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JD Outline 10 Scenarios Based On Consortium Blockchain

2 April Beijing-The “Whitepaper on Blockchain Finance Applications” (hereinafter referred to as the Whitepaper), jointly composed by the Jingdong(JD) Financial Research Institute and the Cloud Computing and Big Data Institute of the China Information Technology Institute under the Ministry of Industry and Information Technology, was officially released in Beijing. Credits is given to Deloitte for some of the international application cases.

According to Wei Kai, Director of the Cloud Computing and Big Data Institute of China Information Technology Institute and Vice Chairman of the Distributed Accounting Standards Group of the International Telecommunication Union, the whitepaper comprehensively and systematically applied the blockchain in financial scenarios, and selected asset securitization, insurance, and supply chain. Ten financial scenarios such as supply chain finance have conducted in-depth research on how blockchain technology can help improve the efficiency of the financial industry, providing an important reference for the industry.

Asset securitization
Insurance
Supply chain finance
OTC
Asset trust
Bulk commodity trading
Risk Information sharing
Business financing
Syndicated loaning
Security trading settlement

“The blockchain community is not identical to the token community. Technology is neutral and the key is application scenario and industries.”

Meng Zhaoli, dean of the Jingdong Financial Research Institute, believes that

“If there is no real application scenario, blockchain technology will lose its vitality.”
“Blockchain technology not only has a wide range of application space in fintech, but also has a lot of exploration and practice.”

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The 10 application scenario of blockchain in Fintech

According to the whitepaper, most of the 10 financial scenarios listed in the survey have three common features: multiple participation nodes, high cost of verification and long transaction processes. This results in problems such as low efficiency and high credit risk. Blockchain features like the distributed ledger, tamperproof and built-in contractual can provide solutions for security, trust, and efficiency in financial services.

The 10 financial application scenarios selected by the Whitepaper is based on consortium blockchain. Meng Zhaoli believes that compared to the public blockchain, consortium network is more mature and the cooperation of such network is based on commercial contracts, which suits better for financial applications. The consortium blockchain is the most feasible point of entry.

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