Using Blockchain and Ethereum Smart Contracts to Build an Aircraft Delay Insurance System

Abstract

With the rapid advancement of technology in the financial sector, financial technology (FinTech) has become a major focus of industry development. Among its various branches, insurance technology (InsurTech) has emerged as a particularly prominent and widely discussed topic in recent years. By leveraging innovative technologies such as artificial intelligence (AI) and blockchain, insurance processes can be automated to enhance service efficiency while maintaining data integrity. This study proposes a business model based on blockchain technology and implements an insurance system using Ethereum smart contracts to support the purchase of flight delay insurance and automate the claims process. The system ensures the integrity of both policy information and transaction records. To determine flight delays, it utilizes the Open API provided by the Transportation Data eXchange (TDX) of Taiwan’s Ministry of Transportation. This integration aligns with the core principles of insurtech, particularly in promoting data sharing and interoperability in system development.