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AXA, the insurance giant and the world’s second biggest financial company has launched an insurance product that utilizes smart contracts on ethereum's public blockchain called Fizzy.

When you buy flight delay insurance on the fizzy platform, purchase is recorded on ethereum blockchain, making the insurance contract equally tamperproof. This smart contract is connected to global air traffic databases, so as soon as a delay of more than two hours is observed, compensation is triggered automatically.

In this way, AXA has delegated the compensation decision to an independent network.