Numerous service providers are building applications and services on top of Ethereum. Some of them have been successful, whereas others are canning projects for a variety of reasons.
AXA, a respected banking and insurance service provider, was one of the many firms building on Ethereum.
AXA Cans its Ethereum Project
Its project, known as fizzy, was designed to provide automatic flight delay and cancellation insurance.
Despite spending two years of research and development on this project, it has now come to an abrupt end.
The page associated with fizzy mentions how the “experience is over”. AXA Confirms it has learned a lot from this experience, and the fizzy team will be moving on to other projects moving forward.
The news comes a rather big surprise. In May of 2019, the team was confident it could unlock the full potential of Ethereum smart contracts.
Customers who used this service would enter their flight details and receive a custom insurance quotation.
It was a very straightforward service that could have brought something new to the table.
Once a user subscribed to the insurance provided to fizzy, they would be able to receive a financial compensation if specific circumstances came into play.
That money would be deposited directly into one’s bank account.
Despite the promise of removing paperwork and hassle from the equation, AXA hasn’t been convinced by the potential of Ethereum’s technology.
Those who are interested in what the company built can check out the smart contract here.
It appears a total of 434 transactions occurred since it was first created, with the most recent one taking place just a few days ago.