Blockchain makes it possible to deliver a fundamentally new insurance service for airline passengers.
Delayed Departure Insurance
With an ever-growing volume of air traffic, airports and airlines are sometimes unable to cope with pressure, possibly resulting in flight delays. Blockchain enables the automation of departure cancellation insurance for airline passengers.
Disadvantages of the existing model
A passenger has to seek compensation from the insurance company.
Without declaring trip cancellation a passenger is not entitled to compensation.
Supporting documents must be provided.
Request consideration is a time-consuming process.
Unless the cause of trip cancellation is on the list, a passenger loses the right to compensation and no insurance benefit is guaranteed.
Some insurers can reject compensation claims using flimsy pretexts.
Other insurers pay compensation for the expenses incurred only.
A blockchain solution will allow compensation to be paid automatically, and without human involvement.
In order to use the service, a passenger goes to a designated website, signs up specifying his or her details, flight, date and time of departure and other information.
The data so entered is saved on the blockchain, thus creating a scheduled task to be invoked at the scheduled check time.
At a specific time, Credits smart contract is called. The smart contract checks whether or not an aircraft has departed on time and, if not, identifies the length of delay. The smart contract calculates the amount of compensation based on findings from the check and transfers it to the insurer’s wallet.
Advantages of the new model
Insurance benefit accrues automatically.
Accrual cannot be prevented.
A human-free decision making process.
Even server failures cannot prevent compensations from being paid as the service operates in the distributed network of nodes.
Compensations are paid out regardless of the cause of delay.
Credits – new approach to insurance
We have created a unique blockchain platform called Credits, which makes it possible to use blockchain technology
Single protocol for issuing, storing and transferring financial assets
Infrastructure on a distributed network with a public registry
Accounts system with public and private keys
Set of security systems
Built-in programming language for creating services
We have a strong team of programmers and support offering:
Consultations on how to use technologies
Help with PoC (proof of concept) and MVP development