Chinese Insurance Giant Partners with Blockchain AI Startup

April 4, 2019

SingularityNET, an Ethereum (ETH)-based decentralized artificial intelligence (AI) startup, has announced its collaboration with Chinese insurance conglomerate Ping An.

According to SingularityNET’s press release, Optical Character Recognition (OCR), Computer Vision (CV) and model training will be the initial focus of the collaboration. The firm noted that its scope intends to cover various initiatives and industries going forward

The partnership was announced following the official launch of the beta version of SingularityNET’s ETH-based decentralized market platform on February 28th, 2019.  SingularityNET previously partnered with Hara, a blockchain startup focusing on agriculture, in a collaboration that was announced at the World Web Forum in January 2018.

Ping An currently serves 170 million customers and was ranked 10th last year in the Forbes Global 2000 list of the world’s biggest public companies, having also been singled out as the most valuable insurance firm in the world in 2017 by Brand Finance.  In November 2018, Ping An inked a strategic cooperation agreement for “Smart City” construction based on blockchain, biometrics, and other technologies with the Sanya municipal government on China’s Hainan island.

Also in November, Ping An’s banking subsidiary, known as Ping An Bank, was reported to be launching a boutique bank – a non-full service investment bank supporting individualized services – employing blockchain, cloud services and Internet of Things (IoT) technology.

As noted by the SingularityNET press release, Ping An’s unstaffed “One Minute Clinics,” which provide medical consultations using AI, have already been implemented in eight Chinese cities.

SingularityNET sees AI development as a rapidly growing field that it projects will contribute over US$15 trillion to the global economy by 2030.


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