ZhongAn Tech of China is making plans on how to use blockchain technology to minimize costs and risk in healthcare insurance, according to a post by the South China Morning on the 29th of May.
The Founder of the Company
ZhongAn, the tech incubator for ZhongAn Online Casualty and Property Insurance, was founded by the chairman at Alibaba Group, Jack Ma, the chairman at Tencent Holdings, Pony Ma Huateng, and the chairman at Ping An Insurance, Peter Ma Mingzhe. This company was found back in 2013.
What Jack Ma Said about Blockchain Technology
Jack Ma – the Chairman at Alibaba – had previously referred to the potential of blockchain for tackling security and privacy issues in all sectors and industries, even though he thinks bitcoin (the most valuable digital currency in the world) is a bubble.
ZhongAn Is Already Using Blockchain Technology
The tech unit chief of ZhongAn – Chen Wei, referred to blockchain technology as playing a vital role in revolutionizing the insurance industry of China. He said that the company is already using blockchain to keep track and record of insurance policies from ZhongAn Online.
The Adoption of Blockchain in the Health Insurance Industry
The health insurance industry has often used blockchain technology, as it provides a more effective distribution of information between parties, new ways to fight counterfeit drugs productions, and anonymous data pools for research. Mr. Wei also stated that the company has entered into a data-sharing agreement for automatic claims and verification of record with over one hundred hospitals in China.
He also said that the firm is presently working with the insurance regulatory arm of Shanghai on developing a blockchain reinsurance platform. China has included blockchain into the thirteenth Five-Year-Plan of the country which plots development plans from 2016 to 2020. The government of China has been less welcoming to digital currencies, even though they have shown a bullish attitude towards blockchain.