Hong Kong: First-ever blockchain system launched for motor insurance authentication
Source: Asia Insurance Review | Feb 2019
The Hong Kong Federation of Insurers (HKFI) has launched its Motor Insurance DLT-based Authentication System (MIDAS), a blockchain application to help authenticate motor insurance cover notes/policies. DLT stands for distributed ledger technology.
Car owners can now use specific QR codes generated by MIDAS and have their motor insurance cover notes/policies authenticated at all of four licensing offices of the Transport Department. Each single record created is immutable and traceable.
“MIDAS is the first ever industry-wide application of blockchain technology in the space of motor insurance in Asia,” said HKFI Accident Insurance Association chairman Philip Kwan.
“This is a classic case of public-private partnership initiative to address the perennial problem of fake cover notes in our insurance market,” added Mr Kwan. MIDAS is a digital platform built jointly by the Hong Kong insurance industry and a local FinTech start-up with the support of the Hong Kong government.
Initiated by HKFI in April 2017, the project deployed cutting-edge DLT, conducted two user acceptance tests and had its system and data security duly verified by an international consultant firm. A