I covered two Blockchain flight delay insurance products in
AXA Fizzy – The New Kid On The Blockchain and
Atlas Etherisc – Another New Kid On The Blockchain. Here’s a quick recap of the background to this question from the first post: I’ll first examine what AXA Fizzy and Atlas Etherisc say on the subject and then share my thoughts.
Given below is an extract from the FAQ section of AXA Fizzy’s website: When you purchase a policy, fizzy writes the transaction terms (price, compensation, expected time of arrival, arrival time to trigger compensation) on a blockchain called Ethereum. The interest of the blockchain is the inability to remove previously-written
What’s more, the Ethereum Blockchain is public, any crypto developer can therefore check the validity of the information we store there. fizzy doesn’t ask you to trust it, rather proves it through trustful processes.
Last thing, we never share
your personal information on Ethereum, your data is safe with us. fizzy is based on redundant data which enables us to trust its reliability. Besides, as we are a party to your insurance transaction, we made sure that the payment of your compensation is not decided by fizzy but directly by the plane data provider.
don’t have to trust our honesty! In spite of these measures, you can contact us through the contact tab in case of any problem. You can also find here information on the EU Online Dispute Resolution: http://ec.europa.eu/odr I didn’t find any justification on Atlas Etherisc’s website for its decision to use Blockchain. Read more from finextra.com…
thumbnail courtesy of finextra.com