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The Hong Kong-based CryptoBLK start-up and the Hong Kong Federation of Insurers (HKFI) have launched a car insurance platform that uses the blockchain to ensure authenticity and counter fraud.
The system, known as the auto insurance DLT-based authentication system (MIDAS), will allow easy verification of car insurance documents to prevent fraud and false documents produced by illegal insurance intermediaries, Computerworld HK reported.
MIDAS was developed over a 12 month period and has passed independent security checks. In order to protect the privacy of drivers, the ledger does not store any personally identifiable information. Car owners can use a system-generated QR code to authenticate insurance coverage notes and policies at the Department of Transportation offices.
"MIDAS is the first industrial application of blockchain technology in the car insurance space in Asia," said HKFI's president of accident insurance, Philip Kwan. "This is a classic case of a public-private partnership initiative to tackle the perennial problem of bogus coverage in our insurance market."
