Applications of blockchain-based smart contracts in the field of health insurance

Purpose: This study specifically focus on to explore the user behavioral factors to use blockchain smart contracts for managing their healthcare insurance services in Malaysia. Design/methodology/approach: Utilizing quantitative deductive research, this study tested the Unified Theory of Acceptance use of Technology (UTAUT), the task-technology fit (TTF) and initial trust model (ITM) concerning the user intenton towards blockchain smart contract in healthcare insurance services. Based on convenience sampling, the questionnaire distributed via google form and received 234 responses. The hypotheses is tested based on path coefficient analysis of SEM framework. Findings: Results shows that the competency of the technology to perform the related tasks influence their intention to use this new technology advancement. Consumer initial trust on technology contributes to their intention especially in terms of structural assurances. The intention is increased when the benefits provided by utilizing this technology outweigh the costs. Research limitations/implications: This research was conducted only in Malaysia with the awareness of the blockchain smart contract on insurance services still at initial stage, therefore the findings are inapplicable across countries. However, this study provides significant guidelines for policymakers and industry players in designing frameworks, products or strategies to enhance the development of blockchain smart contracts on healthcare insurance. Originality/value: The research findings added insight to the current body of knowledge on the factors influencing behavioral intentions to use blockchain smart contracts to manage healthcare insurance services. There are limited studies focusing on this topic, especially for Malaysia. Keywords: Blockchain, smart contract, healthcare insurance, initial trust, task technology fit
Introduction People have relied significantly on insurance for many years to safeguard their assets and even their lives. However, the traditional insurance procedure is frequently cumbersome, prone to fraud, and [...]