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VeChain [VET] partners with People’s Insurance Company of China [PICC]

Anvita M V



VeChain [VET] partners with People's Insurance Company of China [PICC]
Source: Unsplash

Recently, VeChain Foundation announced on their official Twitter handle that People’s Insurance Company of China [PICC] has partnered with DNV GL [Det Norske Veritas and Germanischer Lloyd] a global quality assurance and risk management company, and the blockchain platform, VeChain. The partnership offers to bring about a digital transformation in the insurance industry.

According to a report published by PR Newswire, PICC stated that the existing system in the insurance industry produces an overwhelming amount of paper trail. The system also falls short in terms of proper data validation, it cited.

The problems faced currently in the insurance industry has led PICC to turn its head towards blockchain technology for a solution, it stated.

Furthermore, PICC stated that they believe blockchain technology will bring digital transformation in the insurance industry.

Moreover, the company believes that blockchain technology will help reduce turnaround time, improvise KYC [Know Your Customer] compliance, and prevent frauds.

PICC explains that realizing the potential use of advanced IoT devices and smart contracts in the industry, will help bring “instant compensation” for enterprises that produce profitable business models.

By partnering with DNV GL and VeChain, PICC believes that it can provide fruitful solutions that help protect user data, provide distributed ownership, and enhance AI [Artificial Intelligence] features.

Excited about the partnership, Sunny Lu, Co-founder of VeChain said:

“Collaborating with PICC expands our business within the insurance industry. We are confident we will provide great service and products to PICC, together with DNV GL.

PICC further stated with certainty that the solutions being offered will offer the maximum benefit without the need for PICC’s clients knowing or learning about the underlying architecture.

According to PICC, their decision to chose Vechain was due to their partnership with DNV GL that offers solutions to real world problems. VeChain’s public blockchain VeChainThor offers enterprises different tools, security features, PICC explained.

In addition, VeChain also offers regulation to rightfully control the assets and also offers collaboration across various verticals, industries, and countries, said PICC. It is ready to expand what they currently offer, bringing a change in the standstill industry.

George Kang [CEO of DNV GL Business Assurance Greater China Region] also issued a statement which read:

“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.”

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Anvita Mysore Vadiraj is a full-time content writer at AMBCrypto. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies.


FLiK case: Utility tokens take another hit in case allegedly involving Rapper TI, claims prominent lawyer





Source: Unsplash

Stephen Palley, a prominent lawyer at Anderson Kill, spoke out about the FLiK token case via his official Twitter handle. Notably, unlike most tokens in the space, FLiK made headlines because of its celebrity backing.

Towards the end of last year, it was reported that the US Rapper Clifford Joseph Harris Jr., who goes by the stage name T.I. and T.I.P., was sued for $5 million over the alleged failure of the token promoted by him and his partner, Ray Felton. The rapper was being sued by a group of 25 individuals who claimed that that they invested around $1.3 million in the tokens.

Additionally, there were allegations that the rapper used the raised money to increase the token’s value, following which the duo sold their holdings after the coin crashed. Other well-renowned celebrities such as Kevin Hart and Mark Cuban were also reportedly associated with this project.

On the recent developments surrounding the case, Stephen Palley stated,

“Utility tokens” take another hit in case allegedly involving rapper TI. Court says FLiK ICO tokens = securities under Howey Test, for motion to dismiss purposes. That they offered some functionality ≠ relevant given buyers’ expect of profits solely from efforts of others. 1/4″

Source: Twitter

Source: Twitter

Source: Twitter
The lawyer further stated that,”use of funds” was already determined by the defendants, “per the FLiK token whitepaper.” He went on to state that there was a time problem, adding that Federal Law rules that “unregistered sale” of security tokens were supposed to be reported within 12 months after the violation.

The lawyer concluded by tweeting,

“ps — form was never going to be exalted over substance, so none of this is a huge surprise. Also, this is a ruling on Rule 12(b)(6) motion to dismiss so the Court takes the allegations as true for purposes of ruling. The merits still have to be litigated.”

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