Today CryptoBLK and the Hong Kong Federation of Insurers announced a blockchain proof of insurance system. The purpose is to verify the authenticity of motor insurance cover notes in real-time.
The “Motor Insurance DLT-based Authentication System” (MIDAS) was created to combat fake documents and illegal motor insurance brokers. The system is privacy friendly in that it doesn’t store any personally identifiable information such as the person’s name or identity. A QR code is provided to enable car owners and the Transport Department to authenticate documents.
“MIDAS is the first ever industry-wide application of blockchain technology in the space of motor insurance in Asia,” said Mr. Philip Kwan, Chairman of HKFI’s Accident Insurance Association. “This is a classic case of Public-Private Partnership initiative to address the perennial problem of fake cover notes in our insurance market,” added Mr. Kwan.
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