From May 29-31, The Asian Banker hosted The Future of Finance Summit 2019 in Bangkok, Thailand, at which OneConnect won the Best Blockchain or Distributed Ledger Technology Award for outstanding technical prowess and rich application scenarios of its blockchain technology.
The Asian Banker’s Industry Achievement Awards are prestigious and influential awards for financial services in the Asia-Pacific region. The awards cover transaction banking, technological innovation, risk management and financial markets, among other fields, and are widely recognized by major financial institutions and organizations in the region. Covering more than 200 financial institutions in Asia Pacific, the Middle East and Africa, the three-month-long selection process was conducted by the international research team and jury of The Asian Banker on a rigorous and impartial basis, including interviews with industry professionals and feedback from authorities in the field.
OneConnect, the fintech arm of Ping An Group and the unit designated to carry out the group’s “finance + technology” strategy, has unique advantages in blockchain technologies, and has already witnessed numerous applications of those technologies. In 2018, Ping An’s blockchain business recorded more than 20 trillion yuan (approx. US$2.9 trillion) in annual trading turnover. In 2019, five of the first batch of registered blockchain information service released by the Cyberspace Administration of China (CAC) were allocated to Ping An Group, among which two projects, FiMAX and the Tianjin Port Blockchain Cross-Border Trade Platform, were built by OneConnect.
OneConnect has 161 patent applications in the blockchain technology area, six of which have been approved. The company’s blockchain technology has been granted the IDC Global Blockchain Award. In terms of practical application, OneConnect has successfully implemented blockchain technologies in five major ecosystems including finance, real estate, automotive, healthcare and smart city, covering 14 application scenarios, with deployments of more than 44,000 nodes. Projects include the EachLink Smart Supply Chain Financial Platform, the ALFA Smart ABS Platform, the IFAB Blockchain Trade and Financing Platform, Hong Kong’s first blockchain trade financing platform eTradeConnect, and the above-mentioned Tianjin Port Blockchain Cross-Border Trade Platform.
In April 2019, the Tianjin Port Blockchain Cross-border Trade Verification Pilot Project went online. As the implementing party of the project, OneConnect successfully achieved the verification application of blockchain technology in cross-border trade. This is the first cross-border trade network powered by blockchain technology in China, with Tianjin Port being the first to complete the deep integration of blockchain technology into all aspects of cross-border trade, including trade, finance, logistics and oversight, as well as the first to establish a cross-border trade ecosystem powered by blockchain.
Previously, OneConnect delivered eTradeConnect, a blockchain trading platform led by the Hong Kong Monetary Authority, in Hong Kong in 2018. The platform was designed, developed and configured by OneConnect, with 13 Chinese and international banks participating in the project to date.
OneConnect’s original FiMAX blockchain structure features a high level of privacy, boasting the only zero-knowledge proof technique which is not used for virtual-currency scenarios, with unique advantages in authorized encryption and decryption as well as hidden query and search techniques. The structure’s superior performance extends to its achieving an average issuance time of 0.01 seconds while ensuring a high level of operational efficiency, with transactions per second (TPS) equivalent to those of traditional databases. In addition, the architecture is easy to manage and supports rapid remote deployment.
Based on its blockchain technology and experience in project implementation, OneConnect has published three white papers to the industry, White Paper on Blockchain in Cross-Border Trade, White Paper on Legal Compliance of Blockchain and Technical Standards for Blockchain for Cross-Border Trade, which are meant to systematically standardize the blockchain technology in cross-border trade, legal compliance and technical standards, and are of pioneering significance. White Paper on Blockchain in Cross-Border Trade provides blockchain solutions for eliminating cross-border trade problems at home and abroad and optimizing the business environment, while calling on customs authorities around the world to apply emerging technologies and jointly build an interconnected cross-border trade value network based on blockchain. On May 31, OneConnect unveiled the 2019 Ping An blockchain whitepaper, Blockchain Promotes the Establishment of A New Financial System That Is Open and Shared, at the China Financial Technology Forum 2019 in Beijing. The paper introduces Ping An’s blockchain technology to the industry and the prospect of blockchain.