Insurance Firms Utilize Blockchain for Coronavirus Claim

Insurance firms in China use the blockchain to manage coronavirus-related claims. A local news South China Morning reported, Chinese online mutual aid platform Xiang Hu Bao added the coronavirus to the illnesses eligible for the maximum one-time payout of around $14,300. A firm’s spokesman said “Due to the decentralized, trust-free nature of blockchain technology. Xiang Hu Bao was able to process claims to participants quicker.

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