{"id":80582,"date":"2018-09-03T12:00:04","date_gmt":"2018-09-03T19:00:04","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=80582"},"modified":"2020-03-24T07:01:33","modified_gmt":"2020-03-24T07:01:33","slug":"vechain-partners-with-chinese-insurance-firm-to-create-collaborative-ecosystem-using-thor-blockchain","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/vechain-partners-with-chinese-insurance-firm-to-create-collaborative-ecosystem-using-thor-blockchain\/","title":{"rendered":"VeChain Partners with Chinese Insurance Firm to Create ‘Collaborative Ecosystem’ Using Thor Blockchain"},"content":{"rendered":"

China\u2019s largest insurance conglomerate by total assets handled, the People\u2019s Insurance Company of China (PICC), has partnered with VeChain<\/a>,\u00a0blockchain-based information tracking and governance systems company, with the goal of digitally transforming the insurance industry, according to a press release<\/a>.<\/p>\n

China\u2019s Blockchain Push<\/h2>\n
\"\"
Related:\u00a0China Bans Crypto Events in Beijing, Blocks 124 Trading Platforms<\/a><\/figcaption><\/figure>\n

While the Chinese government continues to maintain a strict stance on cryptocurrencies, blockchain technology companies offering disruptive solutions in the space continue to align with Beijing\u2019s long-term plans for the superpower.<\/p>\n

Blockchain use in China has been limited to financial products and administrative tracking. That said, the distributed systems that will be used to transform the traditional paper-based insurance sector represents another first.<\/p>\n

A state-owned company, PICC provides insurance from casualty cases to commercial contracts via its three subsidiaries.<\/p>\n

The insurance industry relies heavily on manual legacy claim management systems to generate paper-based records of individuals or businesses. However, this practice leads to inefficiencies during data collation, verification and auditing processes, leading to an expensive and time-consuming insurance process for all parties involved.<\/p>\n

VeChain Joins the Fray<\/h2>\n

Under the terms of the agreement, VeChain\u2019s enterprise blockchain solution will be adopted by PICC to mitigate insurance fraud, inaccurate underwriting and other illegal practices.<\/p>\n

The insurance giant believes utilizing blockchain technology will bring forth a \u201cdigital transformation\u201d of the broader insurance industry by providing quicker processing times, accurate KYC assessments, mitigating fraud and, overall, improving customer experience.<\/p>\n

PICC further intends to utilize VeChain\u2019s IoT prowess to provide \u201cinstant compensation\u201d for affected parties and increasing annual revenues for the former.<\/p>\n

The blockchain solution is wholly-developed by Shanghai-based VeChain, in partnership with DNV GL, a Nordic organization that offers technical solutions to a broad range of industries\u2013including food and beverage, energy, oil and gas, and maritime.<\/p>\n

PICC will not educate clients on blockchain technology. However, it will aim to seamlessly integrate a robust blockchain network into its existing infrastructure.<\/p>\n

VET's Increasing Allure<\/h2>\n

VeChain previously partnered with DNV GL on a variety of projects across industries\u2013the latter owns a small stake<\/a> in VeChain after a private deal in May 2018\u2013to propel an exclusive focus on creating blockchain-based governance and business ecosystems.<\/p>\n

\"\"
Related:\u00a0VeChain Thor Mainnet Goes Live<\/a><\/figcaption><\/figure>\n

VeChainThor, VeChain\u2019s public blockchain that operates on VET<\/a> tokens, supports the development of security and government framework, allowing organizations to control assets, information and revenue through a robust distributed system.<\/p>\n

Sunny Lu, co-founder of VeChain, expressed his thoughts:<\/p>\n

“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.”<\/p><\/blockquote>\n

In terms of a pilot, PICC will initially test VeChain\u2019s solutions for select use-cases before a full-fledged expansion to blockchain systems to ultimately create a \u201ccollaborative ecosystem\u201d for clients and even competitors.<\/p>\n","protected":false},"excerpt":{"rendered":"

China\u2019s largest insurance conglomerate by total assets handled, the People\u2019s Insurance Company of China (PICC), has partnered with VeChain,\u00a0blockchain-based information tracking and governance systems company, with the goal of digitally transforming the insurance industry, according to a press release. China\u2019s Blockchain Push While the Chinese government continues to maintain a strict stance on cryptocurrencies, blockchain […]<\/p>\n","protected":false},"author":65,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,60205,60207,60209,37],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nVeChain Partners with Chinese Insurance Firm to Create 'Collaborative Ecosystem' Using Thor Blockchain<\/title>\n<meta name=\"description\" content=\"China\u2019s largest insurance conglomerate by total assets handled, the People\u2019s Insurance Company of China (PICC), has partnered with VeChain.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/vechain-partners-with-chinese-insurance-firm-to-create-collaborative-ecosystem-using-thor-blockchain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VeChain Partners with Chinese Insurance Firm to Create 'Collaborative Ecosystem' Using Thor Blockchain\" \/>\n<meta property=\"og:description\" content=\"China\u2019s largest insurance conglomerate by total assets handled, the People\u2019s Insurance Company of China (PICC), has partnered with VeChain.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/vechain-partners-with-chinese-insurance-firm-to-create-collaborative-ecosystem-using-thor-blockchain\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-03T19:00:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-24T07:01:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/11\/cryptoslate-cover.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"VeChain Partners with Chinese Insurance Firm to Create 'Collaborative Ecosystem' Using Thor Blockchain\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/vechain-partners-with-chinese-insurance-firm-to-create-collaborative-ecosystem-using-thor-blockchain\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/vechain-partners-with-chinese-insurance-firm-to-create-collaborative-ecosystem-using-thor-blockchain\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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