secondly, blockchain as we say that is computationally bit expensive. So we need to have an architecture in place that can integrate with the other infrastructure as well. And Corda, even though it is used for the finance, but it can be extended to the other factors as well. So this is all about the blockchain, what I wanted to kind of convey to you. Only one factor which might come as a hindrance is the scalability because when we try to perform the transactions, the transaction is not just 10 or 15 as far as the insurance is concerned because every person have multiple insurances and when we try to accumulate all of these across the all people in the world, then we need to create those many blocks, millions or trillions of blocks and we need to have the security in place. So only one challenge which comes in the blockchain is the architecture of it. We need to have a strong architecture in place, a costly architecture in place, but yes it is worth it because it provides a lot of trust factor as well. So I think that is from my end. So I'm most welcome to any questions. Yes, sure. Yes, so basically, yeah. Yes. So basically as you said that I just kind of explained the entire how exactly blockchain works or how blockchain should work in the insurance. But blockchain as we know that it's a concept which can be implemented in any language or can be implemented in the platform or implemented in the cloud as well. So there are many, let's say one of the firm, let's say American Auto Oil Insurance that basically is kind of incorporating this blockchain and they are trying to incorporate blockchain, cloud and the IOT because these just having a blockchain won't work. Just having a, but having us especially taking the smart technology into consideration is also a kind of beneficial factor. So that it's one of the example where they're kind of trying to post all the ledgers on the cloud with the blockchain in it and basically have this interconnection with the smart devices as well. So it's one of the example. You may say so. Next question. Sure. Sorry I didn't get your question. Can you pass the mic please? Sure. Sorry for the inconvenience caused but we're sure. Okay so if let's say the insured person is not available, that means the person has passed away and he wants to make, the family wants to make an insurance claim as you mentioned that they have a digital identity using a blockchain. Then how then can they confirm that this family belongs to this insured person and through blockchain? Yeah. So basically the claim details will have the information about everything. Let's say when the person, let's say one of the family member is like you said is no more and I want to kind of apply a claim on his behalf. Then basically the claim details or my claim details will contain everything my relation with the person as at the same time his documents like the certificates which we kind of providing as an entry level. So those verification steps or those proofs need to be there and that will be a part of the claim details as well. Sure. So yeah. Is there any particular reason why you chose Shahwan to be your hashing algorithm? Because it's, I don't know whether you're aware of this demonstrated a collision attack back in 2017. So yeah. So as far as I have researched about it, Shahwan is treated as one of the most secure is a hashing algorithm and not is not so. Okay. So because it basically gives the conceptual that is a fixed output length. So that's the reason it is being chosen over the other algorithms as well. Okay. So you mean to say Shah 256 or any other algorithms are kind of more secure than this? Okay. Okay. Okay. Okay. Okay. Okay. I think the Shah 256 or something. Oh, okay. Okay. So I think 256 algorithm, I think that might be a change required from my side that 256 or 256 was not Shahwan. Okay. Yeah, right. I will take into consideration so that when I will implement this production technology as a prototype, then that algorithm is something which I want to go ahead with. Any other question? And first of all, I'm really happy to get so many questions with it. So that clearly seems that my talk was to some extent effective. Any feedbacks or any suggestions are almost welcome because we have so much of time. How many? Actually, we're almost out. We've got like two minutes. Oh, two minutes. Any feedbacks or any suggestions or any further extensions to the model which I have provided or it's like if you think that there should be any one level, one more level of security and at what level it should be. Any thoughts on that? Yeah. IBM, KPMG, all these other companies are building for insurance companies and maybe going through the pain points that they have. Okay. Because it's pretty revealing for an audience like this, I think. True. Exactly. Sure. Because I had thought of this, but since I'm representing Mozilla, I thought it will be a bit inappropriate for me to kind of project any other firms model. So that's the reason. But yes, those kind of white papers are, I have kind of gone through them and I have them in mind. So anything else? Sure. Sure. Then I think we should be, we should present our next talk. Thank you very much. Thank you.