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Tencent and Waterdrop will use blockchain for insurance

Chinese internet giant Tencent will partner with a local insurance company to develop new blockchain solutions.



According to Bloomberg, health insurance company Waterdrop will leverage Tencent’s expertise in the field to create as-yet-unnamed blockchain-based tools. The move follows the closure of Tencent’s Series B Waterdrop funding round, in which the firm raised $ 74.2 million. At the same time, Bloomberg announced that the company plans to raise new funding of at least $ 1 billion.

“The company will spend money on automating compensation payments and developing blockchain technology with Tencent,” said company founder and CEO Shen Peng.

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

In the middle of the month, information also emerged that Hong Kong-based Blue Cross would use blockchain in the insurance industry, as did Accenture and Generali Employee Benefits, which decided to use the technology for the same purpose.