Fuqianla releases blockchain white paper to build a new financial technology ecosystem

Since blockchain was written into the 13th Five-Year National Informatization Plan in 2016, blockchain has become an important driving force for the transformation of the financial industry, and many domestic banks have made plans. According to incomplete statistics, more than 10 banks in China have launched blockchain applications, mainly in the fields of cross-border business, bill business, loan credit investigation, etc.

A person in charge of Fuqianla, a domestic financial technology company, said that blockchain technology solves the pain points of traditional banks in terms of efficiency, cost and trust, which is the main reason for attracting banks to participate. "Forbes recently announced a list of 50 large listed companies that have deployed blockchain technology worldwide. Industrial and Commercial Bank of China took the top spot, China Construction Bank ranked second, and Agricultural Bank of China ranked fifth. In addition, many commercial banks have also joined the game, forming a hot situation in which the entire industry embraces blockchain."

Traditional banks are enthusiastic about blockchain, and financial technology companies are also eager to try it out, but the dimensions of their involvement are different from those of banks: some financial technology companies provide technical services to banks; others try to aggregate resources, build a blockchain ecosystem, and provide technical resource support for banks' transformation. A typical representative in this regard is Fu Qianla.

It is understood that Fuqianla recently released the "Oasis Financial Ecosystem Blockchain White Paper" and announced the establishment of the Oasis Blockchain Alliance.

Commercial banks are rushing to join the Oasis blockchain alliance precisely because of the need to save costs and complement each other's strengths.

Cloud computing, big data, artificial intelligence, blockchain and other technologies are the standard for future competition among financial institutions, but good things are never cheap, especially when each item needs to be built by financial institutions themselves, which is even more expensive. Only large banks can handle it. Goldman Sachs' technology department employs about 9,000 software engineers, a number that is close to the total number of employees of Facebook, the world's most valuable Internet company.

This massive investment is an unbearable cost for commercial banks. The more mainstream approach is for financial institutions to choose to "marry" financial technology companies, consolidate their market position through complementary advantages, reduce the cost of transformation to the Internet, and control operating risks.

According to relevant person in charge of Fuqianla, the key reason why the Oasis Blockchain Alliance can receive a positive response from commercial banks is the banks' rigid demand for ecological blockchain application services.

It is understood that at present, traditional banks apply blockchain technology to clearing and settlement business within the bank or even between banks, which can greatly simplify business processes and improve capital operation efficiency, but there is still a certain gap compared with the ecological Oasis blockchain alliance. Some banks have successfully shortened the loan process from several days to several hours through the Oasis blockchain alliance.

Oasis' advantage lies in integrating blockchain technology research in the financial field and promoting the implementation of real application scenarios. Since it is an open ecological platform for financial blockchain, it can promote the construction of blockchain information systems for banks, securities, financial leasing, guarantees, micro-loans, factoring and industrial investment, break through the business barriers between different financial industries, and form an integrated advantage.

Specifically, Oasis can provide targeted solutions to the pain points in the financial industry:

Increase cross-departmental collaboration and trust through Oasis public ledger, reduce friction between business processes and manual operations, eliminate operational anomalies, and improve business efficiency by supporting audit traceability;

The blockchain linked list structure itself can ensure the credibility and tamper-proofness of data, but Oasis also provides a data permission management solution based on account private keys to address the sensitivity, security, shareability, and hierarchical confidentiality of financial data, allowing financial institutions to avoid exposure to credit risks.

Oasis proposes front-end business solutions for each financial business scenario, including evidence storage solutions, shared ledger solutions, factoring alliance solutions, and data solutions, in order to fit the existing financial business, solve the problem of data from different financial companies being unable to connect and becoming data islands, eliminate a large amount of data redundancy, and fully tap the value of data.

The data permissions of collaborative enterprises in the existing IT architecture of the financial industry are prone to data leakage and moral risks. For this reason, Oasis provides a real-time monitoring module to ensure that the business can be monitored in real time and to safeguard the stability of the financial environment.

Oasis also provides asset issuance capabilities to alliance members and blockchain technology support for businesses such as personal credit, supply chain finance and bill business. It solves the difficulty of achieving cross-platform mutual trust of customer data in the existing IT architecture of the financial industry, breaks through the barriers to capital and asset allocation, and promotes innovative business development of financial institutions.

A person in charge of a commercial bank in the alliance said that the Oasis blockchain alliance can bring two benefits to financial institutions. First, it can reduce operating costs and improve efficiency. Second, the blockchain itself has the characteristics of security, transparency and immutability. With this technology, the credit model of the financial system can no longer rely on intermediaries. Through applications in different scenarios, more efficient services can be provided to deal with and block potential competitors. "This is the biggest attraction for financial institutions."

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