Oneconnect, a blockchain platform launched by Shanghai-Ping An Group, the second-largest insurance company in China turns to U.S. for IPO in November. Oneconnect is currently valued at $8 billion and plans to raise $1 billion.

Oneconnect has provided services to more than 200 banks, 200,000 enterprises, 500 government or business organizations at home and abroad. By December 31, 2018, built as the world’s largest commercial blockchain platform, Oneconnect has over 44,000 blockchain nodes worldwide, an increase of 225.5% over the same period last year.

The open platform is for small and medium-sized banks, offering technology solutions including blockchain with the first “zero-knowledge proof” blockchain implemented in working environment.

In addition, Oneconnect owns 161 patent applications, 6 of which have been authorized. Oneconnect has applied blockchain technology to five ecospheres and 14 application scenarios, including finance, real estate, automobile, medical treatment and smart city.

Oneconnect now has successfully filed two blockchain services includes Cross-border Trade Platform in Tianjin Port and Oneconnect blockchain.

It claims that its self-developed FiMAX blockchain technology can achieve 50,000 TPS (transactions per second) while maintaining a low latency of less than 0.05 seconds, by adopting its designed zero-knowledge proof algorithms. Thus the participants on FiMAX can put data on the chain without concerns about security and property.

The Oneconnect system also integrates blockchain technology with the Internet of Things: adopting the Internet of Things sensor to collect data, and then directly uploading the blockchain network to replace the traditional manual input.

As a pioneer in blockchain technology, Ping An is the first Chinese member of the global consortium led by fintech firms working on ways blockchain tech can be used in financial markets. In 2018, the group jointly cooperated with the Hong Kong’s banking regulator and seven major banks to build an international trade finance platform eTradeConnect based on blockchain tech, which was the first blockchain initiative in the banking sector.