I&T Solution

Reference No.

S-0178

Solution Name

Motor Insurance DLT Authentication System - MIDAS

Solution Description

MIDAS is a motor insurance Distributed Ledger Technology (DLT) based authentication system which provides motor policy document authenticity checking service. It is fully supported by the Insurance Authority, and currently used by related departments of the Government, insurance companies, sub-agents & intermediaries and car owners. The system has been implemented and employed with fully proven record by multiple departments, NGO and private companies since early 2018.

Application Areas

Broadcasting

City Management

Climate and Weather

Commerce and Industry

Development

Education

Employment and Labour

Environment

Finance

Food

Health

Housing

Infrastructure

Law and Security

Population

Recreation and Culture

Social Welfare

Transport

DLT related areas

Technologies Used

Blockchain

Use Case

Current pain points in motor insurance industry :

- Car owners bought fake motor cover notes / policy documents which would not have any insurance coverage

- No means for car owners to verify the authenticity of their motor cover notes / policy documents

- Law enforcement body do not have sufficient time / effective means for facilitating their authenticity checking

MIDAS motor insurance DLT-based authentication system benefits :

- Provides motor cover note / policy document authenticity checking service

- The DLT system stores just-enough data for authenticity checking only

- No Personal Identifiable Information (PII) is stored on the DLT system

- The DLT system is a consortium platform which disallows any fake cover note / policy being uploaded to MIDAS

- Transparency and immutability (data cannot be altered or deleted) provides an audit trail for all transactions on MIDAS

Company / Organisation Name

CryptoBLK Limited

Email Address

marcochan@cryptoblk.io

Telephone Number

56161999

Address

Units 505-510, 5/F, 1E Core Building, 1 Science Park East Avenue, Science Park, Shatin

If any government department would like to conduct PoC trial or technology testing on the I&T solution, please contact Smart LAB.