Blockchain insurtech hackathon creates festival weather cover
A team of digital brokers calling themselves Brokers Without Insurance have been commended at an insurtech blockchain hackathon for using the ethereum blockchain to develop a weather insurance platform for major outdoor events. The tool would enable attendants of gatherings such as music festivals to hold smart contracts that linked into weather APIs and the Internet of Things to prevent them losing out to bad weather. The hackathon was organised by Simply Business to explore the opportunities blockchain offered the insurance industry.

Winning team developed weather insurance platform for organisers of major outdoor events.

Simply Business has hosted a blockchain-themed hackathon to explore the opportunities that blockchain presents to the insurance industry and determine the scale of future disruption that could come from the fintech sector.

The digital broker named Coders Without Insurers as the winning team, stating that the team used blockchain platform Ethereum to develop a weather insurance platform for organisers of major outdoor events such as festivals, with automated claims payouts based on weather APIs