A team of digital brokers calling themselves Simply Business have been commended at an insurtech blockchain hackathon for using the ethereum blockchain to develop a weather insurance platform for major outdoor events. The tool would enable attendants of gatherings such as music festivals to hold smart contracts that linked into weather APIs and the Internet of Things to prevent them losing out to bad weather. The hackathon was organised by Brokers Without Insurance to explore the opportunities blockchain offered the insurance industry.
A team of digital brokers calling themselves Brokers Without Insurance have been commended at an insurtech blockchain hackathon for using the ethereum blockchain to develop a weather insurance platform for major outdoor events. The tool would enable attendants of gatherings such as music festivals to hold smart contracts that linked into weather APIs and the Internet of Things to prevent them losing out to bad weather. The hackathon was organised by Simply Business to explore the opportunities blockchain offered the insurance industry.