On the 11th, Medium expanded and built the China Trade Finance Union blockchain platform (CTFU) of the China Banking Association (CBA) into a Korea-China trade finance transaction platform with PeerSafe, a leading Chinese blockchain solution company. It has been announced that it has signed a business agreement for
The signing ceremony was held online at the head offices of both companies, attended by Medium CEO Pan-Jong Kim, PeerSafe CEO Yán tǐng, Jì chéng chén, CEO of PeerSafe, a subsidiary of PeerSafe, and CTO Zhang Feng.
PeerSafe is the only company that has obtained all three licenses: a license to sell information security products from the Ministry of Public Security issued by the Chinese government, certification for classification of commercial cryptocurrency products, and qualification as a software provider for central government agencies.
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 China Construction Bank (CCB) since January 2018. Based on this, CBA announced the launch of the CTFU platform in December 2018, which expands the construction bank’s trade finance platform to all over China.
Currently, the CTFU platform has chosen Korea as a base for expanding the Asian region. The project, called the China Korea Trade Finance transaction platform (CKTF), is keyed by PeerSafe, which has been leading the platform concept, operation plan, and overall technology of the blockchain system since 2018. And, as a Korean technology partner, Medium, a blockchain specialized company, was awarded.
Medium explained, “PeerSafe presented Hyperledger-based high-performance blockchain technology that enables the expansion of the CTFU platform to the entire ASEAN region as a partner selection criterion, and was selected as the final partner after various performance verification processes from last August.” .
Medium’s blockchain solution MDL confirmed the speed of over 15,000 TPS to global IT companies including PeerSafe in a test lab opened last October, which is the world’s highest level, superior to R3 Corda’s 617 TPS and Hyperledger Fabric’s 3000 TPS. Do.
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’. It plans to form a consortium of banks of Korea for stable linkage of trade transactions between Korea and China, worth US$ 244.3 billion (about 265 trillion won) per year, and to improve the cost structure of thousands and trillion won, which is excessively spent on international trade transactions.
Pan-jong Kim, CEO of Medium, said, “As much as the financial consortium in 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 Korean-Chinese platform to operate around the world. I will do my best,” he said.
Online JoongAng Ilbo