Blockchain Developments - Insurance
Significant first steps by a mainstream Insurer...
Last week I gave a brief update about Teambrella, a start-up Blockchain company that has launched several next generation Insurance products.
I was surprised to learn today, so soon after that last update, that a Global mainstream Insurer has also launched a next gen product.
Fizzy
AXA, a well known global insurer will be offering a travel policy, named Fizzy, based on smart contracts issued on the Ethereum Blockchain.
There are a few striking elements to this news:
- AXA are not using a proprietary closed "Blockchain" platform but are using the Ethereum Blockchain.
- The smart contract will be a legally compliant contract issued by a regulated insurer.
- Automatic compensation will be paid based on an external global air traffic database
A Sign of Things to Come
Blockchain tech and cryptocurrencies have already begun to affect our everyday lives. Sure Airline, Pet and Bicycle Insurance are not going to cause a revolution but it's taking us further down the road to mainstream adoption and recognition of Blockchain technology.
Related Developments
Reference
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It could be, the more apps we see using it.
The more I think about it though, I believe ethereum has little justification for its market cap. It is surely a huge leap forward in terms of innovation but it's a tool. Apps, coins and platforms built on top of it will have value, but I am yet to be convinced of the intrinsic value of ethereum.
It's price is largely irrelevant, you only need it to run your apps on the platform and if at any point that becomes too expensive the apps would find an alternative platform. It's value will always be a marginal frictional cost.
Is this a buy signal for Ethereum? I expect we will see these types of events multiply across other smart contract platforms too. Question is, what happens when BTC is enabled with Rootstock?
Good jobs,
I imagine in a future a job named like: Crypto broker from Wall Street XD
How about CCO, Chief Cryptocurrency officer 😀
This post has received a 6.31 % upvote from @booster thanks to: @eroche.
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