VeChain is a highly complex project whose blockchain has been successfully deployed in many different industries. The latest collaboration covers another billion-dollar insurance market. Sunny Lu, Co-Founder of VeChain said:
“Collaborating with PICC expands our business within the insurance industry. We are confident we will provide great service and products to PICC, together with DNV GL.”
VeChain will work with DNV GL to develop and implement blockchain solutions for the insurance industry with an insurance company named as People’s Insurance Company of China(PICC).
PICC is one of the world’s largest insurers and has more than one third of the insurance industry’s market share in China. PICC continues to be a state-owned company with assets totaling just under $126 billion. This can be considered very significant for the company.
George Kang, CEO at DNV GL Business Assurance Greater China Region added
“The role DNV GL plays is to ensure data integrity from the business operation perspective. In conjunction with VeChainThor Platform, we will provide a robust digital trust platform to assist PICC with enhanced data management and efficient data processing.”
DNV GL had bought a stake in the company earlier this year to increase the traceability and transparency of its products. Through this collaboration, PICC, together with the two companies, aims to “develop robust and secure solutions for the protection of user data, property rights and the management of artificial intelligence”.
VeChain is a project that already has a variety of practical applications and has a working product. Most recently, VeChain attracted attention through its partnership with Japan’s largest telecommunications provider and joint development work in the form of a dApp with DB Schenker.
We are curious how the further development around VeChain will proceed.The press release mentions:
PICC chose VeChain because of their existing solutions with DNV GL catering to real problems within businesses and governments.