to micro-insurances to offer them at low handling costs, if underwriting and claims handling can be automated based on defined rules and the availability of reliable data sources. Payouts to insured farmers, for example, might be triggered when drought conditions are reported by verified climate/weather databases. Internet of Things (IoT). Looking forward to the IoT, cars, electronic devices or home appliances can have their own insurance policies registered and administered by smart contracts in a blockchain network, automatically detecting damage first and then triggering the repair process, as well as claims and payments.” by Mckinsey