Chinese blockchain-backed online mutual aid platform Xiang Hu Bao with 104 million users adds coronavirus as a critical illness eligible for a maximum one-time payout of 100,000 yuan, or $14,320, reported South China Morning Post on February 9.

Although basic public medical insurance covers all expenses, connected to coronavirus outbreak, blockchain company Xiang Hu Bao has decided to help alleviate other hardships. 

Xiang Hu Bao is a blockchain company owned by Ant Financial, that will pay claims out of its own capital. Given that its claims service is blockchain based, it does not require any paper work or office visits, that is highly beneficial in the midst of the outbreak, shared Ant Financial spokesman in Beijing:

“Xiang Hu Bao has been able to process claims and make payouts to participants quicker, due to the decentralised, trust-free nature of blockchain technology. Claim applicants can submit their supporting documents as evidence while investigation firms can get immediate access to them on the blockchain. All parties involved can see the entire process.”

Blockchain-backed claims service of Blue Cross Insurance has also helped to eliminate unnecessary office visits and paper processes, helping “to mitigate the risk of infection form face-to-face contact”, shared Blue Cross’s managing director Patrick Wan.

Patrick Wan has also highlighted that blockchain-processed claims help to reduce the pressure on health care system,  reducing the time spend, and eventually providing patients with faster results.

New technologies prove to be particularly useful in critical situations. As Future Time previously reported, BlueDot’s AI made its first alert on coronavirus on December 31, 6 days ahead of the US Centers for Disease Control and Prevention.

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