Introduction
Last updated
Last updated
This project aims to develop a blockchain-based travel insurance DApp to provide both free and paid flight travel insurance to travelers. The DApp will use smart contracts to automate the insurance enrollment and claims process and will be designed to automatically compensate for flight delays or cancellations. Additionally, the project aims to develop an AI-driven personalized travel recommendation system by analyzing traveler data. This system will analyze preferences and behavioral patterns to recommend optimal travel destinations and suggest the lowest airfare.
The global travel insurance market is projected to grow to approximately $22.1 billion by 2024, with a sustained compound annual growth rate (CAGR) of 15.4% through 2032. Key growth drivers include the increase in international travel, heightened risk awareness, and regulatory and legal requirements.
Cryptocurrency and blockchain technology are creating new opportunities in the financial and insurance industries. Blockchain enhances data transparency and reliability, and is being utilized across various fields including smart contracts and decentralized finance (DeFi).
Crypto-based travel insurance leverages the benefits of blockchain and cryptocurrency to offer automated claims and payout systems. Major advantages include transparency, rapid compensation, global accessibility, and support for multiple cryptocurrencies.
Competitive analysis reveals the presence of traditional insurers, digital insurers, and existing crypto insurance providers. Differentiation factors include automation based on smart contracts, a points system and AI-based personalized recommendations, support for various cryptocurrencies, and global scalability.
