According to China Insurance News Network, reinsurance giants have launched a blockchain-based platform for inter-company data transfer.

Altogether with General Reinsurance Corporation and Hannover Re, China Re – the only reinsurance firm in state-owned have recently unveiled the Reinsurance Blockchain (BIC) White Paper in Shanghai. This document is considered as a guidelines that clarify business value, application scenarios, design concepts, and execution plan of the system..

Hannover Re and General Reinsurance Corporation are members of  Blockchain Insurance Industry Initiative (B3i) – an association for leading re/insurance companies to collaborate to provide blockchain solutions for the industry. By jointly creating this platform, the reinsurance firms will mainly focus on the business side, and ZhongAn technology the technology arm of China’s first internet insurer ZhongAn – will be the one who is in charged of technical development.

The platform aim to enhance transaction efficiency and utilize the strength of blockchain to apply it to reinsurance industry. Shanghai bureau of China’ Insurance Regulatory Commission – the central regulator for the domestic insurance industry will  supervise this project.

To solve the current bottleneck, this decentralized network is build to allow different parties to track transactions and data easily and conveniently, thus making the working flow become more transparent and time-saving.