Insurer AXA launched Fizzy, insurance that uses blockchain technology to automatically refund travelers for delayed flights, in Italy in June. Users can purchase a Fizzy policy up to 15 days before their flight. Fizzy records flight details on the blockchain, calculates risk of delay, and charges accordingly. If the flight is delayed by two hours or more the user is compensated automatically upon landing; there is no need to submit a claim. Fizzy currently covers around 16% of worldwide flight routes; the aim is to get to 70% by the end of 2018.
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