Significant first steps by a mainstream Insurer...
Last week I gave a brief update about Teambrella, a start-up Blockchain company that has launched several next generation Insurance products.
I was surprised to learn today, so soon after that last update, that a Global mainstream Insurer has also launched a next gen product.
Fizzy
AXA, a well known global insurer will be offering a travel policy, named Fizzy, based on smart contracts issued on the Ethereum Blockchain.
There are a few striking elements to this news:
- AXA are not using a proprietary closed "Blockchain" platform but are using the Ethereum Blockchain.
- The smart contract will be a legally compliant contract issued by a regulated insurer.
- Automatic compensation will be paid based on an external global air traffic database
A Sign of Things to Come
Blockchain tech and cryptocurrencies have already begun to affect our everyday lives. Sure Airline, Pet and Bicycle Insurance are not going to cause a revolution but it's taking us further down the road to mainstream adoption and recognition of Blockchain technology.
Related Developments
Reference
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