Internet and gaming giant of China, Tencent joins hands with the crowd-funded insurance company Waterdrop to develop blockchain medical tools. Recently, Tencent collected around 500 million yuan as part of waterdrop’s funding. Still, the company is looking for more investment. It is targeting an amount of almost $1 billion which it will use to develop the blockchain technology along with Tencent.

As of now, there is no detailing on what will be the exact purpose of the tool based on blockchain. Tencent is not the only firm here to have volunteered for healthcare. Previously, Alipay owner, Ant Financial has also active involvement in crowdfunding healthcare provision.

China has been seeing significant growth in the blockchain industry. Recently, China issued its first business license using blockchain. Also, blockchain has found its way into the Chinese legal system. A few days ago China opened its first ever blockchain notary. Now, with Tencent’s upcoming blockchain medical tools, the technology will also enter the public healthcare domain.