Blockchain technology is today considered the most extreme frontier of dematerialisation. Blockchain and Smart contracts show potential, especially in the simplification and optimisation of contracting processes. When a process becomes fully digitised and automated in a transparent and immediate way, the opportunities for various industries increase.
And more: when blockchain, smart contracts built on it, and decentralised oracles come together, you achieve not just the simplification of the entire process, but even solve the issue of data transparency, optimising the cost of your contracts and your leads at the same time.
Decentralised protocols offer better, faster and, above all, cheaper operational capabilities.
The application of blockchain expands thanks to AI oracles. Oracles are up-to-date and reliable data feeds, protocols or services that allow transferring of verified and reliable information onto the blockchain. The oracles act as an intermediate layer between a blockchain and an API that translates the information to be read by the blockchain. Without an oracle, blockchain would not be able to receive up-to-date data from outside and interact with information outside the chain to activate a smart contract. They even ensure that the data is correct and true, given the guarantee required by everything using blockchain technology.
Oracles can also import data from hardware devices, such as IoT sensors or a barcode scanner, for temperature measurement or product quality control to monitor food supply chains. Devices installed in homes, shops, and cars can transmit real-time information on events such as water or gas leaks, fires, and theft, making it possible to automate claims management. This also makes it possible to develop pay-as-you-go insurance solutions, as devices in a car can be used to record kilometres travelled, travel destinations, and driving speed.
Updating data or calculating specific parameters on Smart contracts makes these tools dynamic and flexible allies in the insurance sector. Data can relate to all possible clauses and conditions, such as reimbursement in the event of a train or plane delay or bad weather.
Acting as a third agent, oracles allow the blockchain to access data external to the blockchain itself to be updated on a smart contract based on the occurrence of an external condition. In case of a delay on a train or plane, for example, information is verified, and data on the smart contract is automatically updated, triggering a refund in the same way.
How automating contract allow you to optimize the cost of your contracts and your leads:
- By removing the need for intermediary intervention
- By reducing the risk of tampering with a policy/contract
- Eliminating paper consumption
- By simplifying and speeding up claims/indemnity transactions
- Increasing customer satisfaction
Everything is done through the application, so the entire handling of a policy and claim is dematerialised.
The Chinese Insurtech giant ZhongAn is working with the administrative services of 100 partner hospitals to bring patients’ health and insurance data onto the blockchain for automated claims processing, reducing risks to privacy and sensitive patient data.
Trakti moved further.
For the customer Trenitalia, Trakti’s smart legal contracts enabled the automation of after-sales processes, increased its transparency and improved its customer experience.
A contract with the Terms and Conditions, i.e. the transport rules applied by Trenitalia, was created on the Trakti platform and connected to the smart contract. Fed from other data sources, the smart contract also proceduralises and automates blockchain reimbursement/claims.
Each individual transport ticket has been connected to a contract tracker that is updated according to the progress of the requests, automating the monitoring of progress and integrating information and events received from third-party systems and the smart contract.
Trakti’s solution has enabled Trenitalia to optimize costs on contracts and leads, allowing it to:
- Cut off manual operations and back-office data reconciliation
- Transform after-sales management in a more agile and faster process
- Reduce risk of audit penalties
- Improve customer experience
- Increase brand reputation
With an increase also in customer satisfaction, who can now check their refund and/or compensation file in real-time for Freccia trains.
This Trenitalia-Trakti initiative named “Smart Refund” has won the INATBA awards as the most exciting project of 2023 in corporate innovation and and was officially launched in march 2025, now is available to all travelers.
Trakti provides solutions for contract automation and management, with the implementation and development of smart legal contracts and blockchain technologies.
Integrated on a blockchain, our no-code and user-friendly platform is able to simplify and automate all contracting processes, from start to finish, including signatures and payments. Trakti’s smart contracts allow you to update data in real-time and automate contracts and payments. You can add parameters, definitions, references and calculations, facilitate the compilation, apply rules and automate your contracts.
With Trakti smart contracts, dematerialisation reaches its peak.
We offer solutions to give your business a boost by optimising the cost of your contracts and leads.
Stop the loss of potential revenue and waste in your contracting process with Trakti.
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