According to Cointelegraph on November 20th, the US Federal Emergency Management Agency (FEMA) is exploring the construction of a blockchain-based property registration system to simplify the disaster insurance payment process.
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In the latest draft national advisory report submitted to the FEMA Administrator, the agency expressed interest in deploying blockchain technology to streamline the disaster insurance payment process and increase disaster response speed.
To achieve this goal, FEMA proposes to establish a blockchain-based property and land registration platform that contains all the key information needed to file an insurance or disaster assistance claim.
Reduce the self-insurance rate of public infrastructure
According to FEMA, such a registration platform can not only promote the liquidation of policies such as “disaster relief” or “loss of compensation”, but also reduce the self-insurance rate of public infrastructure. According to FEMA, self-insurance usually means no insurance at all, which allows the government to pay for disasters that are not funded.
FEMA pointed out in this report that blockchain and other emerging technologies can improve the recovery and recovery of critical information in disasters because they are stored on a "highly trusted, secure platform."
Blockchain application in the insurance industry
There are many examples of successful implementation of blockchain technology in the global insurance industry. Recently, Oxfam International, a UK-based charity, announced that its blockchain-based delivery system, which provides microinsurance services to farmers in Sri Lanka, has been successful.
The agency claims that blockchain can change and simplify the insurance claims process, thereby reducing management costs and increasing the proportion of fully trusted premium payments.
In April of this year, the British Virgin Islands teamed up with blockchain company Lifelabs.io to introduce an alternative payment infrastructure based on cryptocurrencies for residents of the island. The collaboration focused on the use of cryptographic infrastructure to support the reliable and rapid distribution of aid and access to funds in emergency situations.