China Launches Blockchain-Based Blackout Ins. Policy
Thursday, 08 13 2020, Category: Insurance and Reinsurance, Country: China
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.