Leading Korean-Chinese blockchain technology companies face-to-face with future international financial platform models
On the 11th, Medium expanded the China Trade Finance Union blockchain platform (CTFU) of the China Banking Association (CBA) to a Korea-China trade finance transaction platform with PeerSafe, a leading block chain solution company in China. He said that it has signed a business agreement to build it.
The signing ceremony was held online at the head offices of both companies, and at the event, CEO Kim Pan-jong of Medium, Yán tǐng, CEO of PierSafe, Jì chéng chén, CEO of Piercom, a technology subsidiary of PierSafe, and CTO Jang Feng ( Zhang Feng) attended.
PeerSafe is a company that has obtained three accreditations: a license to sell information security products from the Ministry of Public Security issued by the Chinese government, a certification for classification of commercial cryptocurrency products, and a software supplier qualification for a central government agency. In addition, it was named one of the Forbes Best Innovators in China in 2018, and in 2019, the Linux Foundation granted Hyperledger Certified Service Providers (HCSP), which only approved five companies worldwide, including IBM and Accenture. ) Was also selected.
The CTFU being built by PeerSafe is the largest trade in which 12 banks of the Bank of China Federation including the Construction Bank of China, Agricultural Bank of China and the Bank of China participated, including the world’s largest Industrial and Commercial Bank of China (ICBC). It is a trading platform.
This is a project triggered by the blockchain trade finance platform operated by the China Construction Bank (CCB) since January 2018, and guarantees transaction details through the blockchain network, just as Bitcoin was used for foreign currency remittances between countries. The goal was to significantly improve work efficiency while reducing remittance costs.The ideal model for the future financial system was successful enough to generate transactions worth about 400 billion yuan (67 trillion won) in the first year of implementation in 2018 alone. Presented.
Building on this success, the Bank of China Association (CBA) announced the launch of the China Trade Finance Union blockchain platform (CTFU) platform in December 2018, which expands the construction bank’s trade finance platform across China. PeerSafe, who led the construction banking platform in 2018, was in charge of technical support and joining the CBA consortium, HSBC used a Forfaiting solution for real-time interbank transactions in August 2020 to purchase letters of credit that took several days in the past. He said it could be processed in just 2-3 hours.
As of 2021, the CTFU platform has chosen Korea as a base for expanding the Asian region beyond mainland China. This project, called the China Korea Trade Finance transaction platform (CKTF), is also supported by PeerSafe, which has been leading the platform concept, operation plan, and overall blockchain system technology since 2018. It is holding the key, and Medium, a blockchain specialized company, was selected as a technology partner in Korea.
Medium said, “PeerSafe has presented Hyperledger-based high-performance blockchain technology that can expand operation of the CTFU platform not only in Korea but also throughout ASEAN as a partner selection criterion, and has been selected as the final partner through various performance verification processes since August last year.” Told.
Medium’s blockchain solution MDL confirmed the speed of over 15,000 TPS to global IT companies, including PeerSafe, in a test lab that opened last October, which is the world’s highest level than R3 Corda’s 617 TPS and Hyperledger Fabric’s 3,000 TPS. Superior.
Medium is a high-performance block chain’MDL (Medium Distributed Ledger) infrastructure provision’ for stable operation and scalability of the platform,’Technology exchange with Chinese companies’ linking system integrators, and Korea’s’Testbed’ for global advancement in Asia. It will take the lead in’role’. In addition, it plans to form a consortium of banks of Korea for the stable linkage of trade transactions between Korea and China, amounting to USD 244.3 billion per year (approximately 265 trillion won), and to improve the cost structure of thousands and trillion won, which is excessively spent on international trade transactions. to be.
Pan-jong Kim, CEO of Medium, said, “As well as the financial consortium of mainland China, domestic commercial banks are already participating in the consortium and the number is increasing.” “Medium is a global financial platform that extends beyond the Korea-China platform. I will do my best,” he said.
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