Jinlianmeng releases the latest progress of blockchain research on WeBank, Ping An Financial, JD Finance, etc.

On May 31, 2016, the Financial Blockchain Cooperation Alliance (Shenzhen) (hereinafter referred to as the Golden Chain Alliance) was formally established by 25 units including WeBank, Shenzhen Financial Trust Association, Shenzhen Securities Information Technology, and Silver Chain Technology. The Golden Chain Alliance aims to integrate resources to form a research synergy, explore, develop, and realize alliance blockchains and application scenarios suitable for financial institutions, and promote the standardization and sharing of research results. Business includes cloud blockchain services, technical training, the establishment of research groups, technology development, and code implementation.

The Golden Chain Alliance is the first blockchain cooperation organization in the financial industry in China. Its members mainly come from major domestic financial institutions and financial technology companies. Currently, the Golden Chain Alliance has a total of 45 member units. Shentu Qingchun, Executive Deputy Secretary-General of the Golden Chain Alliance, introduced,

The Golden Chain Alliance has two major characteristics. First, it is mainly composed of financial institutions. Among all the existing members, financial institutions account for 73%, and the rest are financial technology companies. The Golden Chain Alliance is positioned to serve the financial field. It will explore, develop, and realize alliance chains and application scenarios suitable for financial institutions in 3-5 years. This is the biggest difference between the Golden Chain Alliance and other industry alliances; at the same time, member units must be large listed companies or technology companies that have made outstanding contributions to the Golden Chain Alliance to ensure the strength of the Golden Chain Alliance's research team. Second, the Golden Chain Alliance is a national organization that has broken through Shenzhen. The current non-Shenzhen members account for 40%, and it is open to financial institutions across the country. Compared with other alliances, the Golden Chain Alliance focuses more on the financial field, and is not limited to banks, but also includes securities, insurance, equity, funds and other industries.

Since its inception, the Financial Blockchain Alliance has set up 12 research projects on the application of blockchain technology. At the "Golden Chain Alliance Research Work Conference" that just ended at the end of last month, the Golden Chain Alliance made a phased summary of the research work, shared the results and exchanged experiences of the projects that have been implemented, and comprehensively understood and sorted out the progress of the projects that have not been implemented.

Among them, the "Over-the-counter Equity Trading Market Platform Based on Blockchain" led by Shenzhen Securities Information Technology Co., Ltd. is committed to launching a safe and practical financial blockchain connecting the major regional equity trading centers and their participants across the country within 3 to 5 years.

The "Blockchain Underlying Technology Platform" led by Silverchain Technology has held five research group meetings and is extracting the "System Requirements Document". It is expected that the development of the first version will be completed within half a year. The research group is also tracking the development of other technology platforms or related technologies.

The "Blockchain Cloud Service" project led by WeBank has been implemented, and the public beta version of the blockchain cloud service has been deployed and is available for trial use by members of the Golden Chain Alliance. Currently, two members have been connected, and three members are in the process approval stage.

The project "Primary and Secondary Markets of Blockchain Financial Products" is currently in the stage of process sorting and demand analysis. The next step is to work with other participating members of the project team to sort out the issuance, sales, and trading processes of various financial products.

The "Blockchain Credit Service" project is led by China Securities Credit, and the three major exploration directions of the project are: data sharing, mutual trust mechanism, and value transfer. At present, an exchange meeting on blockchain technology and credit field application services has been held, and the project team holds a seminar every month.

The project "Application of Blockchain in the Points Field" led by Fude Insurance has held three research team meetings, proposing the concept, operation model, and formation method of the points alliance, discussing the application scenarios of points, and sorting out the alliance's stakeholders.

The "Blockchain Bill Application" project, led by Hang Seng Electronics, has conducted trial scenario research, technical problem analysis, and business problem analysis during the research process. In the trial scenario research, the research team completed the application analysis of blockchain in bill endorsement transfer scenarios and discount rediscount transaction scenarios; in terms of technical issues, the cost performance, security, and smart contract existence of blockchain deployment were analyzed; in terms of business, the anchoring of digital assets on the chain with actual financial assets, and the clearing of funds involved in asset transfers were analyzed. Subsequent plans are to expand the application scenarios of blockchain in the interbank business field.

Hang Seng Electronic's "Ethereum Light Wallet" project is currently under research, and the technologies involved include cryptography application research in blockchain, H5 light application development framework, mobile APP application development framework, etc.

The "Application of Blockchain Technology in Banking Financial Instrument Transactions" led by CMB Network is currently conducting research on the Bitcoin basic platform, including transaction structure, block structure, mining process, communication mechanism, etc., as well as follow-up on other related blockchain technologies and research on possible application directions.

The digital diamonds in the "Digital Diamond (Marriage Insurance)" project led by Ping An Financial are a series of permanent marriage commitment agreements. Currently, commitment preservation and commitment reminders are online, and richer marriage commitment scenarios are under development. In the future, they will be combined with physical digital diamonds. Each physical digital diamond can be accompanied by a digital diamond, or a planning chip to make a new generation of low-carbon wedding jewelry.

The project "ABS Cloud Service Based on Blockchain" led by JD Finance has completed the product definition and product prototype of ABS cloud service based on blockchain. The next step will be to improve the business logic, sort out the needs of various participants, select technology, complete the prototype and test it. In addition, the "Digital Asset Registration and Transfer" led by JD Finance is also in the research stage.

After the meeting, each research group gradually absorbed a number of new member units to participate in the research. Shentu Qingchun introduced the standards and procedures for joining the Golden Chain Alliance:

The Golden Chain Alliance is an open organization. In order to ensure the quality and participation of alliance members, there are certain entry thresholds. Licensed financial institutions that are influential in the industry and voluntarily abide by the Golden Chain Alliance Charter, as well as companies that provide technology services to financial institutions and have strong blockchain research and development capabilities, such as listed companies, can apply to join. The joining process is: first apply to the secretariat, submit the joining materials, the secretariat will conduct a qualification review, and finally pass the presidium meeting to approve and become a member of the Golden Chain Alliance.