Blockchain AI Startup SingularityNET collaborates with China’s Insurance Giant Ping An
One of the startups emerging a decentralized artificial intelligence (AI) network company SingularityNET, has recently stated that it has collaborated with the world’s major and maximum appreciated underwriter Ping An which is even the largest speculation and asset management corporations. The company will start with an emphasis on three main areas such as optical character recognition (OCR), model training and cross-validation (CV) where SingularityNET’s bionetwork can be applied for profitable determinations. SingularityNET’s teamwork with Ping An was publicized at the Token2049 event held in Hong Kong previous this week, and trails the introduction of the startup’s beta market in February.
Bai Meng, AI lead for Ping An and the firm’s commercial division says that “Ping An Technology and SingularityNET have reached the intention to collaborate in the field of AI, possible future directions for collaboration include (but are not limited to) OCR and model training,”
Ping An is presently testing and challenging the use of new technologies in places such as AI, blockchain and finance. In the historical decade, the company has capitalized more than RMB 50 billion in technology growth, collected more than 23,000 investigations and development (R&D) workers, 500 big pieces of information specialists and proved to have 6 research institutes.
SingularityNET on the other hand, is emerging an open source bionetwork for AI services constructed on the Ethereum system. The startup purposes to democratize admission to AI by offering a market for operators to purchase and sell forward-thinking explanations in a decentralized method, offering them with access to procedures that have conventionally been the reservation of Silicon Valley giants.
SingularityNET is supervised by the SingularityNET Basis, a non-profit combined in the Netherlands accountable for structuring, overseeing and hastening the development of the system and market. In 2017 it increased US$36 million in an initial coin offering (ICO) to account the expansion of the project. One of the major motives behind Ping An’s quick growth is how it applied for its first powerhouse benefit in mobile apps to progress its market share in numerous industries: insurance, banking, financial services, healthcare, real estate and so on.
For businesses that function with a policy business model, being the first player in the marketplace transmits a strong economic benefit. Once a policy attains a positive size, system effects kick in and opposing that platform becomes near unbearable.