French insurance company will insure passengers against flight delays

The insurance product basically uses a blockchain system. 18.Sep.17 2:07 AM By Natalia Mylnikova Photo Toinnov.com    284

The largest French insurance company AXA Group, classified as a backbone for the global economy, has developed a new insurance product that has protected passengers from delays in flights. The peculiarity of this product is that the public blockchain of the Etherium will be used to store and process information, as well as pay insurance compensation. Passengers will receive airplanes for payments in case of delays in regular flights for two or more hours. This tool is the newest product of the so-called "smart insurance." At its core, the new product uses smart contacts - an automatic code element that starts when certain conditions appear in the blockchain room. As experts of the insurance company note, the blockade in this product performs two roles. First, with the involvement of the funds of the concluded insurance contracts for this type of insurance. Secondly, it is the primary mechanism for making insurance payments to the insured person. For today, the system forms requests for payments in the real currency of the country. In the plans the developer, in the future, the launch of payment of compensation in one of the crypto-currencies.

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