Method and system for conducting and recording insurance claim transactions using blockchain

A system for conducting and recording insurance claim transactions using blockchain, comprising:

• a blockchain system;
• a financer backend server connected to said blockchain system through a financer blockchain application;
• a provider network backend server connected to said blockchain system through a provider network blockchain application;
• a claimant device connected to said financer backend server;
• a provider device connected to said provider network backend server;
• wherein said provider device receives a first verification element from said claimant device to verify an eligibility of a claimant at a financer and through claimant device, and to verify an eligibility of a provider at a provider network though said provider device;
• said provider device receives a second verification element distinct from said first verification element to conduct an insurance transaction by triggering a transaction chaincode;
• wherein said blockchain system comprises a global ledger and a private ledger, an irreversible hashed value of said first verification element and said second verification element is stored in said global ledger, and an entry of said insurance transaction is recorded in said private ledger only accessible by said financer backend server and said provider network backend server;
• wherein a proof of claim is collected from said provider device at the time said insurance transaction is conducted;
• wherein said claimant device is an NFC-enabled member card, said first verification element and said second verification element comprises a card identifier unique to said member card and an encrypted claimant identifier of said claimant at said financer;
• wherein said provider device is an NFC card reader having a unique private key, said NFC card reader encrypts said claimant identifier and said card identifier of said NFC-enabled member card with said private key to obtain an encrypted member data, where said eligibility of said claimant is verified by decrypting said encrypted member data at said provider network backend server, where said private key is stored on said provider network backend server and is unknown to said provider, as such a successful decryption automatically confirms said eligibility of both said claimant and said provider at the same time;
• whereby said verifying steps being performed at said provider network with said unique private key unknown to said provider, and using said irreversible hash preventing said verification elements to be retrieved from a hashed value thereof, ensures that said insurance claim transaction is conducted through said provider network based on a stored insurance policy of said claimant on said provider network, thereby preventing fraudulent insurance claims due to appropriating verification elements or double claiming.