VeChain (VET), a Singapore-based enterprise blockchain platform for financial services and supply chain management, has reportedly entered into a partnership with the People’s Insurance Company of China (PICC), the largest state-owned insurance company in the People’s Republic of China, to bring blockchain technology to the industry.
People's Insurance Company of China (PICC), one of the largest insurer globally with $126 billion total assets, is opting to embrace blockchain technology with the help of DNV GL and VeChain. https://t.co/2CyZsybRvm
— VeChain Foundation (@vechainofficial) September 1, 2018
According to the announcement, PICC plans to leverage a custom blockchain built by VeChain and DNV GL that will “reduced turnaround time, premiums, prevent fraud and improve KYC compliance and claim experience.”
Ultimately, PICC hopes the custom blockchain solutions will better secure its clients’ data and believes that VeChain is the ideal partner to build an enterprise-level platform, given its previous experience working with major corporations and government entities.
In an accompanying statement, George Kang, CEO at DNV GL Business Assurance Greater China Region, revealed more information regarding the nature of its partnership with VeChain.
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.
This is undoubtedly big news for the VeChain project and comes just days after it boosted its masternode reward system by waiving the maturity period of its node upgrades, meaning that investors will get to benefit from days-to-months of additional rewards.
More: VeChain Press Release
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.