Global reinsurance giants have teamed up in an effort to build a blockchain platform for the Chinese market, Reinsurance News reported referring to a report from China Insurance News Network.

The participating companies include Hannover Re, China Re, General Reinsurance Corporation, and Zhong An Technology. Hannover Re and Gen Re are also the members of the Blockchain Insurance Industry Initiative (B3i). Zhong An Technology will reportedly provide technical support to the initiative.

The blockchain inter-company platform will aim to improve transaction efficiency and accelerate the application of blockchain technology in the field of reinsurance. The platform’s work will be carried out under the supervision of the Shanghai bureau of China’ Insurance Regulatory Commission.

The member companies recently released the Reinsurance Blockchain (BIC) White Paper in Shanghai, which describes the various characteristics of blockchain technology and discusses the application scenarios of the technology in the field of reinsurance.

The participants believe that the blockchain solution will help foster the application of the technology and promote the overall progress of domestic blockchain technology. On the other hand, it will also help “realize business connectivity, data exchange and technology value transfer based on blockchain, further enhance business value, share the dividends brought by technological innovation, promote the innovation and upgrading of the insurance industry, and achieve multi-win wins for insurance, reinsurance and regulators,” China Insurance News Network said (loosely translated).