Blockchain to help identify fake motor cover in Hong KongDecember 20 2018 by InsuranceAsia News Staff
The Hong Kong Federation of Insurers has launched a blockchain application to help authenticate motor insurance cover notes and policies.
The technology is called Motor Insurance DLT-based (distributed ledger technology) Authentication System (Midas), and is provided by CryptoBLK, a Hong Kong startup at Science Park specialising in the development, deployment and operation of blockchain systems. CryptoBLK worked closely with Hong Kong’s insurers and had the support of the government.
Car owners can now use specific QR codes generated by Midas and have their motor insurance cover notes or policies authenticated at all four licensing offices of the transport department.
“Midas is the first ever industry-wide application of blockchain technology in the space of motor insurance in Asia,” said Philip Kwan, chairman of the Hong Kong Federation of Insurer’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.”
Duncan Wong, chief executive and co-founder, CryptoBLK, said: “We’re excited to see the official launch of our Hong Kong’s motor insurance authentication platform. 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,” added Wong.
Initiated by HKFI in April 2017, this project deployed the distributed ledger technology, conducted two user-acceptance tests and had its system and data security verified by an international consulting firm.
The system doesn’t store any personal identifiable information and each record created is immutable and traceable.
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