A blockchain-based health insurance model enhanced with quadratic voting

Background: The health insurance industry faces challenges like inefficiencies, fraud, lack of transparency, and limited customization. With its decentralized structure, smart contracts, and immutable records, blockchain technology offers a transformative solution by enhancing transparency and operational efficiency. Objective: This study proposes a blockchain-based health insurance model to improve transparency, fairness, and efficiency while addressing existing limitations. Methods: The proposed framework integrates smart contracts with quadratic voting (QV) and advanced validation techniques, creating a democratic, secure, and customizable insurance process. Results: The model tailors personalized insurance plans to collective preferences using QV-based decision-making and dynamic pricing. Blockchain enhances trust and system reliability, while the inclusion of QV fosters inclusivity and fairness. Conclusion: By combining blockchain's decentralized architecture with QV, the proposed system overcomes the limitations of traditional insurance, offering a scalable, efficient, and equitable alternative that aligns individual preferences with societal health goals.