The blockchain consortium of international banking institutions now has a new member in the form of Ping An Financial Services Group. By announcing its inclusion into the consortium, Ping An has become the first financial institution from China to explore the use of blockchain technology in collaboration with other international banking majors, led by the New York-based R3 blockchain based fintech solutions company.
With the inclusion of Ping An, the total number of institutions in the consortium now stands at 44. The consortium is involved in creating groundbreaking distributed and shared ledger based commercial applications which can revolutionize the operations of the banking sector across the world. These applications are being developed on the latest financial distributed ledger Corda, launched recently by R3.
The blockchain technology, originally created as a decentralized ledger for the Bitcoin network to record and confirm all transactions happening on the platform has grown beyond its initially intended purpose. The decentralized property of the digital currency combined with immutability and security has found applications in various industries. The banking and financial sector is one such industry which is extensively involved in research and development of the technology for adoption. The international blockchain