Weizhong Bank Li He: 8 key issues that need to face the blockchain operation

In the second phase of the special course “Frontline and Famous Enterprise Blockchain Series” in May, we invited Mr. Li He, the person in charge of the operation and development of the blockchain of Weizhong Bank!

Mr. Li has more than 10 years of digital government experience and is deeply involved in the team building and operation of FISCO BCOS.

Weizhong Bank was established in December 2014 and has been actively deploying blockchain since 2015. In 2016, the “Golden Chain Alliance” initiated by Weizhong Bank and launched with its hair was formally established, and cooperated with many domestic financial technology institutions to jointly build a blockchain research base for the financial industry.

In June of the same year, Weizhong Bank released the first domestic chain cloud Baas platform for the financial industry on Tencent Cloud. Then in August, it joined forces with Shanghai Huarui Bank and other banks to launch the first inter-bank alliance blockchain application scenario – inter-agency reconciliation platform.

• Bitcoin's "roller coaster" plot is hard to stop the trend, and the seven major indicators indicate that the bull market has officially returned.
• The value of money is out of nothing and there is no middle and no life.
• The price of the currency should be determined by the market, and Algorand will hold a Dutch auction.

In this live broadcast, Mr. Li He introduced in detail the exploration and practice of Weizhong Bank in the field of blockchain, including the public alliance chain, FISCO BCOS open source community, and Weizhong Bank in linking financial technology, building distributed business models and districts. What attempts have been made in areas such as blockchain application scenarios?

1. Why does MicroBank as a bank choose the blockchain?
2. Why insist on continuous investment in the direction of the alliance chain?
3. Why choose open source?
4. Others are doing BaaS cloud services, or blockchain-based SaaS services, and micro-banks are taking the open source and free roads, how to achieve commercialization and industrialization?
5. What are the current things that Weizhong Bank has done, and what are the applications?
6. What are the implications of these applications for our industry?
7. What value can these applications bring to the development of the industry?
8. How does the FISCO BCOS open source community support our partners?

First of all, let me briefly introduce Weizhong Bank and let everyone have a preliminary understanding of us.

Weizhong Bank is a bank set up by Tencent, and Tencent’s share is 30%. The proportion of IT staff is greater than 50%. Since almost all of our business is carried out online, we insist on providing users with 7×24 hours of service.

The strategic positioning of Weizhong Bank is technology, inclusiveness and links , using knowledge of industry scenarios (data, users, reachability) and our expertise in traditional financial services (including capital operation capabilities, risk-taking capabilities, financial products). To connect with our mass consumers and small and micro enterprises.

(Inclusive financial realization path)

We explored financial technology and adhered to Inclusive Finance. The ultimate goal was the four strategies of ABCD (pictured below): AI, Cloud Computing, Blockchain and Big Data. When we focus on Blockchain today, we must return to our judgment on the nature of finance, which is the future trend of business.

According to our judgment, the distributed business model will become an important direction for the future of the entire economy. It has the characteristics of multi-participation, shared resources, intelligent collaboration and value integration.

A mature distributed scenario requires the relationship that the production materials are held by multiple parties and the production processes are reciprocal.

In order to achieve peer-to-peer sharing and transparent rules for distributed commerce, we propose the concept of public alliance chain , which mainly satisfies the three characteristics of service public, alliance governance and distributed commerce.

Compared with the traditional public chain, our biggest difference lies in alliance governance . We have established different governance models through the concept of the public alliance chain, which is one of the most essential differences between our alliance chain and the public chain.

Our current exploration and layout in the blockchain field is mainly focused on three aspects: link peers, government cooperation, and FISCO BCOS open source platform .

| Links to the industry

In May 2016, as one of the sponsors, we joined the Shenzhen Financial Technology Association, Shenzhen Securities and Communications, and other financial institutions and technology companies to jointly set up the Financial Blockchain Cooperation Alliance (Shenzhen) (referred to as the Golden Chain Alliance). ), the current membership has reached more than 110.

