Chinese Insurance companies are utilizing blockchain to speed up Coronavirus payouts.

Insurance service providers in China are leveraging blockchain technology to speed up claims payouts in over 27 Coronavirus affected cities, as well as Hong Kong.

According to the report by South China Morning Post, Chinese insurance service providers are relying on the blockchain technology to speed up claims payouts in over 27 Coronavirus affected cities, including Hong Kong. As of now, more than a thousand people have died of Coronavirus around the world. 

 

Blockchain is helping reduce the need for face to face contact.

Insurance service providers are relying on blockchain technology to fast track claims payouts amid a coronavirus outbreak that has placed more than 27 Chinese cities on lock down. The mysterious Coronavirus has infected more than 37,000 people in China. The use of claim sharing platform that is built on the blockchain technology is helping reduce the need for face to face contact. 

 

Ant Financial has been able to process claims at a much faster rate.

A spokesperson from Ant Financial told the South China Morning Post that because of the blockchain’s “trust-free nature,” they have been able to process claims and conduct payouts at a much faster rate than with traditional methods. The crypto industry is also helping to fight Coronavirus in China. Several crypto companies, including, Binance, Huobi, and Tron, have donated funds to help Coronavirus victims. The virus originated in the city of Wuhan has also forced crypto conferences to postpone. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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