IPFS, CoinList, and the Filecoin ICO with Juan Benet and Dalton Caldwell
An insurance policy is a very simple idea. There’s a whole bunch of regulation in the regular jurisdictions when you think about how do insurance policies work, but you can definitely create structures and financial structures around insuring some activity. There’s a contract out there where you can tell it your flight, and you can buy an insurance policy for a few ether, and it pays out. If the flight gets delayed, then it pays you out. It pays out some amount.
If the flight gets canceled, it pays out some amount. All that can happen by just writing a few dozen lines of smart, maybe hundreds of lines of Solidity. It needs some sort of oracle that brings in the real-world data of the flights. Once you have that, you’re set, and you can now create an insurance policy.