WOW, ..............................................................................................................
By Molly Jane Zuckerman
Alibaba-Founded Insurtech Firm Promotes Blockchain Use in Healthcare Industry
6748
Total views
211
Total shares
Alibaba-Founded Insurtech Firm Promotes Blockchain Use in Healthcare IndustryNEWS
China’s ZhongAn Tech is planning to use blockchain technology to cut risk and costs in healthcare insurance, local news outlet the South China Morning Post reported May 29.
ZhongAn, the technology incubator for ZhongAn Online Property & Casualty Insurance, was founded in 2013 by Jack Ma, the chairman of Alibaba Group, Pony Ma Huateng, chairman at Tencent Holdings, and Peter Ma Mingzhe, chairman at Ping An Insurance.
Jack Ma had previously referred to blockchain’s potential for addressing privacy and security issues across all industry sectors, although noting that he thinks Bitcoin (BTC) is a bubble.
ZhongAn Online tech unit chief Chen Wei referred to blockchain as playing a “tremendous role” in changing China’s insurance field, noting that ZhongAn tech already uses blockchain to store insurance policies from ZhongAn Online:
“Insurance is backed by statistics and blockchain will help to connect that massive and varied data. It will be used to manage risk and improve pricing.”
Blockchain tech has often been used in the health insurance industry, as it offers a more effective information distribution between parties, anonymous data pools for research, and new ways to combat the production of counterfeit drugs.
Chen also noted that ZhongAn has entered into data-sharing agreements for record verification and automatic claims with more than 100 hospitals across China:
“Insurance sales used to rely on agents and individual sales people, however younger generations prefer making online purchases. Insurance clients no longer need to file paper documents as proof, instead they can just say when and which hospital they attended.”
According to Chen, ZhongAn Tech is currently working with Shanghai’s insurance regulatory arm on building a blockchain reinsurance platform.
The South China Morning Post notes that China has added blockchain into is 13th Five-Year-Plan, which lays out development plans for the country from 2016-2020. More recently, China’s president Xi Jinping praised blockchain during a speech at the Chinese Academy of Sciences, noting that it is a part of a new technological revolution.
Although the Chinese government has shown a bullish attitude towards blockchain, they have been less welcoming to cryptocurrencies. The government imposed a ban on initial coin offerings (ICOs) in the fall of last year, a January ban of “exchange-like services,” and a February ban of foreign exchanges.
Follow us on:
Your Email
#Blockchain News
#China
#Insurance
#Bubble
Comments
EDITOR’S CHOICE
Visa Card Payments Failing in UK, Europe, Highlighting Need for Decentralized Options
One of Europe’s Most Energy-Efficient Data Centers Tests BTC, ETH Mining
Japan: Financial Watchdog Probes Crypto Exchanges Over AML Compliance
Ex-Thomson Reuters Senior Executive Joins Blockchain KYC Startup
Netherlands' Land Registry to Test Blockchain Solution for Real Estate
Hottest Bitcoin News Daily
For updates and exclusive offers, enter your e-mail below.
Email address
Email Address
519569810
519569768
519569300
ad-235
2 HOURS AGO
By Molly Jane Zuckerman
Visa Card Payments Failing in UK, Europe, Highlighting Need for Decentralized Options
10376
Total views
299
Total shares
Visa Card Payments Failing in UK, Europe, Highlighting Need for Decentralized OptionsNEWS
Visa has said that their card payments are experiencing disruptions across Britain and Europe, the BBC reports today, June 1.
Visa, which handles over 150,000 mln transactions a day, tweeted about the service disruption, noting that they will keep updating as they resolve the situation:
We are currently experiencing a service disruption which is preventing some Visa transactions in Europe from being processed. We are investigating the cause and working as quickly as possible to resolve the situation. We will keep you updated.
— Visa UK (@VisaUK) June 1, 2018
In comparison, the Bitcoin’s (BTC) decentralized network has been functional 99.99 percent of the time since its inception on Jan. 3, 2009.
According to the Payment Systems Regulator, the problem is isolated to solely Visa card payments.
Barclays and the Bank of Ireland have told their customers to withdraw cash using ATMs.
We are aware some customers are experiencing Visa debit card issues. This is impacting multiple banks across Europe. We will update when we know more. Cash withdrawals can be made at any BOI ATM.
— Bank of Ireland (@talktoBOI) June 1, 2018
Other banks including NatWest and HSBC tweeted about Visa problem, noting that Mastercard transactions are not affected:
We are aware that some customers are experiencing issues with Visa Card Payments. This is an industry wide issue which is being investigated as a matter of urgency and we apologise for any inconvenience. ATM and MasterCard transactions are not impacted.
— NatWest (@NatWest_Help) June 1, 2018
We are aware of an industry wide issue affecting Visa payments which is under investigation. ATM and MasterCard transactions are not impacted. Visa are working hard to resolve the issue as quickly as possible. We will continue to support our impacted customers as needed.
— HSBC UK (@HSBC_UK) June 1, 2018
According to the BBC, the supermarket chain Tesco has said that the Visa problem is affecting customers using contactless payment, but not those using chip and pin payment systems. Sainsbury’s has also noted it was seeing problems with Visa card payments.
However, card payment solution Paymentsense tweeted that Visa has “corrected the outage” and the current interruptions are due to a “backlog of transactions:”
Dear customers,
We have been informed that VISA has corrected the outage and transactions are now starting to go through. There is still some intermittency however, we believe this is due to a backlog of transactions.
