Hong Kong based fintech startup CryptoBLK and the Hong Kong Federation of Insurers have jointly launched Asia’s first automotive insurance platform that uses blockchain to technology to verify the authenticity of motor cover notes and policies.
The Motor Insurance DLT-based Authentication System (MIDAS) is designed to address the challenges involved in verifying motor insurance documents to prevent fraudulent use of fake documents from illegal automotive insurance brokers.
MIDAS uses blockchain technology to provide real-time authentication of insurance notes and policies, as well as multi-stakeholder verification and audit trails.
To protect car owners’ privacy, no personally identifiable information is stored on the ledger. Car owners wil be able to use specific QR codes generated by the system to have their automotive insurance cover notes and policies authenticated at Transport Department licensing offices.
The MIDAS platform was developed over 12 months, from concept design to launch. The system has passed independent security audits.
““MIDAS is the first ever industry-wide application of blockchain technology in the space of motor insurance in Asia,” HKFI Accident Insurance Association chairman Philip Kwan said.
“This is a classic case of Public-Private Partnership initiative to address the perennial problem of fake cover notes in our insurance market.”
CryptoBLK is a Science Park incubatee under the HKSTP’s Incu-Tech program.