Chainlink landed yet another esteemed partnership as it helped Etherisc launch its new blockchain-based flight insurance product. The decentralized insurance ecosystem launched FlightDelay on the Gnosis Chain Mainnet using Chainlink Data Feeds.
The integration allows FlightDelay to issue policies and conduct payouts autonomously for travelers experiencing flight cancellations or delays. It results in quick to settle and cheap-to-provision automated flight insurance policies.
Using Chainlink Data Feeds also allows FlightDelay to reduce technical and human overhead, creating a transparent environment for their blockchain framework backend. Christoph Mussenbrock, Etherisc’s Co-Founder of Architecture and Protocol, talked about the latest development.
According to Christoph, FlightDelay will allow users to easily and securely sign up for a policy online. It will secure their flight, and the only thing left for them to do is reach the airport and get a fair payment to their specified wallet if their flight is delayed over 45 minutes.
The blockchain-based insurance product is now available for global flights and supports several top airlines. Users can buy the insurance policies via USDC on the Gnosis Chain. Formerly called xDai Chain, Gnosis Chain will shortly add more fiat and crypto payment options for the policies. Mussenbrock adds that Etherisc has access to premium API data as well as a decentralized oracle architecture that is immune to single points of failure thanks to Chainlink.
Etherisc chose Chainlink as its go-to oracle solution due to its time-tested and flexibility in the smart contract market. The oracle solution has already secured 75 billion dollars in on-chain value for multiple renowned blockchain ventures. Chainlink also allows Etherisc to access esteemed data feeds for its insurance services gained through oracle nodes.
If you’re interested in learning the potential of LINK, check out this Chainlink price prediction today.
Source: https://www.cryptonewsz.com/etherisc-launches-decentralized-flight-insurance-via-chainlink-data-feeds/