Blockchain in Mutual insurance

Blockchain technology provides a solution to solve these problems of mutual insurance, which based on the Blockchain platform for network mutual application, to maximize the security guarantee of fund, agreement and information, then to improve the ability of risk control.

• Transparency of capital flows

Keep all detailed capital flows in Block chain, data cannot be tampered with or forged, to ensure data reality, and all regulatory agencies, public media, ordinary users can check and supervise at any time.

• High efficiency of rule execution

Funds transfer is executed in accordance with the open and immutability smart contract, once determined, it can be executed accurately without any intervention, which improve the efficiency of rule execution.

• Information Security

All of the personal sensitive information will be encrypted, no one can access to or steal the data without user’s authorization.

• Never for Service downtime

Mutual network running on the public chain does not rely on a central server, to ensure the provided service never be down at any moment.

Nowadays, the disputes between the insurance company and insured, still happen sometime. The insured falsify the claim information to obtain high compensation insurance; The insurance salesman falsify the insurance policy to obtain insurance premium of the insured. All these problems occur due to the lack of authentic ways for data collectiona and data storage.

With the development of medical information digitization and personal credit system, more and more authoritative data can be recorded in Blockchain, and will be accompanied by each person with digital identity, the recorded data with immutability and reliability can synchronize at any time, bring great benefit for risk management of the insured.

• All the data will be opened between different companies for mutual reference, so as to find the information like duplicate insurance, historical claims, and detect high-risk users in time.
• Recording the data from different industry in Blockchain, which can improve the accuracy and efficiency of  insurance claims.

Even blockchain technology has good prospects for application, like a new technology in early stage, and many aspects have caused concerns for the industry.

Overall, financial service institutions should continue to explore and develop new technology which is suitable for financial application.

Company Website：https://www.baoquan.com/en/

Contact Email：js@baoquan.com