Blockchain Platform For Motor Insurance Authentication Launched By Hong Kong Federation Of Insurers
The Hong Kong Federation of Insurers (HKFI), a financial industry self-regulator, has launched a blockchain-based motor insurance platform to ensure authenticity and counter fraud.
Called the “Motor Insurance DLT-based Authentication System” (MIDAS), the platform was first announced in April 2018 with the support of the Hong Kong SAR Government. The platform, developed in partnership with local blockchain startup CryptoBLK, was created to allow easy verification of motor insurance documents to prevent fraud and spot fake documents produced by illegal insurance brokers.
“MIDAS is the first ever industry-wide application of blockchain technology in the space of motor insurance in Asia,” said Philip Kwan, Chairman of HKFI’s Accident Insurance Association. “This is a classic case of Public-Private Partnership initiative to address the perennial problem of fake cover notes in our insurance market.”
HKFI said that the platform is privacy friendly because it doesn’t store any personally identifiable information such as the person’s name or identity. A QR code is provided to enable car owners and the Transport Department to authenticate documents.
“We’re excited to see the official launch of our Hong Kong’s motor insurance authentication platform,” said Duncan Wong, CEO and Co-founder of CryptoBLK. “MIDAS is an excellent example demonstrating how DLT can act as a catalyst to help accelerate an industry-wide digital transformation. This represents another key milestone in the journey of transforming Hong Kong into a smart city.”
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