Technology giants can’t sit still anymore. Tencent and Huawei join the blockchain cooperation alliance

On May 31, 2016, the Financial Blockchain Cooperation Alliance (Shenzhen) inaugural meeting and the first member meeting were officially held at the Wuzhou Hotel in Shenzhen.

Chinese companies are accelerating to catch up with the golden opportunity of blockchain development.

The Paper learned that the Financial Blockchain Cooperation Alliance (Shenzhen), which focuses on the application of blockchain in finance, was officially established on the afternoon of May 31. The alliance brings together 31 companies including WeBank, Ping An Bank (000001, Stock Bar), CMB Network, Hang Seng Electronics (600570, Stock Bar), JD Finance, Tencent, Huawei, Silver Chain Technology, Shenzhen Financial Information Service Association, etc., of which 25 are initiators and 6 institutions including Tencent and Huawei have joined as member units.

Previously, China’s first blockchain alliance, the China Distributed Ledger Alliance (China Ledger Alliance), was established in Beijing on April 19. The alliance was jointly initiated by 11 institutions including China Securities Inter-dealer Quotation System Co., Ltd.

It is reported that the Financial Blockchain Cooperation Alliance (hereinafter referred to as "Golden Chain Alliance") aims to integrate and coordinate financial blockchain technology research resources, form a joint force and coordination mechanism for financial blockchain technology research and application research, and improve the research and development capabilities of member units in the field of blockchain technology. Explore, develop and realize financial alliance blockchains suitable for financial institutions, as well as application scenarios based on this.

Internationally, the most famous financial blockchain alliance is R3, which was established in September 2015. More than 40 of the world's top financial institutions have joined the alliance. Recently, China Ping An Group (601318, Stock Bar) has also joined R3 as the first Chinese member.

At the founding conference, Shentu Qingchun, deputy secretary-general of the Golden Chain Alliance and CEO of Shenzhen Silver Chain Technology Co., Ltd., said:

“The goal of the Golden Chain Alliance is to develop one or more financial blockchains within 3 to 5 years, launch a variety of popular blockchain terminal applications, formulate a number of high-level alliance standards, and apply for a number of blockchain patent technologies.”

Among the members of the Golden Chain Alliance, 70% are financial institutions and 30% are financial technology companies and Internet companies. The blockchain alliance organization promoted by financial institutions will enable applications to be implemented faster.

According to reports, there are 25 founding members of the Golden Chain Alliance: Essence Securities, JD Finance, Bosera Fund, Chongqing Stock Exchange Center, First Capital Securities, Fude Insurance Holdings, Guosen Securities (002736, Stock Bar), Hang Seng Electronics, Southern Fund, Ping An Bank, Qilu Stock Exchange Center, Ping An Financial Technology, WeBank, Jinzheng Shares (600446, Stock Bar), Shenzhen Jinxinhui, Yingshisheng (300377, Stock Bar), Zhiyuan Speed ​​Link, Sifang Jingchuang (300468, Stock Bar), Silver Chain Technology, Shenzhen Securities Communication, Wuhan Exchange Center, China Merchants Securities (600999, Stock Bar), CMB Network, China Equity Group, China Securities Credit. In addition, Huaan Property Insurance, Huawei, Qianhai Stock Exchange, Qianhai Life, Tencent, Shandong City Commercial Bank Cooperation Alliance and other 6 companies are also members of the Golden Chain Alliance.

The secretariat of the Golden Chain Alliance is located in the Shenzhen Financial Information Service Association. The secretary-general of the association, Li Shen, serves as the secretary-general of the Golden Chain Alliance, Shentu Qingchun, CEO of Silver Chain Technology, serves as the executive vice secretary-general, Su Xusheng, director of the second research department of Shenzhen Securities Information Technology, and Yao Huiya, director of innovation research of WeBank, serve as deputy secretaries-general.

The Golden Chain Alliance also discussed and approved the alliance research plan. Shenzhen Securities Connect organized relevant blockchain equity trading institutions to conduct research on the over-the-counter equity trading market platform based on blockchain. WeBank was responsible for leading the research on the underlying technology platform of blockchain, blockchain cloud services and the primary and secondary markets of blockchain wealth management products. China Securities Credit was responsible for leading the research on blockchain credit services and other topics. Fude Insurance Holdings, Qianhai Life Insurance, and Huaan Property and Casualty Insurance jointly led the research on mutual insurance technology, and Hang Seng Electronics led the research on blockchain bill management and Ethereum light wallet topics.

At present, international financial giants are all laying out blockchain. In addition to R3, the Global Blockchain Committee was established in Dubai in November 2015; the LINUX Foundation began to build HyperLedger in December 2015; and Japan established the Blockchain Cooperation Alliance (BCCC) in April 2016.

Recently, Chinese companies have also begun to join international blockchain projects. In May, Chinese blockchain startup Onchain announced that it had officially joined the Hyperledger project, becoming the first blockchain technology company from China to join the project.