China Ping An Files Patent for Blockchain-Based Claims Data Processing: Enhancing Data Security and Efficiency

China Ping An Files Patent for Blockchain-Based Claims Data Processing: Enhancing Data Security and EfficiencyFinancial News, December 18, 2024 China Ping An Property Insurance Company of China Limited has filed a patent application (CN119128972A, filed August 2024) for a Method, apparatus, computer equipment, and storage medium for processing claims data. This application aims to leverage blockchain technology to improve the security and efficiency of claims data processing, marking another significant advancement in the insurance industry's digital transformation and technological innovation

China Ping An Files Patent for Blockchain-Based Claims Data Processing: Enhancing Data Security and Efficiency

Financial News, December 18, 2024 China Ping An Property Insurance Company of China Limited has filed a patent application (CN119128972A, filed August 2024) for a Method, apparatus, computer equipment, and storage medium for processing claims data. This application aims to leverage blockchain technology to improve the security and efficiency of claims data processing, marking another significant advancement in the insurance industry's digital transformation and technological innovation.

The patent abstract details the core technology. Falling under the intersection of artificial intelligence and Fintech, the proposed claims data processing method involves several steps designed to utilize blockchain's inherent properties to ensure data integrity and security. The process begins by acquiring claims data from various sources, including internal systems, third-party providers, and customer uploads.

The system then determines the appropriate digital signature algorithm based on pre-set rules. This algorithm is crucial for data integrity and authentication, ensuring data immutability and preventing tampering during transmission and storage. Algorithm selection depends on data type and security requirements, demanding intelligent decision-making capabilities within the system.

Next, the system digitally signs the claims data using the selected algorithm, generating a unique digital signature inextricably linked to the original data. Any alteration, however minor, invalidates the signature, enabling immediate detection of tampering.

The digitally signed data is then committed to a pre-defined blockchain. The blockchain's distributed ledger technology offers high transparency, security, and immutability, making it ideal for storing and managing sensitive data. The choice of blockchain platform considers factors like performance, security, and scalability.

Within the blockchain, the system identifies the target node for the claims data. Each node stores a complete copy of the blockchain, and appropriate node selection optimizes data storage and access efficiency, enhancing fault tolerance.

Finally, the system stores the claims data on the designated node. This ensures data security and traceability, as the distributed nature prevents data loss from single points of failure. Blockchain's immutability ensures data integrity, preventing malicious modification or deletion.

Beyond the processing method, the patent encompasses a claims data processing apparatus, computer equipment, and storage media. These hardware and software components constitute a complete system, ensuring stable operation and efficient data processing. The patent also explicitly mentions blockchain's ability to effectively locate and store erroneous information, further enhancing data management accuracy and reliability.

The entire process showcases the technology's intelligence and automation. Pre-set rules and automated workflows efficiently handle large volumes of claims data, minimizing manual intervention, reducing human error, and improving efficiency.

This technology has broad applications in financial claims data storage. By combining AI and blockchain, the patent effectively safeguards claims data, enhances processing efficiency, and reduces operational costs. For insurance companies, this translates to better customer protection, improved service quality, and increased competitiveness.

As a leading domestic insurer, China Ping An consistently prioritizes technological innovation and digital transformation. This patent application represents a recent achievement reflecting its long-term commitment to technology in the insurance sector. Its successful implementation will further propel the industry's digital transformation, fostering healthy growth and providing more secure and reliable insurance services. Future technological advancements will undoubtedly bring further innovations to the insurance field, creating new opportunities. This patent also offers valuable experience and insights for other financial institutions, fostering broader industry progress. China Ping An's continuous R&D investment and innovation not only enhance its competitiveness but also contribute to the industry's overall development. We anticipate more blockchain-based applications in the future, bringing greater convenience and security. Through this patent, China Ping An once again demonstrates its leading position and innovation in Fintech, promising exciting future developments and breakthroughs.