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12 June 2021
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Blockchain

Blockchain startup SingularityNET and the world’s largest insurer enter into a partnership

The SingularityNET blockchain startup enters into a partnership with Ping An, the world’s largest insurer. Ping An is also one of the largest investment companies and asset managers in the world. The two companies hope to be able to use artificial intelligence (AI) through the cooperation for Ping An’s activities.

SingularityNET is an open source ecosystem that is built on top of the Ethereum (ETH) network. The company wants to make AI available to everyone by offering a decentralized marketplace and thereby providing access to algorithms that are normally only available to large tech companies.

Ping An is an insurer that has been involved with the latest technologies for years. The company’s Research & Development (R&D) department consists of 23,000 employees and has invested € 6.5 billion in research over the past 10 years.

Given the size of the insurer, Dr. says Ben Goertzel, CEO of SingularityNET, that the startup “can show thanks to the collaboration what benefits AI can bring” for a company such as Ping An. The two companies first want to focus on using AI for optical character recognition (OCR), cross validation (CV) and model training. Goertzel further said:

“We are currently discussing how the SingularityNET infrastructure can be integrated with Ping An’s IT infrastructure to analyze the different types of available data.”

SingularityNET is part of the SingularityNET Foundation, a foundation based in the Netherlands. During the Initial Coin Offering (ICO) in 2017, it raised an amount of $ 36 million to finance the development of the platform. The native token of the paltform, AGI, is worth $ 0.05 and, like the rest of the crypto rates, experienced a substantial increase last night.

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