Etherfly

This project aims to build a decentralized platform that allows people to buy insurance. Traditional flight delay insurance often involves cumbersome processes, delays in claim settlement, and limited transparency. By leveraging the power of smart contracts and decentralized truth machine (UMA), our solution provides a seamless and efficient insurance experience for travelers.

The core feature of our platform is the utilization of smart contracts to automate the insurance policy process. When a user purchases flight delay insurance through our platform, a smart contract is created and executed on the blockchain. This contract contains predefined conditions for a valid claim, such as the duration and extent of flight delay, as well as the corresponding payout amount.

When a flight delay occurs, our platform's integration with UMA, enables real-time verification of the delay against the smart contract conditions. If the delay meets the criteria, the smart contract automatically triggers the payout to the insured traveler, eliminating the need for manual claims processing and reducing the time taken for settlement.

To ensure transparency and trust, all policy details, including premiums, contract terms, and claim history, are securely stored on the blockchain, accessible to all parties involved. This tamper-proof record promotes transparency and eliminates disputes, providing a level playing field for both policyholders and insurers.

The project uses solidity to build the smart contract, UMA being the optimistic oracle for insurance claim dispute, and react / wagmi to build the front-end.

The decentralized nature of our platform removes the need for intermediaries, such as insurance brokers, resulting in cost savings for travelers and streamlined processes. Policyholders can directly interact with the platform, purchase insurance, and monitor their policies, all while having full control over their data and funds.