13
Jun
2024
News
Austrian Blockchain Award 2024
Every year, the Austrian Federal Economic Chamber honours outstanding and unique blockchain projects with the Austrian Blockchain Award. The prizes are awarded to applications that stand out due to their particularly sustainable business models, proven practical suitability and disruptive application possibilities.
In 2023, we were already honoured in the "Best Business Application" category - this year, we impressed the jury with our fair weather insurance in the "Best Business Model" category.
Travel insurance rethought
Following a possible market launch, end consumers can use our application to insure themselves against adverse weather while travelling. Insurance customers select a period and a destination in an application. Our system automatically calculates the sum insured and costs for the customer based on a probability calculation of bad weather in the destination area. The relevant weather data for this is provided by government and private observation stations via a proven chainlink node infrastructure developed by Glink and operated by World Direct, which already processed over 100,000 transactions in 2023. Data validity and data independence are ensured through the use of blockchain technology. The system checks weather data cyclically and automatically pays out the sum insured if a tolerance limit is exceeded.
Added value for everyone
With our proof of concept, we have developed the first functioning system of its kind for an authorised insurance company and created clear added value. Customers benefit from a high level of transparency and security through the use of validated public data. Insurance companies can create trust with customers, save on personnel costs and ensure fast payouts.
Exploring blockchain technology enables revolutionary applications and can lead to significant increases in efficiency and cost savings. Companies that invest in this technology at an early stage can not only secure a technical advantage, but also develop innovative business models that are indispensable in an increasingly digital economy.
Christian Fuchs Managing Director of Wüstenrot Techology
In-depth integration expertise and maximum security
Integrating external systems into large existing insurance systems is a major challenge and requires in-depth expertise. Our extensive experience with the integration of innovative technologies into similarly complex banking systems makes this task solvable. Our Chainlink nodes are hosted and operated in highly secure, ISO27001-certified Tier3 data centres of A1 Telekom Austria. Access to the data centres is only possible via VPN access and is secured via 2-factor authentication. This security dimension is a unique selling point for our solution in Austria.
We are proud to be involved in the proof of concept of digital fair weather insurance together with our partners. This POC demonstrates that blockchain technology can be used successfully in real-life applications.
Mathias Grünsteidl Managing Director Glink GmbH
When it comes to innovation, we are always at the forefront. We are convinced of our partnership approach, in which we bring together other experts and start-ups to create unique solutions together.
Dominik Wiendl Head of Financial IT Solutions World Direct
Cutting-edge technologies in Austria
Our solutions not only create added value for all parties involved, but also raise Austria's profile as an innovative location for blockchain technology. This ensures first-mover status and establishes expertise leadership. Hosting and configuration take place in Austria, jobs are created and the added value remains in the country. This central aspect of our work is also reflected in the great interest shown by Austrian state politicians in our projects - for example, the invitation to talk to Johanna Mikl-Leitner, Governor of Lower Austria.