FEMA may Adopt Blockchain Registry to Manage Disaster Insurance Payouts

Asia Blockchain Review
November 28, 2019

The United States Federal Emergency Management Agency (FEMA) has suggested in its latest National Advisory Draft Report that it may use a blockchain-powered registry platform that could help the agency accelerate disaster response operations and manage disaster insurance payouts.

Developing a Database of Disaster Victims on a Blockchain

According to Cointelegraph, FEMA stated in its report that it may employ a blockchain-enabled system that will contain a database of information related to disaster victims. Thus, stakeholders would be able to access data required for filing disaster insurance claims more easily.

Meanwhile, the agency added that the database will likely promote liquidation of an insurance policy such as a “disaster dividend” or a “harm’s way”, while also decreasing the rate of self-insurance for public infrastructure. 

FEMA added that most of the time, “self-insurance” is when there is no insurance present, meaning that the government is responsible for the expenses of unfunded disasters.

In FEMA’s report, it was mentioned that decentralized ledger technology and other new technologies could help accelerate recovery operations during disasters, as technology such as blockchain allows key data to be kept on a “highly-trusted, secure platform.”

Global Insurance Industry Adopts Blockchain

Around the world, the insurance industry has utilized blockchain in a number of use cases. For example, Oxfam International, a charity organization in the UK, has recently adopted a blockchain-enabled delivery system that allowed the charity to offer microinsurance to farmers in Sri Lanka.

Meanwhile, blockchain developer Lifelabs.io has worked with the British Virgin Islands to introduce a payment system that utilizes cryptocurrency to cater to citizens across its islands.

Source: https://cointelegraph.com

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