Canaan Teams Up With Hakim on Blockchain Solutions in Healthcare

Under the agreement, Canaan’s supercomputing will be used in the blockchain and smart contracts for Hakim’s health insurance.
Belinda ZhouNov 01,2019,06:55

Hakim Unique Internet Co., Ltd announced on October 29th its cooperation with bitcoin mining equipment maker Canaan Inc. in the field of smart medical.

Hakim said that it will enter into a strategic cooperation with Canaan and establish a joint venture with it in an online investor Q&A. The company said it will explore a new model of blockchain combined with smart healthcare, using blockchain technology to improve the security of data interconnection in the medical field.

Hakim’s medical arm owns a medical network and has cooperated with more than 10,000 specialist doctors, according to its website. It also claims that it covers over 300 international medical center and 200 medical associate partners. Canaan’s supercomputing will be used in the blockchain and smart contracts for Hakim’s health insurance from sales to claims. 

“Canaan is determined to become the new generation of credit leader in the digital economy, which coincides with the strategic layout of Hakim in the field of smart medical care,” Hakim added.

Hangzhou-based Canaan has filed on October 28th for an a $400 million initial public offering in New York. The company operates as the second-largest developer and manufacturer of bitcoin mining machines globally, according to its filing. 

“To make supercomputing available for everyone and to enable the wide adoption of Blockchain and AI technologies for better living…” Canaan wrote it in its prospectus.

An underwriter on Cannon’s deal told CapitalWatch that Cannan took a great timing to bitcoin and blockchain technology and the company has talented core persons and stable team.

“This is the know-how owned by your team and your team grow up with this kind of know how. That’s why the company always technology leadership as top two leading players with Bitmain but the top 3 to top 10 are always changing,” the source said. Other small players washed out because of the price fluctuations of bitcoin, she added.

(source: Li Shan from Credit Suisse Securities )

Bitcoin was priced at $9,239.99 Thursday according the data from Morningstar. Just before the plunge below $3,200 in December 2018, bitcoin was priced at close to $20,000 in December 2017.

Canaan said it intends to use the proceeds from its IPO for research and development of AI algorithms and applications, along with blockchain algorithms and applications. It also plans to invest in its expansion of AI and blockchain business globally, supply chain optimization and to repay debts, as well as in other general corporate purposes, according to the prospectus.

Canaan expects to list on the Nasdaq Global Select Market under the symbol “CAN."