Thailand is a country rich in heritage and attractions that has been one of the most popular destinations with travelers of all stripes for years now. From beaches to holy sites to road tripping, the kingdom boasts something for everyone. The nature of Thailand’s roads and the popularity of moped and motorcycle traveling among tourists when visiting Thailand has prompted the government there to take a proactive stance to ensuring the safety and wellbeing of visitors, and this new move poses interesting implications for the blockchain industry of all things…

Proactive approach to tourist safety

As we just mentioned, road traffic accidents involving tourists have increased to high levels in recent years, primarily because of the popularity of two-wheeled transport combined with the teeming roadways of the country, a combination which often results in accidents that leave visitors needing medical care. The Thai authorities are considering therefore making travel and health insurance compulsory, which can be purchased at the airport upon arrival.

Blockchain’s future in Thailand

This is coincidentally coming at a time when the Thai authorities are becoming more interested in blockchain’s potential for making tourist stays more efficient and comfortable. Insurance is one area that commentators have long seen blockchain play an important role in the coming years.

Ledger technology has obvious overlap with the business processes involved in insurance. From premium calculation to shopping for policies to the actual insurance payout, the rule-based nature of ledger technology lends itself readily to the strict environment of insurance. Furthermore, insurance needs to rely on trans[arent data and reliable information, and these attributes are exactly what blockchain was devised to address. In a blockchain-leveraged future, customers could have a universal insurance data repository that can be seamlessly integrated with different insurance providers, thus saving plenty of hours work and giving companies and customers peace of mind that the best and fairest deals were being received by all involved.

In the event that a payout is necessary, the automatic clearing nature of blockchain tech presents clear benefits to the current complex and cumbersome payout business processes of nearly all insurance companies.

OneID in the future?

ShareRing is well-placed to provide exactly these kinds of connections between providers and users. The OneID system provides the ease of oversight that blockchain applications for insurance crave; a central-but-decentralized and completely trustless system that gives users the ability to seamlessly interface with different insurance entities, both governmental and non-governmental. In an environment that the Thai authorities are talking about enforcing where e-insurance is compulsory for new entrants to the country, a OneID system would be invaluable. 

Visa now, insurance later?

In fact, ShareRing already has a close relationship with the Thai government in that they have been selected as one of the few companies to be authorized to issue the new E-Visa system that travelers now purchase on their way into the country. This system makes life easier for both the tourist and customs officials, and in ShareRing’s case, it leverages ledger technology to make the process more secure and smoother at the same time.

The future will see blockchain technology merging with many business use cases like insurance, and the proactive approach of players like the Thai officials and ShareRing will be the kind of interaction that drives adoption and customer success across the board.