The consortium built for information exchange and testing various financial blockchain use cases becomes the second Chinese association of this kind.
Among the members of The Financial Blockchain Shenzhen Consortium are Chinese financial services company Ping An Bank and a subsidiary of Tencent telecom company that created one of the most popular Chinese instant messengers - QQ. All companies involved specialise in IT or financial services.
The general areas of possible blockchain implementation that are of interest for these companies include capital markets, securities exchange, trading platforms, life insurance and banking.
The new alliance pursues two major goals. First, the consortium will serve a communication tool for companies and a platform for information sharing concerning blockchain studies. Secondly, the company members will perform joint research on the blockchain application and create collective projects for its testing in the financial sphere. Special projects include the development of a prototype of a blockchain platform for securities trading and exploration of related services for credit, digital asset registry and invoice management.
The Financial Blockchain Shenzhen Consortium became the second alliance of this type in China. In the end of April 2016, ChinaLedger Alliance started its work. Its activity is backed by a nonprofit research organisation Wanxiang Blockchain Labs. A number of prominent figures in the bitcoin and blockchain world were invited to join the alliance as advisors. The list includes the founder of Ethereum Vitalik Buterin, one of bitcoin core developers Jeff Garzik and R3 researcher Tim Swanson.
According to available information, ChinaLedger Alliance is more oriented towards standardising the application of the blockchain and exploring its use cases while taking into consideration China’s regulations, policies and traditions as well as the unique Chinese financial industry’s business logic. Alternatively to this association, The Financial Blockchain Shenzhen Consortium is likely to be focused exclusively on the financial sector.
As it was reported previously, Ping An was the first Chinese company to join global blockchain consortium R3.
Anna Lavinskaya
