The Flight Delay Dapp is the first decentralized insurance application which can issue policies and pay out valid claims completely autonomously
We demonstrate a social security model implemented in a decentralized application on the Ethereum blockchain. This is a lightweight and highly efficient approach to social insurance which is affordable and accessible for anyone. The model is designed to provide basic coverage for rare, disastrous life events such as death or heavy illness. You can think of it as a first, immediate emergency payment which helps to get through critical times.
With the Crop Insurance Application, you can select your crop product and the location of your field and apply for a policy by sending Ether to a DAPP (aka "smart contract"). In case of a drought or flood, you get an automated, instant payout.
Etherisc's mission is to build decentralized insurance applications, making the purchase and sale of insurance more efficient, enable lower operational costs, provide greater transparency into the industry of insurance compared to traditional operations, and democratize access to reinsurance investments.
In this whitepaper, we present a token model which enables investors to buy and trade the “long-tail” risks of a decentralized insurance portfolio and to gain exposure to its revenue as an income stream. Together with a consumer-facing insurance application, this shows how a decentralized insurance system could work on the blockchain.
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