September 19th, ZhongAn Information Technology Service Co., Ltd (ZhongAn Technology) announced that the company has reached a cooperation agreement with Opentrust Technology, Guoyuan Agricultural Insurance, Wopu Wulian, HuoDui Non-profit Organization and Chaan government in Anhui Shou County. ZhongAn Technology landed its first stop in the Chaan town to promote its financial technologies in farming to alleviate poverty. Based on the blockchain farming, ZhongAn Technology and its partners aims to tap China's trillion yuan worth rural market.
Industry insiders believe that this will be a worth trying road for blockchain application and a way of better serving the real economy.
Using blockchain to build a trust worthy economy
"Our goal is to provide everyone with a safe and reliable chicken," said Zhang Xueyuan, CEO of Opentrust Technology, a parnter of ZhongAn Technology, on the financial technology poverty alleviation and landing ceremony in Anhui Shou County Chaan town.
Earlier, ZhongAn Technology applied blockchain, artificial intelligence, anti-counterfeiting and other technologies in raising free range chicken in rural areas. With its partner Opentrust Technology and others to create "Gogo chicken" brand, ZhongAn aimed to provide more trust worthy food. This was also the first time that China has applied blockchain in agricultural farming.
ZhongAn Technology operations director Zhang Xiang explained that ZhongAn blockchain solution will record the full life-cycle of Gogo Chicken, including data from chicks supplying, breeding base, slaughtering, processing factories, quarantine stations, and logistics companies until it brought up to the customer's table. The tamper proof characteristic of blockchain will protect data from being modified once entered.
At present, Gogo chicken has reached cooperation intention with more than 200 farms in Anhui, Henan, Guizhou, Shaanxi, Gansu, Hainan and other provinces and cities. By 2020, Gogo chicken will land 2,500 farms in the whole country, expecting to generate 2.7 billion yuan for farmers.
The Gogo chicken is only one of projects based on the block chain security series, and this solution can also be used for the anti-counterfeiting of other agricultural products, luxury goods and industrial products. In the future, ZhongAn Technology will team up with more partners and research institutions, and continue to increase R&D investment in healthy food and trace-ability in the filed of Big Health.
Integration sample of Blockchain and Internet of Things
In order to ensure that the data source recorded on the blockchain is fully authentic and reliable, ZhongAn Technology integrates the Internet of Things, Blockchain, Artificial intelligence and internatinally patented anti-counterfeiting technology together.
Zhang Xiang said that the Gogo chicken has been equipped with a chicken band, allowing the location of the chicken, movement data and other information to be automatically collected and uploaded to the blockchain in real time. The physical sensor is capable to monitor the all-around breeding environment, including air temperature, air humidity, pollutants, soil related indexes such as humidity and drinking water quality and so on, all of which are automatically uploaded to the same blockchain. In addition, the artificial intelligence of ZhongAn Technology also enables the intelligent monitoring of the Gogo chicken, and makes real-time judgment of chicken's health condition through video image collection and analysis.
China Electronics Technology Standardization Institute, an arm under the country's Ministry of Industry and Information Technology, recently rolled out "China Blockchain and Internet integration & innovation application blue book", in which it mentioned that ZhongAn Technology's use of anti-counterfeiting trace-ability technology is in a mature stage of block chain and Internet of Things.
Expanding agricultural insurance and other financial ecosystems
For the first time, financial institutions such as Guoyuan Agricultural Insurance participated in the Gogo chicken project and provided the agricultural insurance service. Industry insiders believe that this cooperation serves as a role model for Chinese agricultural insurance development.
Due to the use of the blockchain anti-counterfeit trace-ability solution, data such as how many chickens farmers are raising, and three-month mortality rate can be viewed through blockchain, reducing the risk control cost for financial institutions, and increasing insurance company's underwriting enthusiasm for farmers and breeding assets. The Gogo chicken project is expected to expand agricultural insurance, health insurance, information service insurance to a larger scale with an estimated value of hundreds of millions yuan.
ZhongAn Technology operations director Zhang Xiang said that based on the assets data on blockchain , banks can solve problems of agricultural farming loan risk control, at the same time, farmers have an easier access to financial service. Both of those advantages will increase the vitality of rural economy. Gogo chicken is designated to make donations to the public welfare through Huodui non-profit organization, and each donation is blockchain based.
The integration of blockchain, Internet of things and anti-counterfeiting technologies represents ZhongAn Technology's intention to ally with its many partners. "ZhongAn Technology wants to build an open-ended and trust worthy ecosystem, which is not just beneficial to its own," said Jiang longhao, business development director of ZhongAn Technology. ZhongAn Technology will work with more local partners, to enrich a trustful scene with its partners . Gogo chickens, for example, is creating a new business scenario for slaughter, logistics and other partners.
ZhongAn Technology is a wholly-owned subsidiary of ZhongAn Online P & G Insurance Co., focusing on research and application of financial technology such as blockchain, artificial intelligence, cloud computing, big data, and exporting these technologies to big financial and health enterprises.