PICC adopts Blockchain technology

People's Insurance Company of China (PICC) has announced that it will apply blockchain technology in its operations. The Chinese insurance giant has signed a partnership agreement with the blockchain platform VeChain and DNV GL, a quality assurance and risk management company.

This agreement aims to improve the prevention of insurance fraud and the quality of customer service thanks, in particular, to the instant compensation system.

According to PICC, blockchain technology will also enable it to develop the company's digital transformation with a view to increasing the profitability of its business.

DNV GL will guarantee the integrity of the insurance system's data as an independent third-party insurer. VeChain will assist PICC with the management and processing of data.