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Ping An Launches Blockchain Platform with “Zero-knowledge Proof”

16th June, Shanghai-Ping An Group(601318.SH,02318.HK), the second-largest insurance company in China, released an open platform for small and medium-sized bank, offering technology solutions including blockchain with the first “zero-knowledge proof” blockchain implemented in working environment. Ping An became the first Chinese member of R3 blockchain consortium in May 2016. One year later the financial conglomerate releases the first open platform for small and medium banks-Jinke Space Station, which is operated by Shanghai Oneconnect Technology.

At present, small and medium-sized banks are troubled with three obstacles. First is the retail business. They are slow in launching online value-added services and financial products, plus limited capability for customer information analysis. Second is the risk control management. Micro-small-medium companies lack financial data, resulting in the absence of realtime risk-control mechanism and the inefficiency of labor management. Third is the cost of services. Companies have to invest a lot for independent development of technologies.

Lu Yifan, Product Director of Oneconnect, introduced four blockchain applications on the platform.
First, the financial information of SMEs is uploaded to the blockchain, access of which is only open to the loaning banks.
The second is to help small and medium-sized banks to share and transfer assets. User from A platform may purchase assets from B platform. Also the system helps the regulatory authorities to monitor the entire process from asset registration and exchange.
Third is to verify multi-lateral transactions. All parties of a transaction are connected to do T+0 verification. So far over 400 transactions have been verified since the second half of last year.
Fourth is to achieve asset registration that involve various agencies. Through password settlement, transaction information is recorded in the unified ledger.
Lu Yifan said that Jinke Space Station has partnered with 10 financial institutions and over 80 companies. In addition, many small and medium-sized banks propose that they could promote the blockchain technology with Ping An as their backup. Lu Yifan also points out that the highlight of Ping An blockchain project is the “zero knowledge proof”, which is the world’s first.

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