Web3 enabler Parameta (PARAMETA, formerly ICONLOOP) said on Tuesday it completed a proof of concept (PoC) with Shinhan EZ Insurance on the overall insurance process, from product creation to settlement, including premium payments and insurance payouts using deposit tokens.

The company said the PoC validated not only using deposit tokens for premium payments and payouts, but also a structure that links overall insurance operations on a blockchain and allows verification of judgment grounds and processing histories.

The two companies implemented the full processing flow in a test environment, from product creation, premium collection, judgment data collection, payout condition determination, insurance payout, exception handling and settlement, and checked the linkage structure at each stage.

They also implemented a reliable judgment and payout environment based on external indicators such as weather using blockchain technology, and confirmed a structure that can track judgment data and processing histories.

Based on its digital asset financial infrastructure, Parasta, Parameta implemented the overall insurance process in a test environment using blockchain and smart contracts, from product registration and premium collection to external-indicator-based data judgment, insurance payout, exception handling and settlement.

Jong-hyup Kim (김종협), CEO of Parameta, said, “This verification is meaningful in that it did not stop at using deposit tokens as a simple payment method, but implemented the entire process of determining insurance conditions based on external indicators and linking it through payout and settlement.” He said Parameta will review possibilities in various ways, including specifying the scope for applying it across Shinhan EZ Insurance’s insurance operations, based on blockchain infrastructure that supports financial institutions’ use of digital assets.