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A Chinese state-owned electricity company has taken out blackout insurance based on blockchain technology

A branch of China’s state-backed power grid has taken out its first blockchain-based power outage insurance, which was issued to the president of a local company to cover a recent blackout.

In accordance with Shupeidian, Zhejiang Ningbo Power Supply Company, combined with Yingda Taihe Property Insurance Co., Ltd., supplied this guideline to a sprinkler factory in Ningbo, province Zhejiang.

Both companies believe that the insurance issuance process is done over a blockchain network offers a commercial solution to compensate the losses caused by a power failure much faster and more agile.

Data exchange between the parties involved via blockchain

A Chinese state-owned electricity company has taken out blackout insurance based on blockchain technology
A Chinese state-owned electricity company has taken out blackout insurance based on blockchain technology

The system is based on the distributed storage of blockchain data. All parties involved in the process could share the data down the chain, which in some ways “solves the disadvantage of independent insurance companies” when deciding on claims.

According to the insurance company, the data of the claims are generated in the blockchain network They are traceable and unchanged, avoid fraud during the issuing process and make the claims process fairer.

Deng Chao, Head of Internet Business Department of Zheijiang Ningbo Power Supply Company, commented on the process carried out via the platform Yingda PC Insurance Center:

“Customers can take out Power Transmission Delay insurance through the Yingda PC Insurance Center platform and fill out the insurance information online, select the insurance plan and pay the premiums. A simple and convenient electronic insurance policy Technology automatically raises claims based on the results of the investigation and assessment of power outage data. Energy, and Yingda PC Insurance completes claims online. “

Recently, An energy supplier in China has successfully implemented its first blockchain node. This node became operational through the government-backed network, the China State Electric Grid Corporation.

The Chinese Circular of the National Health Commission On June 30, she also released her plan on how to step up support for information technology in the face of future pandemics. Part of the strategy is the use of blockchain technology to improve the exchange of data between medical institutions.

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