Now the delayed flight compensation to air travellers has become easy in France as one of the major insurance group in France- AXA is using the ethereum blockchain to compensate the travellers automatically. They are doing it with the help of newly introduced blockchain powered insurance product FIZZY and claimed to be the first major insurance group to offer insurance using blockchain technology.The passengers are automatically compensated if the flight is delayed for more than 2 HRS.
Through the Ethereum Blockchain, recording the purchase of the insurance product and triggering the automated payout by using a smart contract on the blockchain has become easy making it a blockchain-enabled decision independent of even AXA’s decision in the matter. The ethereum smart contract constantly monitors the flight data which is connected to global air traffic database and if a flight is delayed for more than two hour, compensation is payed automatically.
Research and development director Laurent Benichou of AXA said:
“Through Fizzy, the independent smart contract, rather than the insurer, triggers consumer indemnification. I believe this is a new element of insurance architecture that will become mainstream in future offers.”
The French insurance company is currently trying its new insurance product FIZZY on transatlantic flights between the Charles de Gaulle airport of Paris and the United States and planning to launch its product in UK next year i.e. 2018.