Yesterday, Chinese media outlets
reported that the Bank of China’s Insurance IT arm has launched an insurance blockchain with multiple partners. The industry-level project currently stores electronic policies on the blockchain for transparency and efficiency.
Interestingly, the platform uses Hyperledger Fabric, not a domestic blockchain like most Chinese initiatives.
Sina Finance reports that it stores policy information in one place, which streamlines the reconciliation process and protects the data from tampering. This is crucial for insurance sold through banks, where if a policy changes, the bank, insurer, and reinsurer must all reconcile to ensure their policy versions are the same.
The news site further claims that by September, the Bank of China had accumulated over 4 million policies uploaded digitally. More insurers are currently testing the platform and preparing to join.
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