Blockchain-backed insurance platform Etherisc has today launched its ‘FlightDelay’ product by leveraging Chainlink data to check if a flight has been delayed or cancelled.
‘FlightDelay’ insurance policies are now available for passenger flights globally among the world’s top 80 airlines, with policies purchasable via Etherisc’s dedicated FlightDelay Portal.
Policy payments are processed through blockchain payments platform Gnosis Chain and initially paid out in USDC, with “further FIAT and cryptocurrency options are in development”, according to the platform.
Etherisc uses smart contracts and Chainlink data to autonomously issue insurance policies and execute pay-outs for travellers who experience flight delays or cancellations.
By leveraging data feeds and oracles available via Chainlink, FlightDelay can provide policyholders with a “transparent and secure end-to-end solution” for flight insurance and ensure that travellers are instantly covered.
Chainlink provides real-time, reliable data from its oracle network to inform smart contracts of the right decisions based on the data provided. Image – Chainlink
Chainlink oracles play a vital role in the fulfilment of policies on Etherisc by providing reliable, real-time data feeds to Etherisc to ensure accurate flight information is used when determining the claims process.
In addition, thanks to the use of multiple decentralised data oracles by Chainlink, Etherisc can mitigate the risk of a single oracle failing or a single data provider reporting inaccurate information.
Christoph Mussenbrock, co-founder at Etherisc, spoke of Chainlink’s integral role in the platform and what it offers global travellers.
“Chainlink offers a tried and tested oracle network that grants us access to premium flight data feeds and provides a framework for easy integration of additional data providers and oracle nodes in the future to increase the robustness of our solution,” he said.
“Now, travellers 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.”
Etherisc previously teamed up with Chainlink to deliver crop insurance for Kenyan farmers as part of its pledge to protect up to 250k farmers in Kenya through sustainable solutions. Etherisc also worked closely with Acre Africa to mitigate the effects of climate change in the drought-stricken region.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.