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✨Ethereum P2P Escrow Insurance, Claims & Settlement

JavaScript 80.66% HTML 2.09% CSS 0.30% Solidity 16.95%

insurance ethereum smart contracts solidity truffle

eotim's Introduction

Ethereum Open Transaction Insurance Market (EOTIM)

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

Clone repo

    $ git clone https://github.com/aquaflamingo/Ethereum-Open-Transaction-Insurance-Market eotim

cd eotim && npm install
Start ganache-cli
Deploy contracts: run truffle migrate --reset
Start the server: npm run start
Navigate over to http://localhost:3000
Make sure you have MetaMask
???
Profit???

View

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

eotim's People

Contributors

Stargazers

Watchers

eotim's Issues

Port to ethereumProvider

Metamask deprecation notice

makeClaim on transaction default + add defaulted state

Thinking

When the transaction owner (i.e. person who's paying for the goods) defaults on the counter party (i.e. goods were sent, but trxn owner decides not to settle payment), counter party makes a claim providing a proof of default (i.e. proof of location goods delivery).

State should change to defaulted, and the insurance coverage should be dispersed to counterparty?

Immediate concerns

need proof of location or alternative proof - (location, FOAM)?
IPFS integration
claims view.

Add "View My Insured Contracts" View

For a user who has insured a contract, should be able to view the contracts they have insured, and if need be transfer the insurance.

"My Transactions" panel for owners to complete transaction.

Dashboard Unsettled vs Settled Transactions View

Dashboard should present list of settled vs unsettled transactions view.

Disentangle OfferItem, Container and Marketplace Components

At the moment the OfferItemContainer depends on an onClick passed down from Marketplace.

This is silly, and can be refactored similar to status updates presented on dashboard, where the Container is a component that takes care of everything from it's actions to render, then kicks state updates through the redux reducers via dispatch to higher level components.

Fix contracts to distribute premium payout to insurer on settle

Function in question:

User sends settlement fee to this function, should calculate and distribute back the premium_payout to the insurer if state is Insured

function settle() public payable returns (bool _success) {
   if (isInsured?) {
    // subtract from contract balance to send back to insurer + premium_payout
  } // etc
}

Incorrect contract to react premium listings (ex. why is maxCoverage becoming premium in the contract return values)
Use some sort of realistic insurance benchmark for calculating premium and return.