Chinese blockchain VeChain refers to itself as the ‘enterprise level’ public blockchain. Today the organization announced that it’s partnering with insurer PICC and DNV GL to create new blockchain insurance solutions. DNV is a global quality assurance and risk management company (revenue $2.3bn) which invested in VeChain in May. People’s Insurance Company of China (PICC) is listed, but majority owned by the state and is one of largest non-life insurers in China.
PICC chose VeChain because of its existing relationship with DNV which is particularly active in the marine and energy sectors.
George Kang, CEO at DNV GL Business Assurance Greater China Region said: “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.”
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