— Paymentsense (@Paymentsense) June 1, 2018
By Molly Jane Zuckerman
Alibaba-Founded Insurtech Firm Promotes Blockchain Use in Healthcare Industry
6748
Total views
211
Total shares
Alibaba-Founded Insurtech Firm Promotes Blockchain Use in Healthcare IndustryNEWS
China’s ZhongAn Tech is planning to use blockchain technology to cut risk and costs in healthcare insurance, local news outlet the South China Morning Post reported May 29.
ZhongAn, the technology incubator for ZhongAn Online Property & Casualty Insurance, was founded in 2013 by Jack Ma, the chairman of Alibaba Group, Pony Ma Huateng, chairman at Tencent Holdings, and Peter Ma Mingzhe, chairman at Ping An Insurance.
Jack Ma had previously referred to blockchain’s potential for addressing privacy and security issues across all industry sectors, although noting that he thinks Bitcoin (BTC) is a bubble.
ZhongAn Online tech unit chief Chen Wei referred to blockchain as playing a “tremendous role” in changing China’s insurance field, noting that ZhongAn tech already uses blockchain to store insurance policies from ZhongAn Online:
“Insurance is backed by statistics and blockchain will help to connect that massive and varied data. It will be used to manage risk and improve pricing.”
Blockchain tech has often been used in the health insurance industry, as it offers a more effective information distribution between parties, anonymous data pools for research, and new ways to combat the production of counterfeit drugs.
Chen also noted that ZhongAn has entered into data-sharing agreements for record verification and automatic claims with more than 100 hospitals across China:
“Insurance sales used to rely on agents and individual sales people, however younger generations prefer making online purchases. Insurance clients no longer need to file paper documents as proof, instead they can just say when and which hospital they attended.”
According to Chen, ZhongAn Tech is currently working with Shanghai’s insurance regulatory arm on building a blockchain reinsurance platform.
The South China Morning Post notes that China has added blockchain into is 13th Five-Year-Plan, which lays out development plans for the country from 2016-2020. More recently, China’s president Xi Jinping praised blockchain during a speech at the Chinese Academy of Sciences, noting that it is a part of a new technological revolution.
Although the Chinese government has shown a bullish attitude towards blockchain, they have been less welcoming to cryptocurrencies. The government imposed a ban on initial coin offerings (ICOs) in the fall of last year, a January ban of “exchange-like services,” and a February ban of foreign exchanges.
Follow us on:
Your Email
#Blockchain News
#China
#Insurance
#Bubble
Comments
EDITOR’S CHOICE
Visa Card Payments Failing in UK, Europe, Highlighting Need for Decentralized Options
One of Europe’s Most Energy-Efficient Data Centers Tests BTC, ETH Mining
Japan: Financial Watchdog Probes Crypto Exchanges Over AML Compliance
Ex-Thomson Reuters Senior Executive Joins Blockchain KYC Startup
Netherlands' Land Registry to Test Blockchain Solution for Real Estate
Hottest Bitcoin News Daily
For updates and exclusive offers, enter your e-mail below.
Email address
Email Address
519569810
519569768
519569300
ad-235
2 HOURS AGO
By Molly Jane Zuckerman
Visa Card Payments Failing in UK, Europe, Highlighting Need for Decentralized Options
10376
Total views
299
Total shares
Visa Card Payments Failing in UK, Europe, Highlighting Need for Decentralized OptionsNEWS
Visa has said that their card payments are experiencing disruptions across Britain and Europe, the BBC reports today, June 1.
Visa, which handles over 150,000 mln transactions a day, tweeted about the service disruption, noting that they will keep updating as they resolve the situation:
We are currently experiencing a service disruption which is preventing some Visa transactions in Europe from being processed. We are investigating the cause and working as quickly as possible to resolve the situation. We will keep you updated.
— Visa UK (@VisaUK) June 1, 2018
In comparison, the Bitcoin’s (BTC) decentralized network has been functional 99.99 percent of the time since its inception on Jan. 3, 2009.
According to the Payment Systems Regulator, the problem is isolated to solely Visa card payments.
Barclays and the Bank of Ireland have told their customers to withdraw cash using ATMs.
We are aware some customers are experiencing Visa debit card issues. This is impacting multiple banks across Europe. We will update when we know more. Cash withdrawals can be made at any BOI ATM.
— Bank of Ireland (@talktoBOI) June 1, 2018
Other banks including NatWest and HSBC tweeted about Visa problem, noting that Mastercard transactions are not affected:
We are aware that some customers are experiencing issues with Visa Card Payments. This is an industry wide issue which is being investigated as a matter of urgency and we apologise for any inconvenience. ATM and MasterCard transactions are not impacted.
— NatWest (@NatWest_Help) June 1, 2018
We are aware of an industry wide issue affecting Visa payments which is under investigation. ATM and MasterCard transactions are not impacted. Visa are working hard to resolve the issue as quickly as possible. We will continue to support our impacted customers as needed.
— HSBC UK (@HSBC_UK) June 1, 2018
According to the BBC, the supermarket chain Tesco has said that the Visa problem is affecting customers using contactless payment, but not those using chip and pin payment systems. Sainsbury’s has also noted it was seeing problems with Visa card payments.
However, card payment solution Paymentsense tweeted that Visa has “corrected the outage” and the current interruptions are due to a “backlog of transactions:”
Dear customers,
We have been informed that VISA has corrected the outage and transactions are now starting to go through. There is still some intermittency however, we believe this is due to a backlog of transactions.
— Paymentsense (@Paymentsense) June 1, 2018
1
