Blockchain Could ‘Revolutionize’ Industry: China Ex-Insurance Regulator Vice Chair
The former vice chairman of China Insurance Regulatory Commission (CIRC) Wei Yingning has said Blockchain technology could revolutionize China’s multi-trillion yuan insurance industry. Speaking at the opening ceremony of the China Blockchain Application Research Center in Shanghai Sunday, Yingning said Blockchain held promise for the industry which the Internet failed to deliver. Growth in life insurance alone last year reached 55 percent, with premium income touching 2.9 tln yuan. “In the modern insurance industry, the cost of auditing accounts for 30 percent or even 40 percent of the....
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