During Bitcoin Wednesday on 7 March 2018, Etherisc co-founder Stephan Karpischek gave a demo of Etherisc Flight Delay (EFD), which he introduced as the world’s first licensed and regulated decentralized application for selling insurance. EFD sells flight delay insurance policies, and the application, which is based on Ethereum, can pay out premiums in Ether as well as fiat currency.
Watch the demo:
Stephan explains:
What we believe is that our product is the world’s first fully licensed, legal, regulated insurance business operating completely on a blockchain.
The interesting thing about our solution is that it can enable very new markets; we can bring insurance to people in [such a] way that they control it. So far, insurance has had a commercial perspective, which hasn’t been very attractive.