AXA uses Ethereum's Blockchain in Insurance

French insurance giant AXA uses Ethereum's Blockchain for a flight insurance solution
14 September 2017   2570

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. 

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   392

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.