Simply Business has hosted a blockchain-themed hackathon to explore the opportunities that blockchain presents to the insurance industry and determine the scale of future disruption that could come from the fintech sector. The digital broker named Coders Without Insurers as the winning team, stating that the team used blockchain platform Ethereum to develop a weather insurance platform for organisers of major outdoor events such as festivals, with automated claims payouts based on weather APIs Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content. To access these options, along with all other subscription benefits, please contact [email protected]. You are currently unable to print this content. Please contact [email protected] to find out more. You are currently unable to copy this content. Please contact [email protected] to find out more.
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. Blockchain-based platforms are being used by many companies in industries ranging from financial services to healthcare to supply chains.