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Ping An Eyes 1 Million-Scale Transaction on Blockchain

The crypto commercial ban issued by the local governors of Chaoyang District of Beijing makes a splash in the crypto world. People is wondering whether blockchain can be used in broader financial transactions beyond the cryptocurrency usage.

Financial institutions is looking forward to enhance the efficiency and security in their business by adopting blockchain technology. Since blockchain brings distributed tamper-proof ledgers and smart contracts into the digital ecosystem, the Chinese government also supports and encourages research and development in this cutting-edge technology.

Ping An Group, the second -largest insurance company in China, as well as a world-leading personal financial service provider, is a pioneer in blockchain development. Until now, Ping An has submitted 95 patent applications on blockchain technology that has surpassed Alibaba and tops global blockchain patents ranking.

Chen Xinying, the CEO of Ping An Group indicated that,

“Except for cryptcurrency usage, there are very few blockchains that afford more than 10 billion transactions.”

Chen further added that, improve the underlying technology of blockchain is the top priority. The average speed of transactions on bitcoin blockchain is 6-7 transactions per second at present. However, with the technology support from Ping An, a blockchain can be reformed and may be able to carry out a 1 million-scale transaction.

She added blockchain still requires large amount of R&D to improve its privacy to enable the financial sectors to verify transactions without revealing user information.

Cai Yige, the blockchain director of Tencent also indicated the three characteristics of blockchain: the decentralization, tamper resistance and anonymity. However, the public blockchain has gone from decentralization to multi-centralization. For instance 96.53% of bitcoin is owned by 4.11% of IP addresses; and currently, there is no consensus among the consensus mechanism including PoW (proof of work), PoS ( proof of stake), DPoS (delegated proof of stake) and other distributed consistency algorithms.

Blockchain is still on its early stage of development and needs another one decade to reach the “productivity” level.

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