We are thrilled that MIDAS has just been upgraded to v1.6.0.
This release introduces a number of feature upgrades and some functional and operational improvements to make MIDAS up-to-date and be ready for further enhancements. It also delivers better user experience and security. Highlights include:
- Greater administrative control over error messages
- Key security upgrades regarding Springboot to make the platform more resilient
- More flexibility on username creation
- Issues fixed
MIDAS, known as Motor Insurance DLT-based Authentication System, is an industry-wide motor insurance authentication system that harnesses Distributed Ledger Technology (DLT) or blockchain to ensure the authenticity of motor insurance documents and fight against fraudulent cases. It is a collaborative effort between the Hong Kong Federation of Insurers (HKFI) and CryptoBLK, an enterprise DLT/blockchain technology company.
MIDAS is designed to serve all the motor insurance companies in Hong Kong, the Hong Kong Transport Department, and the general public, adding greater security, accountability, transparency, and representing a major milestone in the digitization efforts of the Hong Kong insurance industry. The system allows multiple stakeholders, such as insurers, brokers, policyholders and government departments, to authenticate the motor insurance policy status instantly on the same platform and spot the fraudulent behaviour.
Built on R3’s Corda blockchain platform, MIDAS inherits the significant advantages of the platform providing data segregation, peer-to-peer layer, and data privatization, together with an intelligent design by CryptoBLK at hash-based message authentication code (HMAC), offering absolute privacy protection for both car owners and insurers without personal identifiable information (PII) resided on the DLT.