The outbreak of the new corona virus took place on the last day of 2019 and was first reported in Wuhan, China. According to CNN, the novel disease has already caused over 1,100 deaths and infected over 45,000 individuals globally.
Xiang Hu Bao, an online blockchain-backed mutual aid platform, has added coronavirus as a critical illness eligible for a 100,000yuan payout. The platform is not an insurance product but rather a collective-claims sharing mechanism that mostly serves “lower-tier cities” and rural areas.
The blockchain network is used to increase speed and efficiency and reduce fraud. According to an Ant Financial (company funding corona payouts) spokesman in Beijing: “Xiang Hu Bao has been able to process claims and make payouts to participants quicker, due to the decentralised, trust-free nature of blockchain technology. 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“.
Similarly, in Hong Kong, the insurance company Blue Cross is also leveraging the power of blockchain technology to increase the claims’ process efficiency. The company’s managing director stated: “Our blockchain-backed claims service has played a key role during the outbreak of the coronavirus by totally eliminating the paper process and the need for back-and-forth documents delivery to clinics. This really helps to mitigate the risk of infection from face-to-face contact“.
Every day, we are seeing further proof to the wonders that blockchain technology can do. Aside from financial applications, blockchain technology has the ability to improve our health, access to information, supply chains and many more.
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