Waterdrop Insurance Company Will Launch New Blockchain Healthcare Solutions with Tencent

The use cases for blockchain technology in other industries continue to grow, and it has become clear that the healthcare industry stands to benefit greatly. There have been blockchain pilots for maintaining patient records in some countries and for insurance claims. Now, local disruptor insurance company Waterdrop, which is part of China’s health insurance industry, is going to partner with Tencent. Together, the two firms will be creating new blockchain tools in the local insurance industry.

In a report from Bloomberg on April 30th, the company announced that they would be seeking out new financing, hoping to reach a value of at least $1 billion. They previously held a Series B funding round last night, which Tencent led to bring them $74.2 million.

CEO Shen Peng stated that the company plans to use the funding that they recently acquired on

“automating reimbursements and developing blockchain technology.”

The concept of medical insurance via crowdfunding relies heavily on the contributions of investors, funding the critical needs of others. The platforms are set up to provide up to $44,500 for the needs.

Ant Financial, the owner of Alipay and another internet giant, has already gotten involved with the industry, using an offering with Xiang Hu Bao. Optimally, there will be 300 million new residents signed up in the next two years.

Now, with the experience that Tencent has in blockchain, there are multiple sectors of the economy that have already been touched, like transport and the blockchain transaction network. The company made history as one of the first 200 that managed to gain approval from the Chinese government, making the industry a little more formal.

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