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Tencent Cloud Promotes Full Commercialization of Blockchain

Report from Tencent Technology: On November 8, at the 2017 Tencent Global Partners conference, Tencent Cloud officially released blockchain financial-level solutions BaaS (blockchain as a Service). BaaS is built on Tencent’s financial cloud and integrates Tencent’s solutions in payment, social networks, media networks, credit-card platforms and many other industry-leading resources. It will provide a safe, reliable and flexible block chain service for financial users to meet their demand in smart contracts, mutual insurance, big data transactions and asset transactions, supply chain finance and management, cross-border payment/liquidation/auditing, etc.

In essence, blockchain is a immutable, shared and distributed bookkeeping technology, and its “decentralized” credit creation mode demonstrates a bright application prospect in the financial industry transformation. Managing director of Tencent Financial Cloud Huliming said that TencentCloud blockchain Financial solutions is based on the financial industry business scene, by defining a unified standard, it enables financial institutions build services easily and better drive intelligent + financial business development.2

TencentCloud blockchain solution, a direct hit on the pain point of financial industry.
in the traditional Cross-border payment/liquidation/audit and other financial scenarios, sophisticated clearing and settlement processes between banks lead to the slow completion of clearing and settlement, long payment waiting time and high cost of input. In traditional insurance industry, insurance companies need to deal with a wide range of claims, which demands long time and huge time cost; In the process of record preservation of traditional deposit certificate, electronic contract bill and user information, there is the risk of slow, long process and forgery of bills, and the cost of rights safeguarding is quite high.

In the field of crowd funding, mutual Insurance run under the traditional mode has the risks of platform-side cheating, the difficulty of supervision, public good money account opacity and other risks, resulting in public lack of confidence; With the increased demand in large digital asset transactions and points redemption, the industry also needs financial transaction norms and supervision.

Tencent Cloud blockchain solution will help the traditional financial industry to restructure the underlying infrastructure, bring solutions to these business pain points, and assist in the efficient development of the financial business.

It is understood that Tencent cloud block chain Solutions will provide shared books and smart contract capabilities, this set of distributed ledger based on block chain can ensure the traceability of capital flow, transparent information and sharing of information, and the audit and supervision based on block chain technology will make the data credible and traceable. Under the big Data Digital asset transaction scenario, the TencentCloud blockchain solution provides the value circulation ability,enable the blockchain to play the role of confirming asset owner, transaction confirmation, bookkeeping, reconciliation and liquidation in digital asset distribution and the circulation; while the tamper-proof ability of block chain technology will effectively prevent data tampering and avoid the risk of internal cheating.

Independent research and development, four advantages to help the financial industry make good use of block chain
According to statistics, more than 24 countries around the world are investing in block chain technology, 80% of banks will start the block chain project before 2017, more than 90 central banks has joined the block-chain discussion, more than 90 companies joined the Block chain Alliance.At the end of 2016, “blockchain” was first written into “National Thirteenth-Five Year Plan”

Numerous block chain technology and platform drive the whole development of block chain industry, but it also brings some troubles to the enterprise’s technology selection and business construction. Relying on the bottom support of Tencent’s financial cloud, and with the massive business capability, high concurrent processing ability accumulated over the past 19 years, and the rich experience accumulated in the financial business for many years, TencentCloud blockchain solution has great advantages in construction cycle, cost control and access flexibility.

First, shorter construction cycle. Based on the asset chain of Tencent’s financial cloud platform, it can get access to Tencent data center, hardware and network resources on demand and fast, accelerate the speed of building block chain platform, bring the business service to market faster and gain the advantage in the fast changing market competition.

Second, lower costs. Compared to the traditional way that system construction of the asset chain of traditional financial company is invested in one time, through the mode of Tencent blockchain as service, the financial company becomes light asset, reduces the marginal cost and time period of financial business expansion, and promotes the capital market valuation of the financial company itself.

Again, more flexible access. Tencent cloud adheres to the principle of open sharing, with the purpose of building a large block chain, provides an end-to-end, multi-point connection and many other access channels. Not just limited to the use of end-end transmission platform, users can freely access TencentCloud blockchain service.

At present, Tencent Cloud and Aixin Life in the midst of in-depth strategic cooperation, explore the approaches to organize medical institutions, insurance companies, health information platforms and other organizations into a block chain alliance, through a number of relevant links, to store the digital information in the block chain in a secure and efficient way, and strive to fundamentally solve the medical digital information security and relevance and other technology application problems so as to realize in real sense the security sharing and interoperability of medical, insurance and other information, and at the same time the rapid claims settlement, intelligent claims and other goals. To provide customers with efficient, direct, safety and health care and insurance services with good price.

“Block chain technology is still in its infancy, but it has shown a good prospect in the financial industry.”

Tencent Cloud looks forward to working with more enterprises and institutions to create open sharing, versatile, block chain ecology with unified standard, to promote the technology to better serve the development of the financial industry and the construction of a digitally trust society. Hu liming said.

It is understood that based on cloud computing technology, Tencent Cloud is also constantly exploring financial science and technology capabilities for financial institutions and enterprises innovative Intelligence + financial business model to provide better help. It is understood that the current Tencent cloud has more than 5,000 domestic financial customers, covering banks, securities, insurance and other major financial enterprises. In the banking sector, Tencent Financial cloud has covered four biggest state-owned banks, urban commercial banks, agricultural banks and so on; In the insurance industry, more than 80% of the insurance companies in the field adopt the Tencent cloud hosting business; In the stock Exchange, HKE’s domestic trading centre is an innovative exchange built on the model of the Tencent hybrid cloud.

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