Blockchain-Based Car Insurance Platform

[GENERAL] Name and Surname of Main Applicant

Oussama Benmahmoud

[GENERAL] Email address of Main Applicant

oussama.benmahmoud@peak-soft.de

Additional Applicants

Abderrahim Issaoui

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

10

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.

No

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.” in this field.

No dependencies.

[GENERAL] Will your project outputs be fully Open Source?

No

[GENERAL] If NO, please describe which outputs are not going to be open source. If YES, please write “Project will be fully open source.” in this field.

The decision to keep some components of our project non-open source is also driven by our ambition to establish a commercially viable product. This serves a two-fold purpose. Firstly, it allows us to generate revenue as a company to fund our activities, ensuring the project's ongoing development and maintenance. Secondly, it acts as a testament to the potential of the Cardano ecosystem to facilitate not just community-driven, open source projects, but also commercially viable solutions.

Our goal is to create real value within the Cardano ecosystem that extends beyond the typical open source community projects. By building a successful commercial application on Cardano, we hope to showcase the potential of Cardano to drive growth in the capital market and foster a new wave of enterprise-level adoption. This would not only help us monetize our project but also contribute to the overall value of the Cardano ecosystem.

We believe that demonstrating successful commercialization of projects within the Cardano ecosystem can inspire other entrepreneurs and businesses to leverage the technology, thus driving the ecosystem's growth and expanding its influence. While open source projects are crucial for the collaborative growth of the ecosystem, commercially viable projects prove the practical utility and economic viability of the technology to a broader audience. It's this balance between collaboration and commercialization that we believe will ultimately drive the sustained success of the Cardano ecosystem.

[METADATA] Category of Proposal

Other

[IMPACT] Please describe your proposed solution.

Our proposed solution is to build a minimum viable product (MVP) that demonstrates how blockchain technology, specifically the Cardano blockchain, can revolutionize the car insurance industry. We aim to create a platform that can manage car insurance claims in a decentralized, transparent, and efficient manner. The MVP will showcase the core functionalities required in a car insurance application on blockchain, such as registering policies, logging incidents, and handling claims.

Understanding the Problem:

The car insurance industry currently suffers from a lack of transparency, cumbersome claim processes, and high operational costs. Blockchain technology can potentially mitigate these issues, offering a transparent, efficient, and cost-effective solution. However, there is a lack of tangible applications that showcase this potential.

Our Approach:

Our approach to this challenge is rooted in our expertise in blockchain technology, our deep understanding of the car insurance industry, and our experience in building MVPs. We have chosen to create an MVP first because it allows us to build, test, and iterate quickly, ensuring we can effectively demonstrate the technology's potential in a real-world application.

Engagement:

This project will primarily engage our team at PeakSoft GmbH, which includes blockchain developers, software engineers, and project managers. Our team's extensive experience and diverse skillset make us well-equipped to carry out this task. Additionally, we will seek feedback from the Cardano community and insurance industry professionals to refine our MVP.

Proof of Impact:

Our proof of impact will be the completed MVP, demonstrating a practical application of Cardano's blockchain technology in the car insurance industry. The MVP will offer a tangible demonstration of how blockchain can streamline processes, increase transparency, and reduce costs in this industry.

Our solution is unique because it addresses a real-world problem using an innovative technology and creates a bridge between the Cardano blockchain and the car insurance industry. Beneficiaries of this project include the Cardano ecosystem, which gains a new real-world use case, and the broader car insurance industry, which gains a prototype for potential future implementations. This project is important to Cardano because it shows the practical applicability and versatility of its blockchain technology, positioning Cardano as a pioneer in transforming traditional industries.

[IMPACT] How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?

Our proposed solution directly addresses the challenge by demonstrating a practical use case of the Cardano blockchain within the car insurance industry. The solution leverages Cardano's blockchain technology to create a transparent, efficient, and cost-effective system for managing car insurance claims. This showcases the potential of Cardano to revolutionize real-world industries, encouraging broader adoption of its technology.

