Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Goodcat49 on August 08, 2020, 09:15:24 PM
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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
(https://images.cointelegraph.com/images/717_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9jNjI4NzE0OWU1YjlhODI0OGQ0ZWMzZjUwNDZiMmRjYi5qcGc=.jpg)
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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).