Bloomberg reported on April 30th that Chinese internet giant Tencent is set to collaborate with an insurance unicorn, Waterdrop, to create a blockchain-based medical tool.

Waterdrop, one of the major players in China’s expanding crowdfunded health insurance sector, plans to work together with Tencent to develop a new blockchain solution, utilizing Tencent’s formidable tech resources and experience.

Waterdrop launched its funding campaign, Waterdrop’s Series B, which successfully raised 500 million yuan (US$74.2 million) before it concluded in March. The company is currently seeking new capital in the amount of at least US$1 billion, according to Bloomberg.

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

The use of blockchain in the insurance industry is becoming increasingly popular. Generally speaking, it is a system where users contribute to others who need critical medical coverage via blockchain. Several platforms have been designed to pay around a maximum of 300,000 yuan (US$44,500).

Tencent’s biggest competitor, Ant Financial, the owner of Alipay, is currently involved in the industry with its Xiang Hu Bao offering. The firm expects to have 300 million users in China by 2021.

This is not the first time Tencent has explored the distributed ledger technology. Tencent was one of the first 200 firms that received official approval as a blockchain business from the Chinese government in April, and it recently partnered up with a local government to use blockchain-based solutions for transport invoicing.

Source: cointelegraph.com

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