In terms of the impact and value this project brings to the Cardano ecosystem:

1. Showcasing Practicality and Versatility: The MVP will serve as a tangible demonstration of how Cardano's blockchain technology can be applied to solve real-world problem
2. Attracting New Interest: The project, by showing practical use of the Cardano blockchain in the car insurance industry, will potentially attract new participants and developers to the Cardano ecosystem. 
3. Enriching the Cardano Ecosystem: By creating a new application within the ecosystem, we're contributing to the diversity and richness of projects on Cardan
4. Encouraging Innovation: This project can encourage other innovators within the Cardano community to experiment with new applications of the technology, fostering a culture of innovation and growt

In terms of quantifiable impact, it's hard to predict exact numbers without a user base at this MVP stage. However, the success of this project will be determined by the quality of the MVP, the feedback received, and the interest it garners within the Cardano community and the broader car insurance industry. Ultimately, the goal of this project is to show that the Cardano blockchain can provide tangible solutions in real-world industries, which will encourage further development and adoption.

[IMPACT] How do you intend to measure the success of your project?

The success of our project will be measured using a combination of qualitative and quantitative metrics that are directly related to the objectives of this MVP phase.

1. Quality of the MVP: This is a qualitative metric
2. Stakeholder Engagement: We will measure the degree of engagement from stakeholders, including the Cardano community, car insurance companies, and potential end-user
3. Impact on the Cardano Community: We will gauge how the project has influenced the perception and understanding of the potential of the Cardano blockchain within real-world industries
4. Improvement Points Identified: The number and nature of improvements identified following the feedback and testing phase
5. Expansion Opportunities: This relates to the possibilities of further development, partnerships, or integration with other systems or industries based on the MVP. 

In the short term, this project aims to raise awareness of the potential of the Cardano blockchain within the car insurance industry and potentially inspire others to create innovative solutions. In the long term, a successful demonstration of a practical application can contribute to the wider adoption of the Cardano blockchain within various industries, thereby stimulating its growth and evolution. It is our belief that showcasing real-world applications of Cardano's technology is a key step towards its broader recognition and utilization.

[IMPACT] Please describe your plans to share the outputs and results of your project?

We understand the importance of sharing the outputs and results of our project for the development of the Cardano ecosystem. Here are our plans:

1. Community Updates: We plan to consistently engage with the Cardano community throughout the duration of the project
2. Feedback and Demonstrations: Once the MVP is developed, we will organize webinars or live demo sessions to showcase our project to the Cardano community, car insurance companies, and potential end-user
3. Reports and Documentation: At the end of the project, we will compile a comprehensive report detailing our processes, methodologies, findings, challenges, and successes
4. Participation in Events/Conferences: We aim to participate in blockchain and insurance industry events or conferences, where we can share our work, learnings, and outcomes from this project

Regarding further research and development activities, the results from this project will provide valuable insights into the viability and potential of using the Cardano blockchain in the car insurance industry. This could inspire us, or others, to develop a full-scale application based on our MVP, or to explore the use of blockchain technology in solving other industry-specific problems. Furthermore, feedback and experience from this project will significantly influence our approach towards any future blockchain-based solutions we might undertake.

[CAPABILITY/ FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability?

As PeakSoft GmbH, a Germany-based consulting company, we bring an extensive range of skills and experiences to the table, making us uniquely positioned to deliver this project.

