Chinese Insurance Companies Issue Documents On Blockchain

The South China Morning Post reports that Chinese insurance providers increasingly adopt blockchain technology to process claims faster. The blockchain technology reduces the need for personal contact amidst an outbreak of coronavirus.

According to experts, DLT will help reduce the spread of coronavirus. Since now for applying to the insurance company, the personal presence of the applicant is optional. In recent developments, the insurance providers in China have proven that blockchain technology can really solve real problems. Using revolutionary technology to track applications quickly, while completely eliminating the need for personal contact, significantly reduces the spread of the dangerous virus. In addition, blockchain helps to avoid fraud in the payment of insurance funds.

The Insurance Company Blue Cross noted that its blockchain-based platform can process more than 1000 transactions per second without human resources. In addition, blockchain technology significantly reduces the amount of documentation, as well as the time spent on internal data verification, thereby reducing the stress in the process of providing the service.

Patrick WAN, managing director at Blue Cross said:

“Our blockchain-based claims solution has played a huge role during the coronavirus outbreak by completely eliminating paperwork and the need for back-and-forth documents delivery to clinics. This really helps to curb the risks of infection from face-to-face contact.”

Image courtesy of Crypto World Journal