- The companies want to collaborate on AI
- Successful implementation in One Minute Clinic will open the way for other industries
SingularityNET has signed a partnership deal with the world’s largest and most valuable insurance company. The partnership involves the intention to collaborate on Artificial Intelligence but is open to several other fronts in the future.
The announcement stated that SingularityNET would provide all the ingredients that are necessary for successful AI applications including algorithms, data, computer power, and human understanding of the problem domain. The two companies said they would pool their resources in the four areas together with the aim of achieving great things. Commenting about the development, SingularityNET’s Dr. Ben Goertzel said:
“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 to analyze the different types of data available.”
AI-Based One Minute Clinics
According to the announcement, the first steps in the collaboration will address three critical areas which are Optical Character Recognition (OCR), Cross Validation (CV) and Model training, all of which will benefit from SingularityNET’s ecosystem that’s applicable for commercial purposes. Ping An runs AI-based clinics called “One Minute Clinic” in at least eight cities across China in an initiative called Ping An Good Doctor; this is one of the avenues where Ping An’s ambitious project will benefit from SingularityNET’s prowess in matters Artificial Intelligence.
The successful implementation of this phase of the project would open ways for further collaboration between the two partners in several other industries. Ping An, which boast USD 217 billion in market capitalization, is taking advantage of being a first mover in mobile Apps to create a niche in other areas that include insurance, banking, financial services, healthcare, real estate and so on. The press release elaborated:
“We are confident that our collaboration will amplify the reach and competitiveness of Ping An while increasing the diversity and richness of our decentralized network. Our successful collaboration will help guide other enterprises towards utilizing our platform and will be marked as an important milestone in the movement to democratize AI.”
Commercial marketplace for AI solutions
SingularityNET is a fully-stacked AI solutions provider that runs a decentralized platform that allows users to create, share and deploy AI services at their scale. The core of the company is to offer an intelligent fabric for AI algorithms to talk to each other with the aim of creating a commercial marketplace for high-level AI solutions across the markets.
The founders of SingularityNET aim to create an open sourced and decentralized protocol that no single individual, institution or government can dominate as the AI protocol is becoming increasingly more intelligent and capable. The project is made up of some of the best minds in blockchain and machine learning who aim to democratize access to AI technology.