• Company Reputation and Track Record: Over the years, we have established ourselves as a trusted entity, working with large-scale applications and big clients. Our projects' success, including partnerships with leading German automakers, underscores our ability to deliver high-quality results and manage large-scale projects efficiently.
• Solid Team Foundation: Our company boasts six full-time employees, each bringing their expertise in diverse disciplines such as software development, quality assurance, project management, and blockchain technology. This strong internal structure will ensure that all aspects of our project are managed effectively.
• Extended Resources: Beyond our internal team, we have access to an extensive network of external consultants. Should the need arise, we can swiftly deploy additional resources to ensure our project progresses without disruption.
• Web2 and Web3 Expertise: Our team members are pioneers in both web2 and web3 technologies. We have in-depth experience in large-scale software quality assurance and application development. Furthermore, our involvement as Plutus Pioneers and Atala PRISM Pioneers showcases our deep-rooted understanding and commitment to the Cardano ecosystem.
• Transparency and Accountability: We prioritize maintaining clear communication with the community. Regular progress reports and periodic webinars and Q&A sessions will be organized to keep stakeholders updated. Our stringent budgeting and auditing procedures will ensure that funds are managed appropriately and used as intended.

While our current budget allows for the completion of our proposed project, we may consider seeking additional funding in future Catalyst rounds. This would enable us to introduce new features and expand our project's scope. Any additional funding required will be detailed in a separate, new proposal.

To track the progress of our project, we'll implement Agile methodologies, particularly Scrum, and set clear acceptance criteria for each project component and deliverable. We'll also make use of Scrum boards and product backlogs to provide a transparent and constantly updated view of our progress.

For us, success is not merely about reaching milestones. It also involves accomplishing our established acceptance criteria and user stories within our sprints, and successfully delivering the first product increment within the proposed timeline. In essence, success means delivering a product that meets our high-quality standards and offers real value to the Cardano ecosystem.

[CAPABILITY/ FEASIBILITY] What are the main goals for the project and how will you validate if your approach is feasible?

Our main goals for this project are as follows:

1. Development of an MVP: Our primary goal is to develop a Minimum Viable Product (MVP) that uses Cardano's blockchain to handle claims processing and smart contracts for car insurance policy
2. Testing the MVP: Once the MVP is developed, we will test its functionalities in simulated environment
3. Gather Feedback: After the testing phase, we will present our MVP to a select group of industry experts and potential user
4. Refine the MVP: Based on the feedback, we will make necessary adjustments to improve the solution

To validate the feasibility of our approach:

• For the technical feasibility, we will use the development and testing phases of the project. The successful development and operation of the MVP in simulated environments will indicate that our approach is technically feasible.

• For the market feasibility, we will use the feedback gathered from industry experts and potential users. If the feedback is largely positive, and there's a clear indication that our solution can meet a market need, this will validate that our approach is feasible from a market perspective.

• Finally, the feasibility of our project from a business perspective will be validated by the potential of the MVP to reduce costs and increase efficiency in the car insurance industry, as indicated by our research and the feedback from industry experts.

[CAPABILITY/ FEASIBILITY] Please provide a detailed breakdown of your project’s milestones and each of the main tasks or activities to reach the milestone plus the expected timeline for the delivery.

Milestone 1: Project Management Setup - 1 month

Tasks:

1.1 Define project scope and objectives (1 week)

1.2 Establish team roles and responsibilities (1 week)

1.3 Develop project timeline and milestones (1 week)

1.4 Set up communication and reporting procedures (1 week)

Milestone 2: Development of MVP - 5 months

Tasks:

2.1 Define MVP requirements

2.2 Design system architecture

2.3 Develop MVP functionalities

2.4 Initial testing and debugging

Milestone 3: Testing the MVP - 2 months

Tasks:

3.1 Develop testing environment

3.2 Perform rigorous testing

Milestone 4: Gather Feedback - 1 month

Tasks:

4.1 Identify and reach out to industry experts and potential users

4.2 Present MVP and gather feedback

Milestone 5: Refine the MVP - 1 month

Tasks:

5.1 Analyze feedback and identify areas for improvement

5.2 Implement improvements

[CAPABILITY/ FEASIBILITY] Please describe the deliverables, outputs and intended outcomes of each milestone.

