- The State Grid Corporation of China most commonly referred to as ‘State Grid’ is the prime electric utility company which is owned by the state.
- The State Grid is the largest utility company in the world and the fifth largest company when it comes to revenues.
- Its branch of the Zhejiang province has launched its very first blackout insurance company that is completely based on a blockchain platform.
Recently, State Grid Corporation of China’s branch of the Zhejiang province has launched its very first blackout insurance company that is completely based on a blockchain platform. According to news, Zhejiang Ningbo Power Supply Company, in collaboration with Yingda Taihe Property Insurance Co., Ltd. launched the policy for a sprinkler manufacturing company in Ningbo of the Zhejiang province.
Insurance Will Compensate Power Outage In A Sprinkler Company
The new insurance policy which is equipped to the chairman of a local which was required in order to cover up the power outage that took place recently. By implementing blockchain technologies in the issuance of the policy, both the companies believe that this is the most viable and efficient way to make up for the recent losses. Deng Chao, the manager of the internet business department in Zhejiang Ningbo Power Supply Company said that the customers can readily buy the power transmission delay insurance from the Yingda P&C Insurance Mall platform. They can easily choose the insurance plan and pay for the premiums.
Blockchain Implementation Makes It An Efficient Solution
On 4th of August, the chairman of the Yuyao Mingbang Spray Packaging Co., Ltd, said that this new blockchain based blackout insurance company adds another layer of safety for their electrical utilities. He added that this year the company had received many sprinkler orders and the production line has been pretty busy. But the power outage created a tension that they might not be able to deliver the products in time. But with the black out policy they are no longer afraid of being incapable of keeping up with the orders.
Blockchain System Makes Data Traceable
The policy system distributes the storage of the blockchain data as a result of which all the involved parties can easily share data on the blockchain without having to worry about independent insurance companies to determine their claims. Moreover the data generated by claims is traceable and is resistant to tampering. This reduces the possibility of any unfair means that could be involved during the issuance process and guarantees unbiased process.