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.
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