Singapore-based digital innovation center Lumenlab is testing a blockchain-enabled insurance solution for diabetes sufferers, according to a press release published August 20.
Lumenlab is a subsidiary of financial services provider MetLife and has reportedly developed the new project within the Monetary Authority of Singapore's regulatory sandbox.
The pilot, dubbed Vitana, is a parametric, automated insurance product targeting those who develop gestational diabetes - a condition that is said to affect one in five pregnant women in Singapore.
It has been co-developed with insurance firm SwissRe, UK tech and blockchain specialists Cognizant, and electronic medical records provider Vault Dragon.
The blockchain solution has been designed to securely integrate EMR data in order to trigger an automatic payout upon diagnosis, effectively removing the need for manual policy claims.
As LedgerInsights outlined following Lumenlabs' demo of Vitana at Consensus earlier this year, the bulk of electronic health records in Singapore are tied up in manual, centralized data silos.
In the new system, Vault Dragon will securely provide EMR data to confirm or refute a diagnosis: in the case of a confirmation, a smart contract will send a customer's encrypted bank account details to the insurer, prompting an automated payout.
No additional patient data will be aggregated or stored on Metlife servers.
As a Cointelegraph analysis highlighted this spring, blockchain technology has been gaining increasing traction in the global healthcare industry to innovate data sharing, security and insurance systems.
In April, German Camelot Consulting Group launched its own blockchain-based solution for the management of sensitive medical data, arguing that existing healthcare systems transfer sensitive patient data by analog means, running an "Immensely high" risk of error and misuse.
MetLife Subsidiary LumenLab Pilots Blockchain Insurance System for Diabetes
gepubliceerd op Aug 21, 2018
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.