On Friday, Tencent initiated Weizhong Bank, or
WeBank, and Jingyou Technology announced that they will build a blockchain-powered automobile database. The
news was announced at Jingyou’s insurance technology conference, and will likely be used for claims and car servicing.
According to Chinese outlet
Sohu WeBank, Weltmeister Automobile, Jingdong (JD.com) Automobile, and Jingyou made the announcement. The parties will collaborate to develop a system for car data across the industry. Using blockchain, they hope to streamline data sharing and build a verifiably accurate audit trail for use in insurance.
Jingyou and Weltmeister will reportedly provide their extensive data in insurance and vehicle models respectively. Meanwhile, WeBank will develop the blockchain-based information sharing system, and JD.com will explore applications.
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