"I did two things after I came to peace. One was to join R3, and the other was to do the underlying FiMAX technology. In a few years, these two pieces are crucial."
On May 31, Huang Yuxiang, CTO of Ping An’s account, said with emotion in an interview with Babbitt.
In May 2016, China Ping An joined the R3 Blockchain Alliance and became the first institution in the country to join the organization.
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FiMAX is a blockchain product of Ping An Group's member companies, which can provide standardized blockchain application construction services for various institutions and enterprises.
Behind these two things is the Ping An Group's low-key and stable layout of the blockchain. On May 31, the “White Paper on Ping An Blockchain” was released in Beijing. The white paper was jointly written by Ping An, a subsidiary of Ping An Group, and International Data Corporation (IDC). Babbitt conducted a live interview and partially explained the white paper.
5 keywords of Ping An layout blockchain
In an interview with Babbitt, Huang Yuxiang said that the layout of the blockchain in Ping An follows five key words: connection, attribution, value, security and neutrality .
Connection refers to the interaction and link between different data and networks; attribution mainly refers to the ownership of data. In the blockchain world, data producers, owners and beneficiaries may be integrated; value refers to the mechanism of interest distribution, and also refers to how Combined with the original business and generating the corresponding business model; and the fourth keyword security, it is more important in Ping An Group, because the financial supervision and strong wind control attributes are destined to follow Tencent’s social route and Ali’s e-commerce route. Different; the last one is neutral, the distributed nature of the blockchain determines that it cannot be a monopoly, it cannot be centralized, so it is necessary to launch more entities to participate.
Blockchain application in 14 scenarios
While many companies are still discussing what the blockchain is, Pinghe focuses on specific landing scenarios.
At present, Ping An Financial has achieved the implementation of blockchain technology in 14 business scenarios including trade finance, asset securitization, supply chain finance and reinsurance.
Led by the Hong Kong Monetary Authority, seven international banks in Hong Kong co-sponsored the establishment of the international trade finance network eTradeConnect, which is designed, developed and deployed by the financial account. Since its release in October 2018, there have been 12 international Sex bank participation. The introduction of FiMAX blockchain effectively solves the contradiction between data privacy and data sharing. With 3D zero-knowledge proof technology, banks can verify the encrypted financing information and greatly reduce the risk of repeated financing. At present, the blockchain network is not only limited to Hong Kong, but also reaches a consensus on cooperation with the we.trade European trade financing network covering 14 European countries.
In the asset securitization application scenario, the financial credit account is launched on the ALFA intelligent ABS platform, through the arrangement of nodes, information synchronization transmission, authorization encryption and other mechanisms to achieve the underlying asset credit penetration, solve the problem of information asymmetry, and enhance the transaction of ABS products. rate.
In the supply chain finance scenario, the financial account book creates a “chain-and-chain” product based on the blockchain, and successfully empowers small and medium-sized banks such as Jiaxing Bank; together with Foton Motor Group, it creates a “Fojin ALL-Link system”. The advantages of blockchain technology directly attack the financing problems of upstream and downstream multi-level suppliers and distributors, and strive to enhance the synergy of the entire industry chain of automobiles.
In the reinsurance scenario, the Genesis reinsurance platform is jointly established with the insurance account, and the blockchain is used to record the insurance asset life cycle, realizing the policy share cutting, intelligent matching and delivery on the chain, and improving the liquidity of the reinsurance products.
Using blockchain technology to "change the self-certification for others"
In the interview, Wang Menghan, product manager and senior product director of Ping An Financial's account-blocking block chain, concluded that the underlying logic of the Pingtiao account-based team to do the blockchain can be summarized as one sentence: change from self-certification to other cards .
For example, in the Tianjin Customs use blockchain verification pilot project, involving the buyer, seller, logistics companies, loan companies, shipping companies, customs, taxation and other entities. Each will submit different data, for example, the seller provides the invoice, and the logistics company provides the bill of lading. We encrypt the source data and put it on the chain. We use the 3DZKP technology to verify whether the data provided by these parties is consistent and complete the cross-validation action.
Then, the act of customs declaration is no longer a traditional way to provide a pile of paper materials, but invite participants, sellers, buyers, logistics companies to complete this proof. This is the model that turns itself into a certificate, and the longer the chain, the higher the credit. At present, there are more than 160 subjects joining the project in Tianjin. In the near future, the customs declaration data of Tianjin Port will be fully loaded.
Building an ecological network based on BNaaS
The credit chain team innovated and developed the FiMAX S3C fully encrypted blockchain framework. The fully encrypted framework means that all data on the chain is encrypted and uploaded by the data uploader. Combined with cutting-edge cryptography, the participants have complete control over their own data. At the same time, the FIMAX blockchain has a number of independent blockchain technologies developed independently, with low latency, high TPS, and complete system. It not only provides customized blockchain solutions for the business, but also provides BNaaS blockchain network ecology that can be widely promoted.
The white paper shows that the FiMAX team has created an open BNaaS (Blockchain-Network-as-a-Service) ecosystem network. Unlike the traditional BaaS (Blockchain-as-a-Service) platform, which generates a chain and generates nodes by an account system, BNaaS emphasizes multi-account system networking and introduces the BNaaS Market Place concept, enabling users to not only create and publish new zones on their own. Blockchain networks can also be joined to existing commercial blockchain networks through MarketPlace.
Wang Menghan said that before everyone said that the blockchain is a platform, but for the first time we proposed that the blockchain is a network. Only when everyone links all the participants to this network, the benefits are shared and shared. In order to truly play the value of the blockchain.
From a macro perspective, what are the challenges and difficulties facing blockchain technology? What are the core technologies of the Pingan blockchain? What is the progress of the specific case? For more information, check out the full version of the "Ping An Blockchain White Paper", which was released by Babbitt: https://www.chainnode.com/doc/3613