Kenny Tan, head of AntChain international business said it is betting its future on a technology called Blockchain+, a merger of Blockchain, IoT, AI, and big data. “It is the future. These technologies are complementary and can exploit their full potential if jointly applied,” he added during TechNode Global’s sixth Tech Insights webinar on Nov. 25.
“Many fintech startups will begin using blockchain technology as an application platform to build the underlying trust infrastructure of the system,” said Keith Lim, founder & CEO of insurtech startup Hearti Lab Pte Ltd. “Compared to the state of blockchain three to four years ago, we are now seeing projects solving real business issues, and delivering the promises and value to the customers,” he added.
The experts agreed that the benefits of blockchain can only become truly visiblethrough collaborations between ecosystem stakeholders. “Policy makers across different ministries have to come on board to create a flexible regulatory environment,” said Shoant Teoh, co-founder, of web and mobile blockchain application platform TraX.
Lim agreed: “Networks need to be established. Only with all the major players involved, data can then be amassed and shared across the players.” Implementing a new technology brings added costs and responsibilities, he added, noting that these are common issues he faced when persuading companies to explore blockchain.
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Food
The pandemic is yet another tailwind for increasing consumer concern in food safety. “Food traceability has gained importance lately due to consumer rising concern in food safety and counterfeit products,” said Teoh.
Blockchain food traceability can authenticate food origin, and improve brand credibility. “At the same time, blockchain provides additional value for food brands to gather consumer data, and identify areas of improvements,” said Teoh.
Citing its recent collaboration with a Malaysia-based mooncake supplier, Teoh said that they tied consumers’ access to the production information to a rewards program and questionnaire in effort to incentivize consumers to scan the QR code on the product’s packaging.
Healthcare
Telemedicine is gaining ground globally, with more remote consultations taking place as face to face visits are restricted.
Citing a partnership with a Chinese healthcare provider, Tan said that the entire prescription process, which includes filing the prescription, dispensing the medication, and delivery, is traceable on the ledger. “This prevents tampering of drug prescriptions, and it allows patients to have a better understanding of the medicines they are consuming,” Tan said.
“Blockchain could play an important role in the distribution of the COVID-19 vaccine too,” said Teoh. “It allows multiple parties to manage and monitor the vaccine supply chain.”
Insurance
Lim said that the immutability and traceability of blockchain technology can improve current insurance operating procedures, while enhancing the customer experience. He outlined some of the blockchain concepts applicable in the insurance field:
1) Personalized insurance
Lim said that with dynamic pricing, customers can enjoy flexible and personalised insurance products and risk management. Insurers can gather and exchange behavioural information on a blockchain so that prices can be adjusted and optimised based on real-world information in real-time.
2) Smart contract
“Not every aspect of insurance requires blockchain, but when there is a contract involved, blockchain plays a critical role in keeping the agreement immutable,” Lim said. “The data it contains can’t be modified between participating parties.”
3) Simplifying the claim process
“Microinsurance premiums are typically low and we wouldn’t want to spend too much costs and time verifying the claims,” Lim said. “With real-time collection and analysis of data, smart contracts on blockchain expedite the claim process without any manual intervention.”
4) Fraud detection
Blockchain enables verification of the policies and claims authenticity, said Lim. “Once digital identity has been verified, we can eliminate the possibility of processing multiple claims from the same accident.”
Wrapping up, Tan is positive about the potential of blockchain technology in the Southeast Asia region. “AntChain is very focused on localizing blockchain solutions for deployment in international markets,” he said.
Tan called on potential partners to co-develop robust blockchain solutions catered to the different markets and industries’ needs.
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About the panellists:
Kenny Tan, head of AntChain International Business, AntChain
Kenny was appointed as the head of AntChain International Business in 2020. In his current role, he is responsible for leading the business operations and growth of AntChain in Southeast Asia, as well as to nurture and strengthen the local ecosystem through partnerships.
Shoant Teoh, co-founder, TraX by XOX
Shoant Teoh is the CEO of TanTanNews, a Chinese social news portal founded in 2012 that managed to reach 7 million monthly unique visitors and generated 20 million monthly page views at its peak. It was later invested by Media Prima Digital in 2019. Shoant has co-founded several businesses ranging from website development, F&B, to LED lighting at an early age. Recently, he built MOpress.io and Trax by XOX project using blockchain—partnering with AntChain— and AI to digitize businesses.
Keith Lim, Founder & CEO, Hearti Lab Pte Ltd
Keith Lim is the founder and CEO of Hearti Lab. Hearti is an artificial intelligence and blockchain platform for insurance companies. With Hearti, insurance companies are able to offer innovative products, 24/7 customer service chatbots, efficient claims management, smart fraud detection, and seamless payments. Keith is also a partner of TGV 4, a technology VC fund that invests in blockchain companies globally.