Open-source, decentralized insurance protocol and ecosystem Etherisc has launched FlightDelay, a blockchain-backed insurance app that creates policies and makes payouts to travelers who experience flight cancelation or delay, Invezz learned from a press release.
Available for top 80 airlines worldwide
You can buy insurance policies on Etherisc’s dedicated FlightDelay Portal. They are available for passenger flights carried out by the top 80 airlines in the world. Blockchain platform Gnosis Chain, previously known as xDai Chain, processes payments. The initial payment option is USDC. The protocol is working on additional fiat and cryptocurrency options.
Transparent solution with Chainlink
The new product combines the decentralized security of the Ethereum network with the decentralized oracle framework of Chainlink (LINK/USD), ensuring a transparent, safe, end-to-end flight insurance solution. The integration of Etherisc with Chainlink oracles provides access to reliable data feeds, which guarantee accurate and verifiable flight information in the claims process.
Avoiding risk of oracle fail
Etherisc avoids the risk of a single oracle failing or a single data provider reporting inaccurate information or failing to respond by using numerous, premium data providers and a decentralized network of Chainlink nodes.
Members of the Etherisc community that actively stake the ecosystem’s native DIP token will generate the insurance risk pool for the product.
Christoph Mussenbrock, Co-Founder at Etherisc, commented:
Contacting a traditional provider and applying for an insurance claim is a time-consuming and tedious process, which compounds the frustration of experiencing a flight delay. Blockchain has tremendous potential to simplify many aspects of modern life for the better; through the power of automated smart contracts and decentralized oracles, this arduous process is now made simple and hassle free. People can easily sign up for a policy to secure their flight online, turn up at the airport, and receive a fair payment directly to their preferred wallet should their flight be delayed for longer than 45 minutes.
William Herkelrath, Managing Director at Chainlink Labs, added:
We’re excited to enable Etherisc’s new parametric flight insurance solution by provisioning reliable data feeds on-chain that help its smart contracts determine if flights are delayed. We hope this can bring new levels of transparency and speed to claims processing and demonstrate the many possibilities for hybrid smart contracts in the insurance industry.