An official report that was released by Etherisc, a flight insurance platform that is blockchain-based, confirms that in order to improve the inefficiencies in the decentralized flight insurance industry, there will be the integration of the oracles of Chainlink. Link gets on to the $3.50 price level as we are about to read more in the chainlink news today.
Shrinking the information asymmetry in the flight insurance sector, digitizing the claiming processes and reducing disagreements between the claimants and the insurance companies, are the goals of the addition of Chainlink oracles to Etherisc. In an industry strongly damaged by information asymmetry, increased costs from manual verification, extensive processing time and cost of claims, and a wide distrust between insurance companies and policyholders, the blockchain technology poses a much cheaper choice in solving the challenges in the flight insurance industry.
“Chainlink is a decentralized oracle network that gives smart contracts secure and reliable access to data providers, web APIs, enterprise systems, cloud providers, IoT devices, payment systems, other blockchains and much more.”
The blockchain also gives the opportunity other platforms to customize their smart contract to recover data from “off chain oracles” in various levels of decentralization. According to the report, Chainlink nodes will be utilized in a proof of concept (POC) system to obtain data from a multitude of trusted web APIs for flight status data. The report further states,
“In our POC, multiple Chainlink oracles retrieve data about whether or not the flight was delayed using an external adapter for the Flightstats API.”
Utilizing the Chainlink oracle system that provides the opportunity to policyholders to be certain of quick access to flight insurance and with some pre-conditions met, Link gets on to another price level and will get their claims on the spot. Also, insurance firms have the possibility to cut down their costs by utilizing decentralized systems, which digitizes the manual claiming process which results in the reduced need for the workforce to file claims.
With Ethersic the newest partner to implement the blockchain, oracle based platform, like Chainlink signalize huge potential in connecting decentralized systems to the real world. As LINK gathers adoption from traditional industries, the token can be in contention for a further 20% growth to $3.50 USD in the near future.
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