China's dedication toward the propagation of blockchain technology is displayed through the partnership of two companies-an insurance firm and a blockchain company. These companies are the People's Insurance Company of China (PICC) and blockchain platformer VeChain.
The announcement, as seen on Coin Telegraph, reveals the aim of the partnership; to create improvements in fraud prevention, customer relations through their "Know Your Customer (KYC)" compliance, as well as customer's claims transactions. PICC, for their part, has explained further, saying that their aim is to transform their digital transactions and create their next step towards a better future for their company.
As for their partnership with VeChain, PICC said that it would be a big addition to their company, in terms of next-generation data management and processing. The program for this was specifically revealed to be the VeChainThor platform. This was the first of a new platform for data security for PICC, which is important, considering the nature of insurance.
On the side of VeChain, their blockchain solution would be a big help to secure PICC's transactions. There is also an increasing dependence on the Internet of Things (IoT), and PICC believes that VeChain's Thor, as well as its reputation when dealing with IoT, will help them greatly in creating secure "instant compensation." In turn, PICC will also add to VeChain's annual revenues.
Cryptoslate reports that VeChain had partnered with DNV GL, a Nordic organization involved in tech transactions, on a previous partnership similar to what VeChain has with PICC. The goal with that partnership was to create a secure environment, which VeChainThor used in its government-intensive framework with PICC.
VeChain's co-founder Sunny Lu expressed confidence that PICC will get the most out of their company, as well as their firm's partnership with DNV GL. They will start to test these in controlled, select cases before they provide PICC with a working model based in the blockchain. The resulting platform aims to create an easy to navigate program usable by everyone in the industry, even competitors.
The first partnership between blockchain and a traditional service was with global insurance broker and risk management outfit Marsh. It announced in April that it had the first blockchain-based service, which was to provide proof of insurance. Blockchain, according to the company, made sure that their transactions went as smoothly and as transparent as possible.
