Blockchain AI Startup SingularityNET Teams With Chinese Insurance Giant Ping An

Announcements, Blockchain, News | March 18, 2019 By:

Blockchain-based artificial intelligence (AI) startup SingularityNET has partnered with Chinese insurance giant Ping An to collaborate in the field of AI.

SingularityNET is a full-stack AI solution powered by a decentralized protocol. Last month, the startup officially launched the beta version of its Ethereum-based decentralized marketplace where individuals, small businesses and government agencies will be able to purchase algorithms that had previously been available only to Silicon Valley players. The services available on the marketplace include image and emotion recognition services, object detection and speech-recognition, among others.

Ping An Group, a Chinese holding conglomerate, is recognized as the world’s most valuable insurance brand. Its FinTech offshoot, Ping An Technology, develops and operates critical platforms and services that support insurance, banking, investment and internet businesses of the group. It is also the technology incubator for Ping An Group, with strong research and development capabilities in cloud, AI and big data technologies.

The collaboration between the two firms will, at first, focus on three main areas: Optical Character Recognition (OCR), Computer Vision(CV) and model training, where SingularityNET’s ecosystem could be applied for commercial purposes. SingularityNET notes that the sheer scope and ambition of Ping An when it comes to AI — from the Ping An Smart City to the One Minute Clinic initiative of the Ping An Good Doctor — will allow them to collaborate across multiple industries and initiatives in the future.

Ben Goertzel, founder and CEO of SingularityNET, said that 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,” Goertzel said. “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.”