Gold Chain Alliance is a non-profit organization. At present, its members mainly include banking financial institutions (such as Weizhong Bank, Guangfa Bank, Huaxia Bank, etc.) , insurance financial institutions (such as Taikang Life Insurance, Pacific Property Insurance, etc.) and technology companies. (such as Tencent, Shenzhen, Huawei, etc.), as well as some scientific research units (such as the Institute of Computing, Chinese Academy of Sciences).

| Government cooperation

The second aspect is cooperation at the government level. We cooperate with standards organizations such as the Standards Institute of the Ministry of Industry and Information Technology and the Internet Finance Association to jointly establish technical standards for the direction of blockchains and alliance chains.

| FISCO BCOS open source platform

Through the underlying open source platform of FISCO BCOS, we contribute to the underlying technology accumulation and experience of the blockchain through open source.

In the underlying research and development, we have also done a lot of exploration and experimentation.

The underlying technology platform of FISCO BCOS has five characteristics: security, privacy, performance, ease of use and reliability. At present, our efforts in ease of use have been widely praised.

In March of this year, we released the 2.0 version of FISCO BCOS. Based on the 1.0 version, we propose an integrated, two-wing, multi-engine architecture.

One is a group architecture, two wings refer to parallel computing models and distributed storage, and multiple engines refer to middleware development platforms, business templates, consoles, pre-compiled contracts, and so on. These development kits, we have done open source on GitHub.

Back to the questions raised at the beginning of the course, what attempts have been made by Weizhong Bank in the specific application scenarios of the blockchain?

Here we mainly talk about four typical projects: one is the interbank reconciliation platform , the second is the arbitration chain , the third is the property management platform , and the smart city construction project we signed with the Macau municipal government this year.

|   Inter-agency reconciliation platform

The inter-bank reconciliation platform was officially put into operation in August 2016. It is the first blockchain application between many organizations in the production environment of financial scenes. At present, we have access to three banks, realizing the bank-to-bank reconciliation between the micro-bank and the three banks.

Compared to the traditional model, the biggest advantage of the interbank reconciliation platform is to convert the reconciliation from T+1 to T+0. Using blockchain technology to achieve this transformation is the lowest cost and most efficient way.

| Arbitration chain

The following case is the arbitration chain jointly developed by Weizhong Bank and Guangzhou Arbitration Commission and Hangzhou Yibi Technology.

The background of this project is: There are a large number of online cloud user transactions in Weizhong Bank. Once the financial transaction terminal needs to be introduced into the judicial arbitration institution, it will bring a lot of time cost and capital cost to judicial arbitration and appeal.

Then, we use the blockchain technology to build the trust relationship between banks, users, and arbitration institutions.

The application of blockchain technology in Internet arbitration scenarios has brought about changes in time and cost and changes in patterns. For example, in time, it can be as fast as seven working days. In terms of capital, the cost can be reduced to 100 yuan.

As far as the legal deposit is concerned, it is one of the most mature scenarios in the application field of blockchain.

At present, the three relatively large Internet courts established by the state have also used blockchains to build their own forensic platforms.

| Property Management Platform

Our property management platform, which is cooperating with Tencent Haina, has realized information sharing and financial co-management among owners, property companies, regulatory authorities, banks and so on.

| Smart City

This year, we signed a cooperation agreement with the Macao Science and Technology Development Fund established by the Macao government to build a smart city with the blockchain and other technologies as the main fulcrum. This is a project that belongs to the digitalization of residents' digital identity.

| Open source ecological application landing

In addition, we have many partners based on FISCO BCOS landing dozens of blockchain applications in many fields, not only financial, but also supply chain, cultural copyright, charity, etc., but due to time, I We are not here to introduce you, please continue to pay attention to our community, join the FISCO BCOS open source community, and build an open source ecosystem together with us to explore the latest technologies and application directions in the blockchain field.

Thank you for your participation, my sharing is over, the students have any questions, please continue to leave a message, we will continue to discuss after class.

Share / Li He

Edit / pigeon

Scan the QR code below and hook up the college class representative

You can join the open class community and get the class information!

Its education and training brand aims to cultivate high-quality blockchain talents and is committed to delivering high-quality blockchain talents to the society.

In the past, Babbitt College has more than 1,000 outstanding students both inside and outside the industry. The talents are transferred to the course after repeated iterations, allowing students to gain cognitive updates and practice growth at the fastest speed and lowest cost.

Babbitt College

ID: bitcoinmba

Serving blockchain innovators

We will continue to update Blocking; if you have any questions or suggestions, please contact us!