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✨Ethereum P2P Escrow Insurance, Claims & Settlement

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Ethereum Open Transaction Insurance Market (EOTIM)

Project Status: Abandoned – Initial development has started, but there has not yet been a stable, usable release; the project has been abandoned and the author(s) do not intend on continuing development.

Proof of Concept for an p2p open market for insuring escrow based transactions on the blockchain.

Hypothetical Scenario

Suppose Party A is a malevolent corporate competitor to Party B in the manufacturing industry. In the pursuit of total market domination, Party A attempts to grief Party B by increasing it's inventory loss and accounts receivables default rate by making multiple orders and withdrawing the payment at the last minute.

Being suspicious, Party B demands that it will only go through with the transaction if Party A creates an insured escrow transaction. In the event that Party B sends the goods, but Party A decides to default on the transaction, a third party Party C provides insurance up to the maximum value of the transaction to be paid out to Party B for inventory loss expenses.

If, however, the transaction goes through, Party C is paid a premium on the transaction value, for providing insurance services and absorbing risk.

Building

  1. Clone repo
    $ git clone https://github.com/aquaflamingo/Ethereum-Open-Transaction-Insurance-Market eotim
  1. cd eotim && npm install
  2. Start ganache-cli
  3. Deploy contracts: run truffle migrate --reset
  4. Start the server: npm run start
  5. Navigate over to http://localhost:3000
  6. Make sure you have MetaMask
  7. ???
  8. Profit???

View

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Extension Possibilities // TODOs

  • Escalation of claims on transaction to disburse insurance back 🔥
  • Proof of Goods Arrival // defaulting of payment to counter party 🔥
  • Registry Contract with insured, owned, settled contracts for queries
  • View my insured transactions view 🔥
  • Better architecture with registry and action relayer
  • Filtering market contracts

Technology

React, Redux, Truffle, Solidity

License

This repository code is open sourced under Apache 2.0

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