AXA uses Ethereum's Blockchain in Insurance

French insurance giant AXA uses Ethereum's Blockchain for a flight insurance solution
14 September 2017   1653

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. 

Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   120

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.
 

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.