Hong Kong Federation of Insurers Launches Blockchain App
The Hong Kong Federation of Insurers (HKFI) has recently launched the Motor Insurance DLT-based Authentication System (MIDAS) to allow policyholders to use specific QR codes to have their coverage verified by all four Licensing Offices of the Transport Department. Also, the system doesn’t store any Personal Identifiable Information. Last, the tech is provided by CryptoBLK, a Hong Kong-based startup that specializes in blockchain.
“MIDAS is the first ever industry-wide application of blockchain technology in the space of motor insurance in Asia. This is a classic case of Public-Private Partnership initiative to address the perennial problem of fake cover notes in our insurance market.” – Chairman of HKFI’s Accident Insurance Association, Philip Kwan.
“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.” – Cofounder and CEO at CryptoBLK, Duncan Wong.
Recall insurers active on the blockchain here.