- VeChain market capitalization surged and crossed above $1 billion.
- PICC has over $126 billion in global assets, intends to integrate the blockchain in its system in order to transform operations.
VeChain is delighted to announce a strategic partnership that increases the network’s influence in China. Although the trading volume has been decreasing in the past one week, the status is not the same for the market capitalization. VeChain market cap surged and crossed above $1 billion yesterday from $948 million at the close of the trading session on September 1. According to the data on CoinMarketCap, the digital asset is ranked 18th in the market. There are 86,712,634,466 VET (total supply) but only 55,454,734,800 VET are in circulation at the moment.
The People’s Insurance Company of China (PICC), through a press release published by Markets Insider, said that the insurance guru is ready to harness the power of the blockchain technology with the help of DNV GL and VeChain. The partnership is going to revolutionize the use of the blockchain in the multi-billion insurance industry. It is inept for insurance companies to have an endless paper trail due to the requirements of the current policy underwriting process.
PICC is hoping to eliminate the inefficiencies that are associated with data collection, verification, and auditing which often result in price hikes for policy owners. The company, which has over $126 billion in global assets, intends to integrate the blockchain in its system in order to transform operations. This integration is likely to bring down turnaround time, premiums while at the same time, improving KYC compliance alongside claim experience. The Co-founder of VeChain, Sunny Lu said in regards to the partnership:
“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.”
VeChainThor, VeChain’s blockchain exists to offer business with various tools, securities as well as governance, all of which assist the entities to holistically manage assets while maintaining collaboration with multiple industries and verticals without geographical boundaries. With the input from DNV GL together with VeChain, PICC believes that it will achieve the digital transformation that has remained stagnant in the insurance industry. The chief executive officer at DNV GL, George Kang said in a comment:
“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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