Sunshine Insurance launches China's first blockchain insurance card, offering 2 million yuan in aviation accident insurance for only 3 yuan

Baozou Comment : The combination of blockchain and mainstream insurance industry indicates that blockchain has been accepted by mainstream finance. The drawbacks of traditional insurance have always existed and are becoming increasingly apparent. By using blockchain's own unique traceability and decentralization features, the problems of traditional aviation accident insurance can be solved to a certain extent. The new technology will better serve the public.

Author: Amber Dingding

On July 29, Sunshine Insurance launched the "Blockchain + Aviation Accident Insurance Card", which is the first domestic mainstream financial asset to be circulated on the blockchain. The effect behind it indicates that the domestic mainstream finance will begin to accept the new technology of blockchain and apply it to actual financial scenarios. What is the difference between the blockchain aviation accident insurance card launched by Sunshine Insurance and the traditional insurance card? As the technical support for this project, what kind of charm does Bubi Blockchain have that attracted Sunshine Insurance to cooperate with it? These are all worth thinking about.

The "Easter Egg" Brought by Blockchain and Aviation Accident Insurance

Traditional aviation accident insurance has always had these problems. Aviation accident insurance has always been the "hardest hit area" for insurance fraud, and it is not uncommon for channel intermediaries to raise the price of aviation accident insurance to make a profit. As the saying goes, "the wool comes from the sheep", and it is ultimately passed on to consumers, so these problems need to be solved urgently.

The emergence of blockchain technology can solve the current problems.

Most aviation accident insurance only pays claims when an accident occurs, so in most cases it is not easy to detect that a customer has purchased fake insurance. In order to prevent the purchase of "fake policies", by combining with blockchain technology and relying on its multi-party data sharing feature, the entire process of the card order from the source to the customer can be traced. All parties can not only check the authenticity of the card order, and ensure the authenticity of the card order, but also facilitate subsequent processes, such as claims, etc.

In order to prevent middlemen from raising prices and passing them on to consumers, the blockchain aviation accident insurance card is set up on the blockchain. Without middlemen, the price of the insurance card will be significantly reduced.

According to information, this product can be purchased for 60 yuan per copy and can be used by 20 people, each time providing up to 2 million yuan in aviation accident insurance, which is equivalent to spending 3 yuan each time to get 2 million yuan in insurance.

A few things about Bubi Blockchain as a technical partner

Bubi has been focusing on the research and development and innovation of blockchain technology and products. It has a number of core technologies, has completed the acceptance of more than 20 invention patents, and has made substantial innovations in many aspects, forming a number of core technological achievements, such as: mathematically provable distributed consensus technology, fast large-scale ledger access technology, multi-chain general ledger technology that supports business form expansion, and interconnection technology between heterogeneous blockchains. It has developed its own blockchain basic service platform, which has been applied in the fields of equity, supply chain, points, credit, etc. Bubi has been committed to building an open value circulation network with decentralization of trust as the core, so that digital assets can flow freely.

The Bubu team has been engaged in the research of blockchain and digital currency since 2012, and implemented blockchain technology and system development in September 2014. In March 2015, Bubu was established and officially entered the blockchain application market, and began to develop blockchain technology application business in multiple fields. Up to now, Bubu blockchain has been applied in many fields.

As a distributed shared accounting technology, blockchain is a database of time-ordered cryptographic ledgers that cannot be tampered with and jointly maintained by multiple nodes and guaranteed by a unified consensus mechanism. On the blockchain, anyone who does not know each other can use the trust relationship endorsed by this open and transparent database to complete end-to-end accounting, data transmission, authentication or contract execution without having to reach a credit consensus through an intermediary in advance. Bubi's proprietary blockchain basic service platform has the following features and advantages: fast transaction verification, that is, through the optimization of key transaction links such as signature algorithm, consensus mechanism, and ledger storage, Bubi blockchain can achieve fast transaction verification in seconds; efficient ledger access, Bubi blockchain's adjustment of the ledger storage structure can save 90% of storage space and reduce the risk of long-term system operation leading to decreased ledger access performance; multiple asset issuance, Bubi blockchain supports the issuance and trading of multiple assets by different users, and each asset can track and record details such as the issuer, issuance quantity, and transaction circulation; joint signature control, Bubi blockchain supports the issuance and trading of multiple assets by different users, and each asset can track and record details such as the issuer, issuance quantity, and transaction circulation; built-in smart contract, a smart contract is a set of commitments defined in digital form, and the blockchain becomes a participant in the contract, responsible for maintaining and preserving the contract and automatically executing it; compared with traditional centralized exchanges, on-chain exchanges are trading platforms built with blockchain, and all transactions are verified, completed and saved on the chain to ensure user transaction security.