Chinese Insurance Behemoth Ping An Joins Blockchain Consortium R3

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Ping An, the second largest insurance firm in China, Ping An has joined the R3 Blockchain Consortium which was formed late last year to work on creating standards for Blockchain technology.

“The addition of Ping An is another important milestone for R3 as we develop our member network to represent the interests of banks and financial institutions operating in markets around the globe,” said R3 chief executive David Ruther.

R3 is based in New York, with locations in London and San Francisco.

On March 3, 2016, R3 announced that it had completed a trial involving 40 banks held in the last two weeks of February, testing the use of blockchain solutions offered by Eris Industries, IBM, Intel and Chain to facilitate the trading of debt instruments. This was a follow-on to an 11-bank trial conducted earlier in January which used Ethereum hosted on Microsoft Azure.

R3 has grown from nine founding members to now more than 40.

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Founder of Blockchain News and The Hackitarians Foundation, Richard Kastelein is an award winning publisher and editor, hackathon organiser and entrepreneur. He has written over 700 articles at Blockchain News, has a massive network in the Blockchain arena and is available as a speaker and consultant. (richard@the-blockchain.com) Kastelein has spoken (keynotes & panels) on technology at events in Amsterdam, Barcelona, Belfast, Berlin, Brussels, Brighton, Copenhagen, Cannes, Cologne, Curacao, Frankfurt, Gdansk, Hollywood, Hilversum, Geneva, Groningen, London, Las Vegas, Leipzig, Madrid, Melbourne, NYC, Oxford, Rio de Janeiro, Sheffield, San Francisco, San Jose, Sydney, Tallinn, Vienna, and Zurich. A Creative Technologist & Canadian (Dutch/Irish/English/Métis) his career began in the Native Press (Canadian Arctic) and he later spent a decade in the Caribbean media. Currently, he writes occasionally for Wired Insights, Guardian & Virgin and his articles have been translated into Dutch, Greek, Polish, German & French.