Bitcoin Daily: Insurance Cos Use Blockchain To Fast-Track Virus Payments; Coronavirus Prompts Crypto Conference Delays

bitcoin daily, coronavirus. insurance, processing, blockchain, Xiang Hu Bao, Ant Financial, Blue Cross (Asia-Pacific), news

The blockchain is making it faster and easier for insurance service providers to fast track coronavirus claims. China’s online mutual aid platform Xiang Hu Bao, owned by Ant Financial, and Blue Cross (Asia-Pacific) Insurance in Hong Kong, have both used the blockchain to quickly process claims, South China Morning Post reported on Sunday (Feb. 9). 

Built on blockchain technology, Xiang Hu Bao is paying out a one-time maximum of 100,000 yuan (US$14,320) to those affected by the coronavirus. Xiang Hu Bao offers basic health plans to 104 million people. 

In addition, the Chinese government’s basic medical insurance is covering the costs of medication and health care expenses linked to the outbreak.

Blue Cross (Asia-Pacific) Insurance, a unit of Bank of East Asia (BEA), said the blockchain has slashed time spent on data verification and other paperwork.

The coronavirus outbreak is affecting cryptocurrency conferences across Asia, Cointelegraph reported on Friday (Feb. 7). Hong Kong’s annual TOKEN2049 was supposed to take place in March but is now being planned for Oct. 7-8.

“Over the past weeks, we have been monitoring the global developments around the coronavirus closely. Whilst Hong Kong is managing the situation well and has taken strict precautions to contain any potential impact, uncertainty prevails,” TOKEN2049 said.

Binance Blockchain Week Vietnam, scheduled Feb. 29 to March 4, was postponed without a new date, while Hong Kong Blockchain Week 2020 set for March was also put on hold, with a new date to be decided.

“We sincerely apologize for the inconvenience caused by the delay. If you have registered for the Binance Blockchain Week, you can get a full refund through the event registration platform […] We will inform everyone soon regarding further updates on this event,” Binance said, adding that people who already paid would be reimbursed.

A major local blockchain remittance startup called Bitspark in Hong Kong suddenly closed earlier last week. Aside from restructuring, the firm pointed to the coronavirus and political protests as reasons for shutting down.