Insurance Fraud with Blockchian Tech

Nowadays, insurance fraud is one of the largest crimes in America, and at least $80 billion is stolen each year. The phenomenon in China is also becoming more and more obvious, then country’s fraud fight needs to improve, despite much progress. Gaps need closing — and fraud fighters are working hard on it.

What is the ‘insurance fraud’?

An illegal act on the part of either the buyer or seller of an insurance contract. Insurance fraud from the issuer (seller) includes selling policies from non-existent companies, failing to submit premiums and churning policies to create more commissions. Buyer fraud includes exaggerated claims, falsified medical history, post-dated policies, viatical fraud, faked death or kidnapping, murder and much more.

And why such fraud so big?

Health system an easy target. Medical providers exploit automated billing systems with cleverly disguised treatment claims.

Low-risk crime. Cheaters view insurance fraud as a low-risk, high-reward gambit. Even drug dealers have entered insurance fraud.

Insurers back off. Most insurers actively combat fraud. But some still pay certain suspicious claims. They believe it's cheaper than going to court.

Low legal priority. Prosecutors often give top priority to combating drugs, violence and other high-profile crimes.

Too much tolerance. Some people mistakenly think insurance fraud is a harmless prank.

Insurance fraud is basically an attempt to exploit an insurance contract. Insurance is meant to protect against risks. It isn't meant to be a tool to enrich the insured. Although insurance fraud by the policy issuer still occurs, the majority of cases have to do with the policyholder attempting to receive more money by exaggerating a claim. More technical solutions should be executed:

ShuqinTech is a Blockchain company for Blockchain solutions. They have cooperated with traffic police to build a service platform based on Blockchain. The smart insurance platform can cooperate with the third institute, accessing to insurance data, personal credit data, then providing the whole service process for customers. At the same time, risk management system can make use to the insurance fraud. By introduced Blockchain and DRGs system, the smart process can reduce manual workload, meanwhile, optimize the claims process.

For more solutions:

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

If you are a Blockchain developer, if you are familiar with IBM Hyerledger, Ethereum, siacoin or bitcoin, if you are good at golang language, if you wanna change your position, if you wanna fight in Blockchain field, if you are seeking for a better life,   please contact us: js@baoquan.com

Traceability of product with Blockchain, Authenticity Guaranteed

The Wine Blockchain project has the goal for certifying and communicating the quality and geographical origin of wines made in Italy. Due to the whole traceability of wine production, allowing to guarantee quality, provenance and production.

And how it works?

For the producer and final customer, they have a digital relationship, and all the information about the wine producer(identified by a digital signature), the entire process of cultivation, production and processing of wine would be recorded in a smart label on the wine bottle, which can maximize the trust of the consumer.

The Blockchain technology can provide all the information linked to the product so the consumer can verify its origin, organoleptic characteristics and the entire agri-food and industrial process anytime, by using your own smartphone to scan the QR code printed on the wine lable.

Obviously, this “digital ID card” can fight againsr the dumping in prices created by foreign products or “fake Italian” and to create a recognition and promotion mode for Made in Italy.

Tho core technology of this project is the smart contract, which contains all the info that have been collected along the production process. And from the public survey, more than 70 percent people would be willing to pay a higher price if there was a guarantee of Italian wines with transparency and provenance.

Shuqin Tech is a Blockchain company in China, also has been working for Blockchain solutions for many years. They believe the traceability of product can connect big data with Blockchain data attestation. The whole system can be built as the following picture shows:

All the processing information can be encrypted by SHA256 on Factom Blockchain, then anchored to Bitcoin Blockchain. The data block also will be stored in distributed database after encryption. Hence, the security of data can be ensured, the whole process will be guaranteed.

More solutions: https://www.baoquan.com/en/

If you are a Blockchain developer, if you are familiar with IBM Hyerledger, Ethereum, siacoin or bitcoin, if you are good at golang language, if you wanna change your position, if you wanna fight in Blockchain field, if you are seeking for a better life,   please contact us: js@baoquan.com

Blockchain for rescuing Country from Sudden Isolution

The United Arab Emirates announced they had severed diplomatic and transport ties on Jun 5. This change will mean that Qatar no longer has full diplomatic relations with other states, including Egypt, Saudi Arabia, Bahrain and the United Arab Emirates.

The Financial Times quotes a Saudi news agency stating the government enacted the policy for the “protection of national security from the dangers of terrorism and extremism.”

Qatari sources reacted saying the collective move “was founded on allegations that have no basis in fact.”

While the government added it would “not affect the normal lives of citizens and residents,” Qatar’s isolation could provide a timely opportunity for disruptive innovation to take hold.

At the sametime, can Blockchain become Qatar’s rescue after four Middle Eastern countries cut ties with country over its alleged support of terrorism?

