❓Background and Problem

The modern travel industry has experienced significant growth, but this has also led to an increase in the risks faced by travelers. Common issues include flight delays, cancellations, natural disasters, health problems, and sudden changes in travel plans. Travel insurance has become essential to prepare for these unpredictable situations.

However, traditional travel insurance systems face several challenges:

• Complex Enrollment and Processing: The insurance enrollment process is often complicated and time-consuming, with claims processing being opaque and slow.

• Lack of Personalized Insurance Products: There is a shortage of insurance products tailored to individual needs and situations.

• Inadequate Global Coverage: Many travel insurance plans do not provide adequate compensation for global travelers, leading to reduced reliability and accessibility.

Recent advancements in blockchain technology and cryptocurrencies offer new opportunities to address these issues. Blockchain's transparency and reliability have the potential to remedy the shortcomings of traditional insurance systems, and smart contracts can automate insurance claims and payouts.