Copy-paste | Alipay's success confirms China's love for blockchain but not for bitcoin

Xiang Hu Bao, a China-based online mutual assistance platform operated by Alipay, is now boasts a customer base of over 100 million users.

Xiang Hu Bao platform launched in Octoberlast year, offers a health insurance program that provides for payments for 100 injuries and illnesses. Moreover, this blockchain platform does not require users to pay any entry fees or advance payments. Risks on the site are shared by all participants, and they also apply to insurance payments. Xiang Hu Bao has recorded 100 million users in its customer base and, apparently, this figure will continue to grow in the future.

Chinese love of blockchain

Penetrating into all corners of the private sector,Blockchain technology has also attracted the Chinese government. After a “blessing” from President Xi Jinping, officials have already taken several steps towards using technology as the foundation of the country's economic plan, including the blockchain platform used by the local Central Bank to increase the efficiency of the insurance industry.

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