AXA rolls out new flight insurance product using Ethereum

The solution aims to insure flayers’ trips in case their flight is delayed by two hours or more. The product, called Fizzy, makes use of smart contracts, self-executing piece of code that triggers once certain conditions are met on a blockchain.

According to AXA, Ethereum plays two key roles here: maintains an accessible record of the insurance contract itself within a smart contract, and serves as a mechanism for triggering the payment to the client once the two-hour mark is passed.

For now, insurance payouts from Fizzy are being made in government-issued currencies to the customer. However, AXA said that, in the future, it wants to denominate those payments in Ether, the cryptocurrency of the Ethereum network.