China UnionPay and JD Finance announced successful blockchain cooperation test, deploying cross-regional and cross-operator alliance chain

On May 9, China UnionPay's official website released news that China UnionPay and JD Finance jointly announced that the two parties have cooperated to connect the underlying blockchain technology and successfully tested it. As part of the strategic cooperation agreement between the two parties at the beginning of this year, the implementation of this blockchain platform means that in the future, both parties will be able to realize more commercial applications based on the underlying platform.

The alliance chain is a blockchain underlying structure jointly built by partners. The read and write permissions and bookkeeping permissions on the alliance chain are formulated in accordance with relevant rules, and can provide management functions such as member management, authentication, authorization, monitoring, and auditing. The alliance chain is naturally open and ecological, can achieve decentralization among members, and solve the problem of mutual trust among members. It is the main technical path for financial institutions to use blockchain.

This time, China UnionPay Electronic Payment Research Institute and JD Finance Blockchain Laboratory cooperated to use relevant blockchain technology, independently developed, and successfully deployed a cross-regional and cross-operator alliance chain network, and successfully executed the smart contract test code of the trusted electronic certificate on the alliance chain. In the future, the two parties will jointly explore the application of blockchain in the fields of supply chain finance, factoring, electronic bills, etc. based on the alliance chain network; and will gradually connect with financial institutions and other related enterprises to deepen cooperation in blockchain scenario applications, and provide effective solutions to solve the problem of mutual trust in the industry.

China UnionPay has been actively conducting research on digital currency and blockchain technology, continuously tracking related underlying technologies, exploring various application solutions based on blockchain technology, including trusted electronic certificates, digital points, cross-border payments, supply chain finance, etc., and conducting extensive and in-depth discussions with many domestic and foreign institutions including commercial banks and payment institutions. The successful implementation of the underlying architecture of the alliance chain technology will further promote the transformation of China UnionPay's pilot blockchain innovation research results and the realization of production implementation.