Insurance firms in People's republic of china use blockchain to manage coronavirus-related claims amid the outbreak. English-language local news outlet South China Morning time Mail 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 1-time payout of around $14,300 (100,000 yuan).

Blockchain used for insurance claim processing

Xiang Hu Bao is not an insurance policy, only a blockchain-based collective claim-sharing platform that counts 104 million users. Per the report, blockchain applied science is employed by the organisation 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. A firm'south spokesman said:

"Xiang Hu Bao has been able to process claims and make payouts to participants quicker, due to the decentralised, trust-free nature of blockchain engineering science. [...] Claim applicants can submit their supporting documents every bit evidence while investigation firms tin can get immediate access to them on the blockchain. All parties involved can run across the entire process."

Blockchain used to reduce paperwork

Besides Blue Cantankerous Insurance, owned by the Bank of East Asia is reportedly helping to decrease the bureaucratic affect of the coronavirus outbreak with a medical claims app. The insurance service'south managing managing director Patrick Wan told Southward Red china Morn Mail:

"Our blockchain-backed claims service has played a key office during the outbreak of the coronavirus by totally eliminating the newspaper process and the need for back-and-along documents delivery to clinics. [...] This really helps to mitigate the hazard of infection from contiguous contact."

Blue Cross Insurance claims that its platform is capable of managing over 1,000 transactions per second without human involvement. So far, since its launch in April 2022, the medical claims app has on average seen a double-digit monthly policyholder user base growth. Patients using the app can come across the upshot of their claims within a twenty-four hour period after the hospital visit.

Blockchain's human relationship with coronavirus

Co-ordinate to the New York Times, 811 people died because of the coronavirus in Communist china and the number of confirmed infections rose to 37,198. An infection of this calibration has seen many advocate for the tools provided by the blockchain and cryptocurrency space try to be employed to address the crisis.

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

Syren Johnstone —  executive managing director of the master in laws program at the University of Hong Kong — recently suggested that blockchain and AI-driven strategies should exist implemented to ameliorate tackle responses to the coronavirus epidemic. Furthermore, blockchain startup Hyperchain announced the launch of a blockchain-based platform to fight confronting the coronavirus epidemic earlier this calendar month.

The coronavirus besides has a direct impact on the cryptocurrency industry, with multiple Asian blockchain events being delayed in response to the outbreak. Likewise, Hong Kong-based blockchain remittance startup Bitspark has abruptly announced its closure, citing the virus amidst the reasons.