Blockchain-hosted Business System
Industry: Banking and Finance
Blockchain technology and application research started at the Postal Savings Bank of China in 2015. Through innovation, research, and development based on the enterprise-class open source blockchain platform Hyperledger Fabric, Postal Savings Bank of China developed an asset-hosted blockchain system that includes four mechanisms: (1) shared ledger, (2) intelligent contract, (3) privacy protection and consensus mechanisms, and (4) realized interaction and sharing of hosted business information and supervision of asset usage.
Postal Savings Bank of China’s blockchain-based asset-hosted management system reduces original business links and improves risk management. It is the first successful application of blockchain technology in a core banking business system in China’s banking industry. The innovation proves that blockchain technology can be used in real business environments of banks and successfully solve trust problems in financial activities and problems in specific business scenarios, as well as enhance trust, simplify processes, increase processing efficiency, and improve risk management level of the whole industry. Since going online in October 2016, the system has successfully conducted hundreds of transactions in a real business environment.