MLchartDataset catalogue

Smart contract

Term · Insurance and risk management · MLC-T-INS-003109

A self-executing contract with the terms of the agreement directly written into lines of code, stored and executed on a blockchain network. In insurance, smart contracts can automate claims processing and payouts when predefined conditions are met. This technology aims to increase transparency and efficiency in insurance transactions.

Table 1. Record
IdentifierMLC-T-INS-003109
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-003109",
  "term": "Smart contract",
  "field": "Insurance and risk management",
  "definition": "A self-executing contract with the terms of the agreement directly written into lines of code, stored and executed on a blockchain network. In insurance, smart contracts can automate claims processing and payouts when predefined conditions are met. This technology aims to increase transparency and efficiency in insurance transactions.",
  "url": "https://mlchart.com/terminology/insurance/smart-contract/"
}

Record 3,167 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.