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Minsheng Life partners with open-source blockchain infrastructure project

In View Summary

Wanxiang Blockchain and the PlatON global computing network have together launched an open source blockchain infrastructure PlatONE. The platform uses cryptographic algorithms and privacy-preserving computing to provide an ecosystem for blockchain application development.

Recently, in China Minsheng Life became a partner on the platform which enabled it to develop a suite of decentralised applications, which includes internal digital insurance record-keeping system and an unspent transaction output (UTXO) model. The insurer is expected to continue its digital transformation journey with the platform.

The main USP of the platform is its open source capability allowing carrier to leverage both a decentralised network structure and access easy-to-use toolsets, which help them to implement, operate, and maintain blockchain-based corporate solutions.

The Digital Insurer's View

Most companies do not have the expertise or knowledge to develop the right blockchain solutions for their needs internally and struggle to integrate blockchain within their legacy systems.

However, there are many positive blockchain implementation examples in the industry such as a blockchain-enabled insurance verification process and claims validation.

Wanxiang Blockchain and the PlatON’s open source blockchain infrastructure PlatONE aim to help the industry develop more blockchain solutions, and if successful we will see companies integrating blockchain further across the insurance value chain.


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