On Fashion, Blockchain and VeChain
People’s Insurance Company of China (PICC) has partnered with DNV GL, a global quality assurance and risk management company, and VeChain, a blockchain-as-a-service provider, to develop and implement blockchain solutions. As part of the partnership, VeChain will provide blockchain solutions for pre-selected use cases, while DNV GL will act as an independent third-party assurer for all provisions.
“Insurance companies use legacy claim management systems that produce overwhelming paper trails on insufficiently validated data that make up the current policy underwriting process. The inefficiencies within data collection, verification, and auditing cause policies to be placed on bad actors leading to price increases on the behalf of all policy owners. PICC believes that blockchain technology can bring digital transformation, resulting in reduced turnaround time, premiums, prevent fraud and improve KYC compliance and claim experience . The realization of advanced IoT devices and smart contracts within this industry will potentially bring “instant compensation” for the companies producing a much more profitable business model.” – From VeChain’s press release.
DNV GL is both an investor in and partner of VeChain. Earlier this year, the two launched My Story, a blockchain-based digital assurance solution for the food and beverage industry, allowing consumers to see the full history of a product and its journey.
“The role DNV GL plays is to ensure data integrity from the business operation perspective. In conjunction with VeChainThor Platform, we will provide a robust digital trust platform to assist PICC with enhanced data management and efficient data processing.” – CEO at DNV GL Business Assurance Greater China Region, George Kang.
Recall insurers active on the blockchain here.
Bottom Line: Brings back memories. Here’s a snippet from our presentation to Starr earlier this summer on how VeChain helped Chinese fashion label BABYGHOST engage with its audience by embedding VeChain Chips on products from its Spring/Summer 2017 collection to allow customers to learn the story behind each garment and confirm the authenticity of the label.