AXA uses Ethereum's Blockchain in Insurance

French insurance giant AXA uses Ethereum's Blockchain for a flight insurance solution
14 September 2017   2102

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. 

South Korea to Invest $1B in Blockchain Startups

Blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution, local authorities believe
19 February 2019   93

Until 2022, Seoul authorities are investing 1.2 trillion South Korean won ($ 1.07 billion) in fintech startups working with distributed ledger technology. This is reported by CoinDesk.

Funds will be allocated for the development of new technologies through the Seoul Innovation Growth Fund, created last year by local authorities. The foundation will support startups working on various solutions, including those that are in the early stages.

In the first half of this year, the Fund will allocate 13.25 billion won ($ 11.75 million) and 8.4 billion won ($ 7.45 million) in the second half of 2019. For the Korean authorities, the blockchain is a revolutionary technology and an integral component of the Fourth Industrial Revolution.

The officials also noted that the average investment per start-up at an early stage of development in South Korea is almost seven times lower than, for example, in Silicon Valley.

Last fall, Seoul authorities submitted a five-year development plan for the blockchain industry.