Blockchain: Concepts, Issues, and Applications

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DOI :10.26650/B/T8SSc4.2024.041.007   IUP :10.26650/B/T8SSc4.2024.041.007    Tam Metin (PDF)

Blockchain-Based Insurance System for Second-Hand Products

Arzu Kilitci Calayır

By 2050, the global population is expected to reach approximately 9.7 billion. In parallel with estimated population growth, the global consumption of energy resources will also increase. Therefore, it is critical to reduce the environmental impact of consumption. From this perspective, the use of second-hand products is important for responsible consumption and production. Encouraging second-hand consumption plays an essential role in limiting production. In particular, they can contribute to environmental sustainability and socioeconomic contributions. However, consumers’ lack of trust in second-hand products is an obstacle in promoting sustainable consumption. This is because consumers are often suspicious about the quality and usage history of second-hand products. This situation may lead to a decrease in the demand for second-hand goods and waste of resources. Furthermore, the difficulty in establishing trust between sellers and buyers of second-hand goods may limit the sales potential of second-hand goods. Today’s existing insurance systems are generally not designed to provide coverage for secondhand goods, which further reduces confidence in second-hand goods. The main purpose of this study is to address the blockchain-based insurance for second-hand products. Within the scope of the study, the general framework of the subject was determined by reviewing literature and sample applications related to the subject. In addition, the second-hand consumption culture in Turkey is handled, and the status of current second-hand consumption practices and problems in their development are considered. Blockchain technology offers a model proposal for a system that can contribute to the consumption of second-hand products. The proposed model could increase consumer confidence, encourage sustainable consumption, and reduce unnecessary consumption. The lockchain-based insurance model can increase consumer confidence by providing a transparent and immutable record of second-hand product transactions. Product insurance can also ensure the sustainability of the model. The deployment of this system could also encourage responsible consumption and production, accelerating the achievement of the 12th Sustainable Development Goal of the United Nations. Blockchain-based systems can provide reliable and transparent mechanisms to promote trust and accountability. The blockchain-based model stands out in two aspects: first, ensuring up-to-date and reliable second-hand consumption; second, monitoring the demand for second-hand products through an insurance system.


Anahtar Kelimeler: Blockchain, Insurance, Circular Economy

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