Chinese Insurance Firms Use Blockchain to Process Coronavirus Claims

Insurance firms in China use blockchain to manage coronavirus-related claims amid the outbreak. English-language local news outlet South China Morning Post reported on Feb. 9 that this month Chinese online mutual aid platform Xiang Hu Bao added the coronavirus to the illnesses eligible for the maximum one-time payout of around $14,300 (100,000 yuan).

Xiang Hu Bao is not an insurance policy, but a blockchain-based collective claim-sharing platform that counts 104 million users. Per the report, blockchain technology is employed by the system to prevent fraud and allow for faster claim processing.

Xiang Hu Bao is owned by Chinese finance giant Ant Financial and uses its mobile payment processing service AliPay, which funds the payouts for coronavirus victims with its own capital. 

Also Blue Cross Insurance, owned by the Bank of East Asia is reportedly helping to decrease the bureaucratic impact of the coronavirus outbreak with a medical claims app.

According to the New York Times, 811 people died because of the coronavirus in China and the number of confirmed infections rose to 37,198. An infection of this scale has seen many advocates for the tools provided by the blockchain and cryptocurrency space try to be employed to address the crisis.

Blockchain-enabled applications developer Acoer has created a data visualization tool called HashLog to track the deadly coronavirus that employs the distributed ledger protocol Hedera Hashgraph.

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