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Etherisc’s FlightDelay Transforms Flight Insurance With Chainlink Oracles

Etherisc is an open-source, decentralized insurance protocol building blockchain-based insurance products that self-execute using highly reliable data from Chainlink oracles. Because these products don’t require access to centralized providers, they’re democratizing insurance for people in developing nations.

They’re also solving everyday hassles in the developed world. Recently, Etherisc launched its blockchain-based flight insurance product, FlightDelay, which uses Chainlink Data Feeds to autonomously issue policies and execute payouts for travelers who experience flight delays or cancellations. By significantly reducing human and technical overhead, FlightDelay policies can save travelers (and airlines) time, money, and aggravation.

For consumers still trying to wrap their heads around web3, automated flight insurance is a compelling reason to consider blockchain-based solutions.   

“We think it will be incredibly useful to show to the general public that is still largely unfamiliar with blockchain technology and smart contracts how blockchain technology can be used to solve problems in the real world, outside of the crypto-native space,” Etherisc co-founder Christoph Mussenbrock told Chainlink Today. 

“FlightDelay insurance is just one of many use cases that provide useful applications of the technology in day-to-day life, but it can help on the way to mainstream adoption of blockchain,” he said.

Consumers may also be more motivated to adopt parametric insurance policies as flight delays and cancellations persist amid the ongoing Covid-19 pandemic.

“Looking at the thousands of flights that were canceled or delayed as a result of the pandemic, it is easy to imagine that many of the affected passengers would have wished to be insured against the costs of disruption,” Mussenbrock said. “Additionally, it’s possible that those passengers who did avail of traditional flight insurance may have found themselves wishing for a smoother experience with a faster resolution.” 

FlightDelay policies use Chainlink oracles to access premium flight data feeds. If a flight is delayed for more than 45 minutes, the policyholder receives an automatic payout to their preferred wallet. Policies are now available for global passenger flights via dozens of the world’s top airlines, and can be purchased with USDC on Gnosis Chain, with more cryptocurrency and fiat payment options on the horizon.

Mussenbrock explained why Chainlink oracles are essential to Etherisc’s smart contract-based insurance framework. “Chainlink oracles guarantee data availability, authenticity, and integrity – three main pillars of our solution which benefit all stakeholders, be it customers, product owners, or investors in risk pools.”

For many, the airport may be the best place to experience the advantages of smart contracts. “For consumers, this transforms the traditionally time-consuming and tedious process of making an insurance claim into one that is simple, transparent, and hassle-free with faster payouts,” Mussenbrock said.

To learn more about Etherisc, visit their website, Twitter, Telegram, and Medium.

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