China And Its Biggest Investors Lead In Blockchain Tech-Based Investments

Blockchain technology has become one of the safest ways to safeguard data despite shorter test time. The ratings are so good that ZhongAn Tech in China is using the tech to improve their health insurance. The blockchain is being used to not only safeguard date, but also to cut risk and cots according to a report on May 29. ZhongAn Tech was set up in 2013 as a technological incubator for ZhongAn Online Property and casualty insurance by the chairman of Alibaba Group, Jack Ma, the chairman of Ping An Insurance, peter ma mingzhe and the Chairman Tencent Holdings, Pony Ma Huateng. Jack Ma was quick to realize the security and transparency potential in Blockchain opting it as a part of his business.

This does not mean that he is a fan of Bitcoin, which he still holds is a bubble. Wei, the ZhongAn Tech unit chief reiterated that blockchain played a major role in ensuring that the client information remains safe bringing more assurance. The levels of assurance will definitely improve sales as insurance companies have not exactly been deemed as transparent. Insurance depends on pure statistics and needs loads of data input. The massive data needs connectivity and this is where the blockchain comes in.

The effective communication tool ensures the validity of information when it comes to recovery in all areas including medication. The blockchain has also allowed the company to enter a data sharing agreement for verification with other organizations all over China. The process has eliminated the need for individual salespeople to make sales and negotiate on behalf of clients. Online operations will not only eliminate the delays and errors, but also make this process less frustrating for vendors that are looking for insurance services.

China has taken to the forefront in including blockchain tech to their development programs with president Xi Jinping endorsing blockchain for its breakthroughs. China also announced the use of blockchain tech in their banks 3 days ago. The use of paperless transactions is geared towards controlling banking fraud and helping with easy access to information for the purpose of transparency. The country, however, has not endorsed the use of cryptocurrencies as a viable option of trade and has sternly stopped any attempts in the platforms making progress in the country. It is also amazing to note that China has been on the lead with the U.S for a number of patents involving blockchain technology.