AXA uses Ethereum's Blockchain in Insurance

French insurance giant AXA uses Ethereum's Blockchain for a flight insurance solution
14 September 2017   1002

French insurance giant AXA has launched a new flight delay insurance product that uses the public ethereum blockchain to store and process payouts. This is reported by the CoinDesk.

The solution is called Fizzy. It is a "smart insurance" product that can be used insure flight delay for more than two hours. Product is using the smart contracts. 

Ethereum's blockchain plays two roles in this solution:

  • maintains an accessible record of the insurance contract itself within a smart contract
  • serves as a mechanism for triggering the payment to the client once the two-hour mark is passed

The smart contract is the party that decides whether or not we should indemnify the policy holder and triggers a payment request to our system. The use of a smart contract to trigger claims will add trust in the insurer / policy holder relationship. Building customer-oriented offers is our definite goal at AXA. By removing insurance exclusions and using an Ethereum smart contract to trigger indemnifications, we increase the level of trust our customers can have with AXA.

Jean-Baptiste Mounier
AXA team

At the moments, payouts from Fizzy comes only in government-issued currencies. However, AXA team plans to add ETH payouts in future. 

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   102

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.