On September 16, this year’s strongest typhoon “Mangosteen” struck a huge economic loss, and post-disaster insurance has become a common concern. In the future, the application of blockchain technology may help the insurance industry to cope with disasters and improve the efficiency of disaster relief.

Last weekend, many people’s WeChat moments might be covered by “Mangosteen”. For the people in the affected areas, it was difficult to avoid personal and property damage.

As a means for people to cope with risks, insurance will greatly improve the efficiency of insurance claims with the new technology and will provide people with reliable guarantees.

Nothing can stop people in Shenzhen from yearning for work.

The application of blockchain track and trace

The use of blockchain provides an idea for expanding the agricultural insurance market: due to the use of blockchain’s anti-counterfeiting traceability, real-time information about farmed products can be learned, and risks of insurance and credit are reduced. The insurance company’s enthusiasm for the protection of farmers and farming assets can be increased as well.

For tracing valuable commodities such as diamonds and jewelry, the traceability of blockchain technology, as a method of insurance risk management and control, will make property insurance easier for the very high-priced commodity

Insurance is a typical scenario for the application of blockchain technology, which can effectively solve the “difficulties” and “pain points” in the insurance business process, and can generate a new business model. The uniqueness, time stamp, traceability, and non-tampering of blockchain can greatly help the insurance industry innovate and help create broader application prospects.

The era of “blockchain+insurance” has already arrived

From the perspective of the law of science and technology development and the maturity of technology, the timing of the application of blockchain technology has not yet arrived.

As early as March 2017, organizations including Insurance Society of China and China Insurance News jointly released the report “Insurance Blockchain Research”, pointing out that blockchain is considered to be one of the technologies that will reconstruct insurance innovation.

In fact, the era of “blockchain+insurance” has already arrived, and a large number of insurance companies have waded into the blockchain business and have developed practical applications. China Life and Ant Financial Services cooperated in blockchain insurance; People’s Insurance of China focuses on aquaculture and marketing management platform; Sunshine Insurance provides services for accumulating points and air accident insurance; Ping An Insurance offers BaaS platform; and Taikang Insurance launched online management platform.

From the specific applications, currently insurance company’s exploration in blockchain is mainly about the information record. On one hand, based on the blockchain’s “open ledger”, business data is recorded on the chain to be disclosed; on the other hand, Consortium Chain in insurance industry is being built. With the further development of CelesOS technology, in addition to improving information transparency, it will bring deeper changes to the insurance industry.

The role of Celes in the insurance industry

Applications in insurance industry will become more transparent on Celes, which can reduce the back office’s operation cost. Because of the existence of blockchain, the service on the chain theoretically does not conceal or misinterpret transaction data. Celes strives from the directions of “user”, “code” and “text” to ensure development services’ compliance on this blockchain.

With Celes, financial institutions can not only reduce the cost, but can also accelerate the business operations of the financial back office. According to Bain Capital, the blockchain can save the financial industry 2.2 billion to 5.1 billion dollars per year. Celes will lead the blockchain industry to thrive with the latest DPoW mechanism.

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