Chinese Insurance Giant Collaborates with Decentralized AI Startup SingularityNET

By Anne W. | March 18, 2019

Ping An Group, a renowned Chinese insurance giant has collaborated with Ethereum (ETH)- based decentralized artificial intelligence (AI) startup SingularityNET, according to an official press release (Mar 14).

The partnership will target Optical Character Recognition (OCR), Computer Vision (CV) and model training, as per the release. SingularityNET states that it is not essentially limited to simply researching AI, and could possibly be expanded into other industries in the near future.

Prior to the announcement, SingularityNET successfully launched a beta version of its Ethereum-based decentralized AI marketplace, while last year it partnered with agriculture-focused blockchain startup Hara at the World Web Forum.

World’s most valuable insurance firm Ping An contracted with Sanya municipal government for the “Smart City” construction, backed by blockchain and AI technology, as a part of the urban development strategy in China in 2017.

Last year, Ping An’s subsidiary, Ping An Bank, stated the launch a boutique bank, or a non-full service investment bank, that deploys blockchain, cloud services and Internet of Things (IoT) technology.

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