Chinese Insurance Giant Ping An Partners With AI Startup SingularityNET

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Chinese insurer Ping An partners with SingularityNET

Chinese Insurance Giant Ping An Partners With Decentralized AI Startup SingularityNET

Chinese insurance behemoth Ping A has partnered with Ethereum-based decentralized AI startup SingularityNET.

The partnership collaboration of Chinese insurance Ping A and Ethereum (ETH)-based decentralized artificial intelligence (AI) start-up SingularityNET was announced by SingularityNET in a press release published on Medium on March 14.

Per the release, the cooperation will in the beginning concentrate on Optical Character Recognition (OCR), Computer Vision (CV) and model training. SingularityNET notes that the scope of the partnership is anticipated to expand to multiple markets and efforts in the future.

The announcement has been made shortly after SingularityNET officially launched a beta version of its Ethereum-based decentralized market on Thursday, Feb. 28. In January last year, the company also announced a collaboration with agriculture-focused blockchain start-up Hara at the World Web Forum.

Ping An is reported to be the world's most valuable insurance provider, it serves 170 million customers, and ranked tenth in the Forbes Global 2000 list of world's biggest public companies. As Cointelegraph reported in November in 2015, Ping An and the Sanya municipal federal government also signed a tactical cooperation contract for “Smart City” building involving blockchain.

Chinese Insurance Giant Ping An Partners With AI Startup SingularityNETThe press release notes that Ping An's “One Minute Clinics” for medical consultations, which are unstaffed and utilize AI, are currently in use in eight Chinese cities.

Throughout the same month, Cointelegraph likewise reported that Ping An's banking subsidiary Ping An Bank will introduce a boutique bank using blockchain, cloud services and Internet of Things (IoT) tech.

AI services brought to the table

The collaboration will focus on bringing AI services from SingularityNet, such as Optical Character Recognition (OCR), Cross Validation (CV) and model training, to the Ping An company.

“The scale of Ping An provides considerable opportunities to showcase the benefits of AI application. We are currently discussing how to integrate SingularityNET infrastructure with Ping An’s IT infrastructure in order to analyze the different types of data available. Generally speaking, successful AI applications require at least four ingredients – AI algorithms, data, computer power, and human understanding of the problem domain. Between SingularityNET and Ping An we have all four of these in abundance, and so I am confident we will be able to do great things together,” stated Ben Goertzel, CEO and Chief Scientist of SingularityNET.

What Is SingularityNET?

SingularityNET is a decentralized marketplace for AI. It is based on blockchain and utilizes their native AGI token as payment for AI services, the team plans to evolve the project into a completely self-organizing AI network. The final objective is for the AI Agents in this autonomous network to eventually use AI to outsource work to each other and evolve together to further develop the network.

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