Chinese State Grid Launches Blockchain-Based Blackout Insurance Policy

[Goodcat49]

Zhejiang province issued its first blackout insurance policy backed by a blockchain platform.

A branch of China’s state-backed grid released its first blockchain-powered blackout insurance policy issued to the chairman of a local company that needed to compensate for a power outage loss suffered recently.

According 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 compensate for the loss caused by an electric outage in a faster and expedited way.

https://cointelegraph.com/news/chinese-state-grid-launches-blockchain-based-blackout-insurance-policy

[TomPluz]

The blockchain technology can be a big tool that can innovate and transform the insurance industry where there is more transparency and where the consumers are getting the upper hand. If there is one thing I love China it is the fact that it is now leading the pack as far as the blockchain is concerned (though the country officially still shun away cryptocurrency).