A branch of Prc'south state-backed grid released its beginning blockchain-powered blackout insurance policy issued to the chairman of a local company that needed to recoup for a power outage loss suffered recently.

Co-ordinate to Shupeidian, Zhejiang Ningbo Power Supply Company, in partnership with Yingda Taihe Property Insurance Co., Ltd., released the policy to a sprinkler manufacturing company in Ningbo, Zhejiang province.

Both companies believe that the process of issuing insurance via a blockchain network provides a commercial solution to recoup for the loss caused past an electric outage in a faster and expedited way.

Sharing data betwixt parties involved through blockchain

The organization relies on the distributed storage of blockchain information. All the parties involved in the process could share the information through the concatenation, which, in a way, "solves the disadvantage of contained insurance companies" to decide on claims.

According to the insurance company, the claims' data generated in the blockchain network tin can be traced back and cannot exist tampered with, avoiding cheating during the issuance process and making the claims process fairer.

Deng Chao, internet concern section managing director of Zheijiang Ningbo Power Supply Visitor, commented on the process fabricated through the Yingda P&C Insurance Mall platform:

"Customers can purchase the planned power transmission delay insurance through the Yingda P&C Insurance Mall platform, and can fill in the insurance data online, cull the insurance program, and pay the premiums. And receive the electronic insurance policy, which is elementary and user-friendly. In the event of planned power transmission delays, blockchain technology is used to automatically trigger claims based on the results of power outage data research and judgment, and Yingda P&C Insurance completes the claims online."

Recently, an energy supplier in Mainland china has successfully deployed its first blockchain node. This node went live through the regime-backed network, the State Grid Corporation of China.

The Chinese Round of the National Health Commission as well released its plan on June thirty on how to ramp up its information technology back up amid future pandemics. 1 component of the strategy is the use of blockchain technology for enhancing information sharing among medical institutions.