Qatar has been an active participant in Blockchain experimentation, specifically in its banking sector, with pilot schemes being successfully completed for money transfers in April.

“We have just started blockchain, a cutting-edge technology that will be used for remittances. We are the first bank in Qatar to actually pilot this approach,” Joseph Abraham, CEO of the Commercial Bank of Qatar.

Actually, if the government can appeals for the Blockchain support, combining the new advanced technology with different industries, then it can accelerate the development of society. In Hangzhou, Shuqin Tech has developed the first Blockchain product Baoquan.com for data attestation, and it also has achieved the recognization of judicial process. In addition, the CEO Gao Hang of Baoquan.com indicated that the next step is for the Blockchain value in data transferring process about government data. The trustworthy certificate service will play a great role in data transferring for government due to the decentralized system that based on Blockchain.

More solutions: https://www.baoquan.com/en/

If you are a Blockchain developer, if you are familiar with IBM Hyerledger, Ethereum, siacoin or bitcoin, if you are good at golang language, if you wanna change your position, if you wanna fight in Blockchain field, if you are seeking for a better life,   please contact us: js@baoquan.com

Technical innovation: Blockchain E-invoicing

Nowadays, Blockchain technology has been applied in many fields, including electronic invoicing. And e-invoicing is a rapidly expanding technology. Whereas Latin American and many European and Asian countries are already considerably advanced in this field, a vast majority of organisations have not yet decided upon one system or service.

A high number of providers offer solutions and services for this matter. In this phase, it is important to have up-to-date information and guidance on selecting the right solution and provider. 

Obviously, e-invoicing is to support invoice issuers and recipients wishing to replace expensive paper-based invoice management. Here is a boldly hypothesize: combining e-invoicing with Blockchain to a new mode.

For such mode, it has the following characteristics:

Immutable: Storage the encrypted data on Blockchain with timestamp, then to form the permanent and irreversible recording.

Stable & Reliable: Using the distributed network architecture to avoid the attack to the central node, improving the ability of anti-attack.

Fast transmission: The message would be sent to the all nodes of the whole network from the single node based on P2P network layer protocol.

Autonomy: Particial work can be executed automatically, due to the trusted data and the agreed rules.

For Block chain e-invoicing, everyone can verify the legality of the transaction, and the accounting right can be confirmed by consensus mechanism. The efficiency of business can be improved by the immutable data sharing, then to realize the complex business flow. Shuqin Tech is also devoting themselves to the research of Blockchain solutions in many fields, and the Blockchain solution for data storage has been launched.

More solutions: https://www.baoquan.com/en/

If you are a Blockchain developer, if you are familiar with IBM Hyerledger, Ethereum, siacoin or bitcoin, if you are good at golang language, if you wanna change your position, if you wanna fight in Blockchain field, if you are seeking for a better life,   please contact us: js@baoquan.com

BLOCKCHAIN: TARGET FOR VOTING ISSUE

Getting attention to the NSA report, dated May 5, 2017, is the most detailed U.S. government account of Russian interference in the election that has yet come to light. As described by the classified NSA report, the Russian plan was simple: pose as an e-voting vendor and trick local government employees into opening Microsoft Word documents invisibly tainted with potent malware that could give hackers full control over the infected computers. And it indicates that Russian hacking may have penetrated further into U.S. voting systems than was previously understood. It states unequivocally in its summary statement that it was Russian military intelligence, specifically the Russian General Staff Main Intelligence Directorate, or GRU.

The NSA analysis does not draw conclusions about whether the interference had any effect on the election’s outcome and concedes that much remains unknown about the extent of the hackers’ accomplishments. However, the report raises the possibility that Russian hacking may have breached at least some elements of the voting system, with disconcertingly uncertain results.

Can Blockchain technology make a breakthrough on voting security?

For the online voting , there still have long way to do with blockchain technology. Blockchain technology allows for the secure management of a public ledger or database, where database transactions are verified and securely stored on a network. The database, is managed by a network of nodes that all have their own copy of the database, and valid transactions are grouped together and added to the database in a block, one after the other, in a way that resembles a chain, hence the name blockchain. This way, everyone can agree on the final count because they can count the votes themselves, and because of the blockchain audit trail, they can verify that no votes were changed or removed, and no illegitimate votes were added.

Shuqin Tech is a company for providing Blockchain solutions. For more solutions: https://www.baoquan.com/en/

If you are a Blockchain developer, if you are familiar with IBM Hyerledger, Ethereum, siacoin or bitcoin, if you are good at golang language, if you wanna change your position, if you wanna fight in Blockchain field, if you are seeking for a better life,   please contact us: js@baoquan.com

Yu Xuemai: Making a speech for the seninor Blockchain economics class

Last weekends, the seninor Blockchain economics class was held in MBA center of Zhejiang University of technology. Recently, as an adcvanced technology, Blockchain technology has launched in many scenes, and has caused wide governments’ attention, as well as the technology enterprises. Therefore, such class takes “Focusing on Blockchain” as the research theme, and starting from the decryption journey of Blockchain. The co-founder Yu Xuemai of Shuqin Tech as the professional in such field made a speech in June 4, and explained the theory and development history of digital currency.

