Coronavirus is so far the largest health catastrophe to strike the world in this decade as China continues to suffer the most. It is no wonder the Asian giant has turned to blockchain tech to enhance its existing ecosystems in functions such as health insurance.
A number of blockchain apps have been developed to curb the coronavirus pandemic with most being launched as late as this month. One notable blockchain-oriented insurance platform known as ‘Xiang Hu Bao’ added a coronavirus one-time payout claim under its product range. The cover is designed such that policyholders can receive a lump sum of $14,000 (100,000 Yuan) to look after themselves during these times of uncertainty.
Blockchain Vs Coronavirus
Apart from insurance, blockchain has been instrumental in China’s record and data tracking efforts to prevent the spread of coronavirus. Since Xi Jinping’s directive for government agencies to consider blockchain adoption back in 2019, a good number of patents have been filed with some provinces such as Shaanxi implementing the DLT tech in health services like screening and consultation.
Blockchain has arguably changed the way records are maintained within China’s health system and is expected to play a big role in the wake of coronavirus. The digital ledger platforms are turning out to be efficient avenues for receiving donations or grants from investors.
A cross-border financing platform launched back in March 2019 by China’s foreign trade authorities has helped secure over $15 billion in lending for close to 2,500 businesses. Hubei which is China’s worst-hit capital by coronavirus also joined this platform back in January; some analysts have since speculated that this will save the businesses in Wuhan from collapsing.
These hard times are gradually proving that blockchain will be a norm tech sooner than most would have expected. As it stands, the tech’s use case in health insurance for screening claims has reduced service time and the general cost for processing claims. It is therefore expected that blockchain will come in handy for the coronavirus epidemic as well given its dynamic nature to suit different industries.