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.
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.