During the morning class, the CEO Jiang Yuebo of Shuniu Tech made a speech about the investment and financing of digital currency, mainly including investment，financing, futures, interest arbitrage, ICO, cross-border remittance and wallet. With the characteristics of decentralized, anonymity and low cost for Bitcoin, the price and time would have an affect on Bitcoin transaction. And the price fluctuation also will affect the difficulty of mining. Nowadays, more and more digital currency began to appear in people’s life, even most of them have the low price, also combined with high risk. At last, Jiang encouraged  members to learn Bitcoin and Blockchain through forum and whitepapers, taking a long-term investment for Bitcoin.

Then Yu Xuemai started the speech with a funny comparison, he indicated that the Bitcoin price has up 30 thousands times, which beat the banknote printing machine with the amazing speed. For the security issues, introduced the cryptography algorithm, distributed ledger, whole network broadcast, POW and timestamp to solve the problems of currency forgery and double payment. Later, by the introduction of Byzaantine Generals problem, then to lead to the consensus mechainism under the untrust case. Furthermore, Yu introduced the block-structured with the Merkel root, and explained the main chain was determined by the longest chain. And he also indicated that the consensus mechainism is the key to maintain the running of Blockchain network. Finnally, Yu said that the essence of currency is the transferring of trustworthiness, meanwhile, Bitcoin relys on the distributed accounting system. With his entrepreneurial experience, Shuqin has cooperated with Hangzhou Bank to realize data attestation, applied blockchian technology in their own scene.

When ending the two days class, the sponsor issued the certificates for the trainees, and all the certificates have been attested in Baoquan.com, which make members experienced the Blockchain with life. Baoquan.com not only provide data attestation services for the enterprises, but also serving for personal.

For more solutions:

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

European Energy Companies to Test Peer-to-Peer Trading Over The Blockchain

Twenty three European energy trading firms have joined forces in order to conduct peer-to-peer trading in the wholesale energy market using innovative Blockchain technology. Trading will take place on an enhanced Enerchain framework a Blockchain based application developed by PONTON that has already been used to execute the first European energy trade over the Blockchain at last year’s EMART conference in Amsterdam.

The Enerchain software allows trading organisations, using encryption technology, to anonymously send orders to a decentralised orderbook which can be hit by other trading organisations. All this is done “peer-to-peer” without a central marketplace operated by a third party.

During the proof of concept participants will get significant exposure to the Blockchain technology and find out whether a decentralised solution can support the trading volumes and transactional speed known from existing markets. Applying Blockchain technology in energy markets promises more efficient operational processes and reduced transaction cost.

Enerchain is powered by Tendermint, the leading open source Blockchain engine. Partner and provider of the trading screen technology in the project is pdv Financial Software GmbH, a sister company of PONTON, which develops innovative platforms for trading, position keeping and risk management as well as exchange platforms for various types of securities across asset classes, associated derivatives and treasury products.

PONTON is in discussion with further interested companies that consider joining the initiative and anticipates that the number of participants will be enlarged.

 “Total is focused on ensuring high security standards for the Gas and Power Trading processes. If successful, this initiative with Enerchain, could enable a leap forward for the whole trade lifecycle. For Total, it offers the opportunity to improve our understanding of the Blockchain technology and its potential applications to support internal processes,” stated Philippe Chauvain , Vice President Risk Control and IT – Total Gas & Power Limited.

“We are working with PONTON to provide the best scalable consensus middleware (Tendermint) so that PONTON can rapidly innovate in the energy Blockchain vertical. We’re excited to see PONTON develop on our platform and contribute to the Tendermint ecosystem,” said Jae Kwon, Founder and CEO Tendermint.

Michael Merz, managing director of PONTON added:

“Blockchain technology is a new way to create disruptive software applications and business models. After having experienced increasing marketing buzz from the FinTech and energy sectors, PONTON has decided to actually implement an own Blockchain stack on top of the Tendermint software. The project practically shows the power of the Blockchain by creating a marketplace that does not require a physically centralised platform. Enerchaindemonstrates what can be expected for the future in related areas of energy trading: P2P wholesale trading, flexibility trading in the regional grid, and synchronising grid management processes between TSOs and DSOs“.

Shuqin Tech is a Blockchain company in China, has been working for Blockchain solutions for many years. And its first product Baoquan.com can provide data attestation service for enterprise or personal. In order to a better development, they are also devoted to the big data field, combined with Blockchain, to form a secure data transaction platform.

For more solutions: https://www.baoquan.com/en/