A Chinese insurance platform is using blockchain to speed up settlements and reduce fraud for claims relating to the coronavirus, the epidemic that’s infected tens of thousands and killed over 900, the South China Morning Post reported yesterday.
Xiang Hu Bao, a mutual aid platform owned by Ant Financial, incorporated the coronavirus into its platform, which is used by over 100 million people. Those who’ve suffered from the coronavirus are eligible for a one-time payout of up to 100,000 yuan (around $14,000).
“Xiang Hu Bao has been able to process claims and make payouts to participants quicker, due to the decentralized, trust-free nature of blockchain technology,” a spokesperson for Ant Financial told the Post. “Claim applicants can submit their supporting documents as evidence while investigation firms can get immediate access to them on the blockchain. All parties involved can see the entire process.”
The government has already said it will cover all health care expenses with its medical insurance scheme; Xiang Hu Bao’s just helping out in other areas.
Ant Financial owns AliPay, which is used by over half of China’s population. Last month, it launched “Ant Blockchain Open Alliance,” a new platform that can support one billion daily transactions, and 100,000 transactions per second.
Xiang Hu Bao isn’t the only company to provide insurance on the blockchain. In November, the Bank of China launched an insurance blockchain, putting over 4 million records on the blockchain.