TENCENT AND WATERDROP WILL USE BLOCKCHAIN IN THE INSURANCE INDUSTRY

Chinese Internet giant Tencent will cooperate with a local insurance company to develop new solutions based on Blockchain.

According to the latest information, Waterdrop, a health insurance Company, will use Tencent’s experience in this area to create a yet unnamed blockchain-based tools. This move followed the closure of the Waterdrop B -Series funding round, led by Tencent, in which the firm raised $74.2 million. At the same time, it is reported that the company plans to attract new funding in the amount of at least $1 billion.

“The company will spend money on the automation of compensatory payments and the development of the Blockchain technology with Tencent,” said founder and CEO of Shen Peng.

The use of Blockchain in the insurance industry is becoming more and more popular. Recently, it became known that provider of insurance brokerage services and risk management services, Marsh LLC, is introducing Blockchain into its business processes.