China’s Zhejiang Processes $6B via DLT Medical Billing Platform

Published at: Nov. 18, 2019

China’s Zhejiang province has processed nearly $6 billion via a blockchain medical billing platform using Ant Financial’s blockchain technology, Chinese publication QNSB reports on Nov. 18. Successfully piloted in 2018, the blockchain-enabled platform allows citizens to make doctor’s appointments, get prescriptions as well as pay, record and store their medical bills online.

At a local blockchain event on Nov. 18, the Zhejiang Provincial Department of Finance announced that the platform had 480 medical institutions across the province as of Oct. 28. The officials said that the platform processed 41.7 billion Chinese yuan ($5.9 billion) as of October.

The platform is reportedly based on Ant blockchain, a technology developed by Alibaba subsidiary Ant Financial.

Platform accelerated insurance payouts by 96 times

The platform was designed to reduce the time needed for the issuance and verification of medical documents and has reportedly sped up insurance payouts by 96 times. According to the report, the platform has cut down the insurance claims procedures from 12 days to three hours so far.

As reported by Chinese blockchain-focused publication Jinse Finance, the platform was successfully piloted in Zhejiang’s Taizhou city in 2018. Launched in partnership with 11 local comprehensive hospitals, the pilot reportedly reduced the per-patient visit time from 170 minutes to 75 minutes.

Platform is facilitated by Alipay and Ant Financial

According to a report by Asia Crypto today, Alipay, the digital payment arm of Chinese e-commerce giant Alibaba, partnered with local authorities to complete the pilot. Alipay reportedly provided the province with its Alipay payment service, while its affiliate firm, Ant Financial, was providing its blockchain technology.

In mid-November, Ant Financial started testing its enterprise blockchain platform, as reported by Cointelegraph. Called Ant Blockchain Open Alliance, the platform intends to support small and medium-sized businesses by allowing them to cut costs and expand their reach.

Tags
Blockchain
China
Health
Bills
Alibaba
Medicine
Insurance
Drugs
Related Posts
Chinese holding firm Ping An overtakes Tencent in blockchain patents race
Chinese holding conglomerate Ping An Group filed the largest number of blockchain-related patents in 2020, according to a new report. Intellectual property-focused magazine Intellectual Asset Management has released a report on the rankings of the world’s foremost blockchain patentees. Based on data from the Derwent World Patents Index, the rankings show that Ping An filed 1,215 blockchain patent families in 2020, more than Tencent and Ant Group combined. Owning a total of 1,749 blockchain patent families, Ping An sharply increased its number of patent applications in 2020, up from just 291 in 2019. Based in Shenzhen, Ping An operates a …
Technology / March 15, 2021
Afghan Government to Use Blockchain to Combat Counterfeit Drugs
Afghanistan’s healthcare ministry and several local pharmaceutical companies will use Fantom’s blockchain to combat counterfeit drugs. According to Fantom on July 6, its Opera blockchain will be used to track 80,000 units of four different pharmaceutical products in Afghanistan. After this initial pilot, the system will be scaled up to cover more products later this year. 50,000 units of hand sanitizer, 10,000 joint creams, 10,000 Kofol tablets and 10,000 Dioacare foot creams will be tracked during the pilot. The system is meant to address Afghanistan’s problem with counterfeit pharmaceuticals. Fantom stated that local law enforcement seized 100 tons of counterfeit, …
Blockchain / July 6, 2020
China’s Tencent to Develop Blockchain Medical Tools With Waterdrop After Investment
Chinese internet giant Tencent will work with a local disruptor insurance company to develop new blockchain solutions, Bloomberg reported on April 30. Waterdrop, which forms part of China’s rapidly-expanding crowdfunded health insurance industry, will leverage Tencent’s existing presence and experience in the field to create as yet undefined blockchain tools. The move follows the closure of Waterdrop’s Series B funding round in March, led by Tencent, which raised 500 million yuan ($74.2 million). At the same time, the company is looking for fresh financing, Bloomberg revealed, along with seeking a valuation of at least $1 billion. “The company will spend …
Blockchain / April 30, 2019
Alibaba Signs Blockchain-Related Deal With Chinese Port Operator
China’s biggest port operator, China Merchants Port, reached a deal on May 28 with the e-commerce giant, Alibaba Group, and its affiliate, Ant Financial. This deal will allow for the development of a blockchain-based platform, which will target a number of different use cases. According to local media, the platform will allow buyers, sellers, logistic companies, banks, customs, and tax officials to conduct contactless digital export and import transactions. The companies will promote an in-depth integration of blockchain technology in the port industry. Their goal is to become the world’s first blockchain-based digital port with an open collaboration network. Implementing …
Adoption / May 29, 2020
Genomics company explores NFTs in hopes of advancing precision medicine
It’s predicted that nonfungible tokens (NFTs) will have a vast impact on society. Given this, it shouldn’t come as a surprise that the trillion-dollar healthcare sector has begun to explore NFTs tokens to advance medicine. It’s also important to point out that blockchain technology can play an increasingly important role within the healthcare sector. This was recently highlighted in a report from the European Union Blockchain Observatory, which specifically documents how blockchain applications can solve challenges facing the healthcare industry. For example, the paper notes that patient engagement and transparency of how data is stored, along with the effective distribution …
Decentralization / May 23, 2022