A group of reinsurance giants have said they will jointly develop a blockchain system in an effort to boost transparency in the industry.
Comprising the group are are multinational giants including General Reinsurance Corporation and Hannover Re, the report said.
Also involved in the project is China Re, the only reinsurance firm in China owned by the state and established by the country’s Ministry of Finance.
The report said that, currently, a main challenge in the reinsurance industry in China is an information imbalance among parties, which ultimately leads to hikes in reinsurance costs and impedes the industry’s long term growth.
ZhongAn Technology has already carved out its space in the blockchain industry, having launched a platform called Anlink to power applications on the firm’s blockchain.
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