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Alibaba and Tencent’s insurer rolls out blockchain health insurance technology

The new infrastructure tech is already being used with 100 hospitals in China.

ZhongAn, a massive insurer in China, recently started using blockchain health insurance technology in a partnership with 100 hospitals. The insurance company is a massive one, providing infrastructure to 10 local providers.

The importance of this technology in the Chinese and global insurance sectors

The insurance industry, the health care industry and technology are deeply intertwined among each other. They are now dependent on each other as well. Now, Alibaba and Tencent’s insurer has entered into one of the largest blockchain health insurance efforts on the planet. Blockchain is becoming an increasing focus for insurers in many areas of coverage.

In this particular circumstance, blockchain’s potential is in the way that health care service providers and hospitals communicate with the various insurance companies covering their patients. This new type of platform helps to ensure greater fairness and transparency in insurance coverage.

China’s health care industry is rapidly evolving and blockchain health insurance tech may support that.

As China’s health care system grows, and as health insurance coverage becomes more commonplace, the country has needed to come up with systems that will maintain coverage, communication and legal operations.

Over the past few years, there have been significant struggles with patients, providers, and health insurance companies being affected by security breaches. As result, personal and financial information has been leaked – requiring an expensive and time consuming recovery process, reported CNN. This problem is hardly exclusive to China. CNN also pointed out the largest scandal to date, occurred last year when Equifax was hacked. That company is among the top three credit reporting agencies and is based in the United States.

Blockchain health insurance - Technology - Health LogoAs these types of hacking become increasingly large, financial, insurance, health care and other giant industry participants seek alternative technologies to protect themselves and those they serve. ZhongAn chief technology officer, Chen Wei, explained that the company has started using health insurance blockchain technology to improve data storage and processing security. As a bonus, the tech will help to reduce security risks and lead to improved pricing, said the CNN report.

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