China’s Zhejiang province has handled almost $6 billion through a blockchain medical billing system. Which they use blockchain technology from Ant Financial reports the Chinese QNSB publication on Nov. 18. The blockchain-enabled system successfully piloted in 2018. They allow citizens to make appointments for physicians, get prescriptions, and pay, register, and store their medical bills online.
The Zhejiang Provincial Finance Department announced at a local blockchain event on Nov. 18 that as of Oct. 28, the network had 480 medical institutions across the province. The officials said as of October, the system handled Chinese yuan 41.7 billion ($5.9 billion). Reportedly, the platform is based on Ant blockchain, a technology developed by Ant Financial, an Alibaba subsidiary.
System boosted 96-fold insurance payouts
The platform was designed to reduce the time required to issue. And validate medical documents and reportedly increased insurance payouts by 96 times. The system has cut the insurance claims procedures from twelve days to three hours so far, according to the report.
The project was successfully piloted in 2018 in Zhejiang’s Taizhou area, as reported by the Chinese blockchain-focused publication Jinse Finance. The project, introduced in conjunction with 11 comprehensive local hospitals. Reportedly reduced the visit time per patient from 170 minutes to 75 minutes.
The platform is facilitated by Alipay and Ant Financial
Alipay, Chinese e-commerce company Alibaba’s digital payment arm, collaborated with local authorities to complete the pilot, according to today’s Asia Crypto study. Alipay reportedly provided its Alipay payment service to the province. And its affiliate firm, Ant Financial provided its software for blockchain.
As announced, Ant Financial began testing its business blockchain platform in mid-November. The project is known as Ant Blockchain Open Alliance. They aiming to help small and medium-sized businesses by helping them to cut costs and extend their scope.
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