📖Devpost description

What inspired us

• Participate in disrupting the insurance industry

• Develop superior solutions for customers compared to current coverages

• Growing need and opportunities for climate-related insurance products

• Use cool new technologies, learn and grow together as a team. DLT is the future! Especially in insurance!

What it does

• Parametric insurance coverage for vessels against heavy storms

• Shipowners, charterers, logistic companies etc. get an automatic pay-out when the ship goes through a heavy storm of a certain magnitude (12 Beaufort)

• Useful to insure financial losses due to delayed arrival or due to damage of goods or the ship

• Customers purchase coverage based on the ID of the ship and the prospective route. The route and the weather conditions of the ship are tracked by Keepers, Smart Contract and Chainlink Node/Adapter.

How we built it

• Based on smart contracts, Chainlink Keepers and Chainlink Node/Adapter

• React frontend with connections to Web3 components

• We used the Datalastic API to track the vessel (every hour) and the Storm Glass API to check the weather data for the current position of the ship

• As soon as the threshold for the payout is met (a certain level of wind speed/gusts over a certain period of time), the payout is triggered

Challenges we ran into

Accomplishments that we're proud of

• That we all met for this on Discord and the Team Creating Event - and stayed together!

• Getting it done. Having succeeded in coding it end-to-end and having successfully tested the solution. Without prior deep expertise in many major components of the solution, especially everything Chainlink. And alongside our demanding jobs.

• Growing together as a team, although we are based in 4 different countries with a time differential of 6 hours. And it was a fun experience as well...

What we learned

• A lot.

What's next for Team Ocean Storm

• Ocean Storm is the second prototype developed by InsureBlox, an early-stage InsurTech startup soon to be founded in Germany and Liechtenstein. Only Martin has been part of InsureBlox before. We will see, if and how we all cooperate in the future. Hopefully, we will... ;-)

• InsureBlox will revolutionize insurance by using IoT data and DLT for new types of coverages. Parametric coverages are the main focus. InsureBlox currently focuses on specific risks in the decentralized energy market, but also in mobility, Industry 4.0 and logistics.

• The next step will be to integrate IoT data into the storm coverage, e.g. telemetrics data from ships or containers that are supposed to be insured.

• Furthermore, to adapt the solution for energy facilities like offshore and onshore windmills, power grids etc.

• Finally, to find industry partners to bring this solution live.