Process Coronavirus Claims: Chinese Insurance Firms Use Blockchain

Chinese insurance companies use blockchain to handle claims linked to coronavirus in the middle of the outbreak. South China Morning Post reported on Feb. 9 that this month the Chinese online mutual assistance network Xiang Hu Bao added the coronavirus to the diseases eligible for a maximum one-time payout of about $14,300 (100,000 yuan).

Blockchain used for collecting insurance claims

Xiang Hu Bao is not an insurance policy but a decentralized claim-sharing site focused on blockchains that counts 104 million users. The blockchain technology is used by the company. According to the study to prevent fraud and allow for faster processing of claims.

The Chinese finance company Ant Financial owns Xiang Hu Bao and uses its mobile payment processing service AliPay. Which finances payouts for coronavirus victims with its own money.

A company spokesman said, “Thanks to the decentralized and trust-free nature of blockchain technology. Xiang Hu Bao was able to process claims and make payouts quicker for the participants. Claimants should apply their supporting documents as evidence, while on the blockchain forensic firms can get immediate access to them. The whole process is visible to all parties involved.

Blockchain used to reduce paperwork

Blue Cross Insurance, which is own by the Bank of East Asia. Its also officially helping to reduce the regulatory effect of coronavirus outbreak with a medical claims program. The managing director of the insurance company, Patrick Wan, has told South China.

Morning Post: “Our blockchain-backed claims service has played a key role during coronavirus outbreak. By completely eliminating the paper cycle and the need to send back-and-forth paperwork to clinics. This really helps to mitigate the risk of face-to-face infection.”

Blue Cross Insurance claims the software is capable of managing more than 1,000 transactions per second without intervention by humans. So far, the medical claims app has seen a double-digit monthly user base development for policyholders since its launch in April 2019. Patients using the app will be able to see the outcome of their allegations within a day of visiting the hospital.

The connection of Blockchain to coronavirus

According to the New York Times, 811 people died in China due to coronavirus. The number of confirmed infections rose to 37,198. The outbreak of this magnitude has seen many advocates seeking to be employed for the tools provided by the blockchain. And cryptocurrency space to deal with the crisis.

Acoer developer of blockchain-enabled applications has developed a data visualization tool called HashLog. To monitor the deadly coronavirus that uses the Hedera Hashgraph distributed ledger protocol.

Recently, Syren Johnstone executive director of the University of Hong Kong Master of Laws program indicated. That blockchain and AI-driven approaches should be applied to better address the response to the coronavirus epidemic. In addition, blockchain developer Hyperchain announced earlier this month that it will introduce a blockchain-based platform to counter the coronavirus epidemic.

The coronavirus also affects the cryptocurrency industry directly, with several Asian blockchain activities postponed in response to the outbreak. Bitspark, a blockchain remittance company based in Hong Kong. It also announced abruptly its closure, citing the virus among the reasons for this.

Source: Cointelegraph.com

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