Milestone 1: Project Management Setup - 1 month

Deliverables: Detailed project plan, team roles and responsibilities, project timeline

Outcome: An efficient project management setup that ensures smooth operation and coordination among team members

Measurement: The establishment of project management systems and the completion of a detailed project plan

Milestone 2: Development of MVP - 5 months

Deliverables: Documented MVP requirements, system architecture design, MVP software

Outcome: A functional MVP that meets specified requirements and is ready for initial testing

Measurement: Completion of MVP development and its readiness for testing

Milestone 3: Testing the MVP - 2 months

Deliverables: Testing environment, test results and bugs report

Outcome: A well-tested MVP with identified bugs and issues ready for fixes

Measurement: Successful completion of all test cases and documentation of issues found during testing

Milestone 4: Gather Feedback - 1 month

Deliverables: Feedback reports from industry experts and potential users

Outcome: Valuable feedback that reveals MVP strengths and areas for improvement

Measurement: Number and quality of feedback gathered, and the actionable improvements identified

Milestone 5: Refine the MVP - 1 month

Deliverables: An improved MVP based on feedback, final product documentation

Outcome: A refined MVP that is more aligned with user needs and industry expectations

Measurement: Implementation of improvements and user satisfaction with the final MVP

[RESOURCES & VALUE FOR MONEY] Please provide a detailed budget breakdown of the proposed work and resources.

Milestone 1: Project Management Setup - 1 month

Budget: 30,000 ADA

Details: This covers the cost of setting up an efficient project management system including tools and resources necessary for project planning, coordination, communication, risk management, and monitoring progress.

Milestone 2: Development of MVP - 5 months

Budget: 125,000 ADA

Details: This budget allocation is for the development phase, which includes the cost of system design, software development tools, developer resources, and the integration of various components to build the MVP.

Milestone 3: Testing the MVP - 2 months

Budget: 50,000 ADA

Details: This portion is designated for testing-related costs, including setting up a testing environment, necessary testing tools, and resources for conducting thorough testing and bug reporting.

Milestone 4: Gather Feedback - 1 month

Budget: 30,000 ADA

Details: This budget allocation covers the cost of reaching out to industry experts and potential users, gathering feedback, and documenting it effectively for further analysis.

Milestone 5: Refine the MVP - 1 month

Budget: 65,000 ADA

Details: This covers the cost of refining the MVP based on feedback, making necessary changes in the system, and ensuring the final product aligns well with user needs and industry expectations.

[RESOURCES & VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

The value proposition of this project extends beyond its monetary cost. It represents an investment into the development of a unique solution that enables seamless interaction between IoT devices and Cardano blockchain, and contributes to the progress towards a more interconnected and efficient blockchain-based ecosystem.

Here's how our project offers value for money:

Real-world Application: The project's potential for application in the growing field of IoT and connected devices is extensive. We're not just building a product; we're pioneering a solution that has the potential to redefine how IoT devices interact with blockchain technology.

Efficient Use of Funds: The budget breakdown has been carefully planned to ensure every ADA is put to the best use. We've allocated funds judiciously across all project phases, taking into account the complexity, time, and resources required.

Experienced Team: The team behind this project is highly experienced in both IoT and blockchain technologies. Our track record assures that the investment is not just for an idea, but for a well-executed plan.

Potential for Attraction and Retention of Developers: By demonstrating the utility of the Cardano blockchain in the IoT field, this project has the potential to attract more developers to the Cardano ecosystem.

Scalable Solution: The solution we're developing is scalable, setting a solid foundation for potential future expansions and integrations within Cardano's ecosystem.

As for the costs, they're based on the average rates in the software development industry, factoring in the specialized skills required for integrating IoT with blockchain technology. Considering the potential impact of this project on Cardano's ecosystem, we believe that the cost represents excellent value for money.

[IMPORTANT NOTE] The Applicant agreed to Fund10 rules and also that data in the Submission Form and other data provided by the project team during the course of the project will be publicly available.

I Accept