VeChain (VET): With all honesty, blockchain has come a long way and cryptocurrencies have been associated with a lot of negativity from dark web dealings to fraud. However, the perception is changing and individual, governments and organizations are changing the perceptions. VeChain Thor (VET) is one of the fastest growing outfits set to change the world for the better.
VeChain enterprise solutions are turning the entire crypto verse into a global collaborative ecosystem that will disrupt several government and institutional systems and transform them into profitable, transparent and user friendly organs in a secure environment.
VeChain (VET) stands out of the crowd as the only platform that offers security solutions where investors control their assets, data and information in a distributed environment and that is why governments and organizations are developing interest and adopting it in large numbers.
VeChainThor, VeChain’s public blockchain that operates on VET tokens, supports the development of security and government framework, allowing organizations to control assets, information and revenue through a robust distributed system.
China opens up to Cryptocurrencies
China has always been the crypto adoption “bottleneck” but things are looking bright after the largest Insurance Service provider, People’s Insurance Company of Chine (PICC) inked a deal to collaborate with VeChainThor (VET). The deal is quite straight forward; to transform the Insurance sector to be at par with the digital ear through tracking governance structures and information dissemination.
Making inroads into the Chinese market for cryptos has been a hard nut to crack and VeChain entry appears to open up the market. Beijing appear to have realized the role blockchain is playing in the global markets and loosening its stance on the technology is a long term strategy in its quest to fight fraud, counterfeits and instill transparency in governance.
VeChain (VET) Soft Spot in China
China has been very selective on the services it adopts; first it was financial services provision and the recent supply chain management which they are using the VeChain technology in their fight against counterfeit vaccine medicine. The tracking capabilities of the network and the huge Chinese audience offers a complex environment and the government trust on VeChain is a good catalyst for opening up the market for more blockchain players.
The entry of VeChain in the Chinese insurance sector is a good start for the coin to dominate through transitioning it from the traditional paper work based system to a digital one that will cut out the middlemen. The insurance sector is characterized by bureaucracy, fraud and delays and using VeChain, these will be things of the past.
PICC is owned by the Chinese government and provides commercial insurance contract services through three of its subsidiaries. VeChain will make the claim processes seamless by introducing paper-less transactions for all their customers. It will also enhance the patient-provider confidentiality by securing healthcare data.
VeChain Value Proposition to PICC
The key focus for the deal is to use the VeChainThor protocol to reduce fraud in the Chinese insurance sector. Through the enterprise solution arm of the blockchain, inaccuracies in the underwriting process and other malpractices will be eradicated since records will become immutable. These are some of the obstacles that have marred fast service provision in the sector.
With the technology, KYC identification and assessment will become fast add processing time will shift from days to real time and this will boost consumer confidence and increased update of insurance products and services. Digitalization of the sector will optimize resource usage turn the industry into a profitable venture for the State.
The traditional compensation process is tedious and VeChain will change that through their IoT expertise input in the industry. This will reduce the government annual expenditure since the collaboration will provide a fast compensation turn around as the VeChain co-founder Sunny Lu says
“Collaborating with PICC expands our business within the insurance industry. We are confident we will provide great service and products to PICC, together with DNV GL.”
Despite the market downturn, The VeChain PICC partnership has given VET price a spike that has been elusive for the last few days. The coin has gained 10.114% in the last 24-hour trading session to trade at $0.019403 and the momentum is set to continue for the better part of Q4.