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The Hong Kong Federation of Insurers (HKFI) last month launched a blockchain application to authenticate motor insurance cover notes/policies.
Called the “Motor Insurance DLT-based Authentication System” or MIDAS, the project was initiated in April 2018 with the support of the Hong Kong SAR Government. Local blockchain startup CryptoBLK was the technology provider for the project.
“MIDAS is the first ever industry-wide application of blockchain technology in the space of motor insurance in Asia,” said Philip Kwan, Chairman of HKFI’s Accident Insurance Association. “This is a classic case of Public-Private Partnership initiative to address the perennial problem of fake cover notes in our insurance market.”
According to the official release, the project deployed distributed ledger technology (DLT) and conducted two User Acceptance Tests. In addition, the system and its data security have been verified by an international consultant firm, HKFI said.
Using the unique QR codes generated by MIDAS, car owners would be able to have their motor insurance cover notes/policies authenticated at all of four Licensing Offices of the Transport Department. Importantly, the new system does not store any Personal Identifiable Information.
“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,” Dr Duncan Wong, CEO and Co-founder, CryptoBLK, said.
