The invention enables determining at least one of an insurance risk score or an insurance cost through the steps of (i) receiving from one or more sensors disposed within one or more wearable devices worn by the individual, health parameter data corresponding to one or more states associated with the individual, (ii) validating the received health parameter data based on one or more predefined validation rules, (iii) responsive to validation of the health parameter data, recording said health parameter data and a unique ID associated with the individual in a blockchain, and (iv) retrieving from the blockchain, a plurality of instances of health parameter data associated with the unique ID, and generating based on an analysis of the retrieved plurality of instances of health parameter data, a risk score associated with the individual.
