JD Finance and China UnionPay Jointly launch a Blockchain-based Risk Information Sharing Platform
October 10, the Internet Finance Payment Security Alliance Risk Information Sharing (Distributed Query) Platform jointly launched by China UnionPay and JD Finance has won the 2018 Financial Blockchain Innovation Application Excellence Award, that awarded by Payment & Clearing Association of China (PCAC) and China Academy of Information and Communications Technology (CAICT).
Due to the imperfection of credit information, high-risk groups with dishonesty and fraudulent behaviour have always been a headache in financial business. Many financial institutions have been trying to promote the risk information sharing mechanism. While blockchain technology may provide a new solution about this issue.
Of late, the blockchain-based risk information sharing platform has been officially launched. According to financial portal 3news, the platform has accessed the risk control data from both China UnionPay and JD Finance. It also becomes the first blockchain-based inter-institutional distributed data storage and query platform in financial industry, that reassured institutions’ concerns about their own data security and rights protection due to the distribution, tamper-resistant and traceability characteristics of blockchain.
In the early stage, the inter-institutional data sharing mainly includes four categories: the transaction fraud list, high-risk account list, marketing cheating list and telecoms network fraud list. Those name lists can enable the real-time query of each suspected risk transaction thereby avoiding transaction fraud, marketing cheating, money laundering crime, click farming, machine registration to the maximum extent. Whereafter, more information will be shared among registered institutions on the platform.
The risk information sharing platform uses blockchain technology to establish an inter-institutional decentralized data sharing protocol. Its “post-accounting and post-audit” mechanism ensures the peer-to-peer encryption data transmission between multiple institutions which may provide an open, fair and equitable data sharing environment.
As off press time, various types of financial institutions such as banks, payment institutions, and financial security service providers have formed preliminary intentions for joining JD Finance’s risk information sharing initiative.
Mainly translating latest bookchain, cryptocurrency and mining news in China, as well as related Chinese regulatory policies for this industry.
Zhao Dong: @bitfinex USD Assets Have Been Moved To Another Safer Bank
#blockchain #crypto #bitcoin #tether $usd $btc $eth $usdt $tusdhttps://news.8btc.com/zhao-dong-bitfinexs-usd-assets-have-been-moved-to-another-safer-bank …
Blockchain Offers Antidote to ‘Winners-Take-It-All’ Economyhttps://news.8btc.com/david-lee-kuo-chuen-blockchain-offers-antidote-to-winners-take-it-all-economy …
JD Finance and China UnionPay Jointly launch a Blockchain-based Risk Information Sharing Platform.https://news.8btc.com/jd-finance-and-china-unionpay-jointly-launch-a-blockchain-based-risk-information-sharing-platform …
Please sign in first