AXA uses Ethereum Blockchain for Flight Insurance
AXA, the French insurance giant, is currently using the Ethereum blockchain to offer passengers insurance. Ethereum blockchain stores the data and automatically processes the payment in case of an insured event.
Snow, lightning strike or aliens
The insurance service called "fizzy" is marketed on the website as fresh, new and transparent insurance. If you catch a flight more than two hours late, you will receive compensation.
The reason for the delay is not important - as described on the website, it can be "snow, lightning or aliens".
The Ethereum Blockchain plays an active role in this insurance: before a user starts a flight, he can book the Fizzy Insurance. Currently, this is only possible for flights between Paris-Charles-de-Gaulle airport and all transatlantic flights to the USA. But by 2018 all other flights worldwide will be added.
The possible insurance proceeds are displayed when the insurance is concluded. With the help of Ethereum Smart Contracts, everything happens automatically after completion. If the waiting time of two hours has been exceeded, the Smart Contract is triggered, which in turn prepares the payment to the customer. AXA's main aim is to make insurance business more transparent.
Fizzy is currently still in beta, but is already available for users. In the future, AXA intends to transfer further applications in Smart Contracts and the Blockchain.
The statement from Jean-Baptiste Mounier from AXA should come as a special surprise to crypto enthusiasts:
In the future, we want to introduce payments and indemnities into Ether so that we can ensure full confidence in programmed indemnity payments (and so that the insurer does not trick the customer, which is still a source of uncertainty for many customers)," said Mounier.
Thank you for read my content!
I would be glad if you upvote and resteem my content, if you like it...
Follow Me: @skyrockzzz
@originalworks
The @OriginalWorks bot has determined this post by @skyrockzzz to be original material and upvoted it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
To nominate this post for the daily RESTEEM contest, upvote this comment! The user with the most upvotes on their @OriginalWorks comment will win!
For more information, Click Here!
This post received a 32.58% upvote from @morwhale team thanks to @hdmed! For more information, click here! . this is @originalworks .steem @steemprice BTC
$4192.2 USD/BTCVolume: 61149.46 BTC ($256351009.21 USD)Last Updated Thu Sep 28 21:56:46 2017The @OriginalWorks bot has determined this post by @skyrockzzz to be original material and upvoted it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
To enter this post into the daily RESTEEM contest, upvote this comment! The user with the most upvotes on their @OriginalWorks comment will win!
For more information, Click Here!
Special thanks to @reggaemuffin for being a supporter! Vote him as a witness to help make Steemit a better place!
This post has received a 3.08 % upvote from @bellyrub thanks to: @skyrockzzz.
Congratulations @skyrockzzz! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPResteemed to over 4000 followers and 100% upvoted. Thank you for using my service!
Read here how the new bot from Berlin works.
@resteem.bot
More awesome applications of smart contracts built on the blockchain technology
Yes! I think Ethereum has a great Future...
This post recieved an upvote from minnowpond. If you would like to recieve upvotes from minnowpond on all your posts, simply FOLLOW @minnowpond
just Awesome... good works @hdmed
Stunning photo captures , appreciate your work and writing @hdmed . keep it up :)