China Distributed Ledger Basic Protocol Alliance announced

Recently, the China Distributed Ledger Infrastructure Protocol Alliance (hereinafter referred to as ChinaLedger Alliance), which focuses on the research of distributed ledgers and their derivative technologies, has been officially established in Beijing.

Mr. Bai Shuo, Director of the Technical Committee of ChinaLedger Alliance and former Chief Engineer of Shanghai Stock Exchange, officially announced the news at the welcome dinner of the 3rd Internet Finance Global Summit held on the evening of April 19. The first initiator meeting of ChinaLedger Alliance was also held in Beijing on the same day.

Blockchain technology is a new technology that has emerged in the field of financial technology (FinTech) in recent years. Overseas mainstream financial institutions and even government agencies have published research reports many times, believing that blockchain technology has the potential to innovate the technical foundation of the existing financial system and make the operation of the financial system more efficient and secure. At present, more than 40 mainstream financial institutions overseas have united to form a distributed ledger alliance.

Former Chief Engineer of Shanghai Stock Exchange: Bai Shuo

Mr. Bai Shuo said that the China Distributed Ledger Infrastructure Protocol Alliance is a non-profit social organization whose purpose is to build a value Internet that serves China's multilateral ecosystem. Mr. Bai Shuo believes:

“We cannot rush to align with international blockchain organizations without having figured out how blockchain can be implemented in China’s financial sector, nor can we let each financial institution fight on its own. We need to build consensus in China and open up a blockchain test field in China.”

The main task of the ChinaLedger Alliance is to jointly research blockchain technology, combining Chinese policies and regulations with the unique business logic of China's financial industry to comply with Chinese policies and regulations, national standards, business logic and usage habits. In addition, in the future, the underlying blockchain technology protocol of the ChinaLedger Alliance will be open source, and all sectors can build specific application scenarios on this basic protocol.

The alliance's founders include:

The alliance is composed of more than ten units, including China Securities Inter-agency Quotation System Co., Ltd., China Banknote Credit Card Industry Development Co., Ltd. Beijing Smart Card Technology Research Institute, Zhejiang Equity Exchange Center, Shenzhen CMB Qianhai Financial Asset Trading Center, Xiamen International Financial Asset Trading Center, Dalian Feichuang Information Technology Co., Ltd., Tonglian Payment Network Service Co., Ltd., Shanghai Juzhen Financial Information Service Co., Ltd., Shenzhen Hande Chuangke Financial Investment Co., Ltd., LeTV Finance, Wanxiang Blockchain Laboratory, etc. Wanxiang Blockchain Laboratory is the secretariat of ChinaLedger Alliance.

In addition to the 11 initiators, the ChinaLedger Alliance also invited Alex Baltin, senior innovation manager at UBS in the UK, Anthony Di Iorio, chief digital officer at the Toronto Stock Exchange in Canada, Vitalik Buterin, founder of Ethereum, and Jeff Garzik, a core developer of Bitcoin, as overseas technical consultants for the alliance.

The establishment of the alliance is a consensus of all co-sponsors. In the new situation where blockchain technology is rapidly penetrating into various fields, especially the financial field, financial institutions, capital markets, and information technology fields in various countries are facing huge challenges and opportunities. Using blockchain technology to build infrastructure for value interconnection has been raised to a strategic level by many countries around the world. The cross-border blockchain alliance composed of global financial institutions has been actively taking action and launching phased results.

Experts at the meeting said that specifically for China, on the one hand, my country should conduct in-depth research and actively follow up on the new changes and trends brought about by blockchain technology in the field of financial technology, actively strive for China's voice in the international blockchain field, and prevent being marginalized in the new round of financial technology revolution; on the other hand, it is also necessary to fully consider the particularity of China's financial supervision and risk management system arrangements when blockchain technology is implemented, and properly deal with the possible impact of the implementation of new technologies on the financial system.