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WeBank Named in Gartner “The China Blockchain Service Network: A New Digital Infrastructure to Accelerate and Challenge Digital Commerce Globally”

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WeBank named in Gartner’s report “The China Blockchain Service Network: A New Digital Infrastructure to Accelerate and Challenge Digital Commerce Globally”1 in 2020.

According to Gartner1, “The China blockchain service network (BSN) is a technical infrastructure designed to support and enable the majority of blockchain applications in the Chinese market and provide the backbone infrastructure for commercial activity. It can be regarded as a new internet protocol to facilitate trusted data, value and asset sharing between computer nodes. Gartner believes that from a policy objective, the BSN aims, in particular, to accelerate smart city developments — including activities involving Internet of Things (IoT), artificial intelligence (AI), payments, government processes and the digital silk road initiative.”

As in 2019, together with Hyperledger Fabric, WeBank’s consortium blockchain platform FISCO BCOS has joined the BSN as the only two officially certified licensing frameworks. The adaption of FISCO BCOS on BSN was completed in April 2020. Currently, many projects within the FISCO BCOS ecosystem are selected for BSN’s official designated applications.

Gartner also identified WeBank as a sample vendor in terms of blockchain in government in the Hype Cycle for Smart City and Sustainability in China, 20202. In 2020, WeBank applied its open-source blockchain technologies to on application scenarios, such as “The Green Mobility Inclusive Platform.” It aims to effectively promote the trusted data circulation and integration of public welfare data, helping to enhance the efficiency of industry-wide collaboration.

Also, responding to the global challenge of COVID-19, WeBank has actively fulfilled its social responsibilities. With its open source blockchain technology, WeBank supported the mutual recognition of cross-border blockchain health code between Guangdong and Macau. By the end of December 2020, the health code system has supported 300,000 daily customs clearances and a cumulative total of 38 million customs clearances, which greatly helped the resumption of work and production during the pandemic.

Source:

1. Gartner, The China Blockchain Service Network: A New Digital Infrastructure to Accelerate and Challenge Digital Commerce Globally, by David Furlonger31 August 2020

2. Gartner, Hype Cycle for Smart City and Sustainability in China, 2020, by Milly XiangUko TianKevin Ji31 July 2020

Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

SOURCE WeBank Co Ltd

Blockchain

THXLAB and IZUTSUYA Announce Strategic Partnership

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OZANK Joins Forces with RevoluGROUP to Enhance Global Payment Infrastructure

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Blockchain

Financial industry bodies defend permissionless blockchains against Basel Committee’s classification

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Five financial industry bodies have pushed back against the treatment of permissionless blockchains by a global banking supervision authority.

In December, the Basel Committee on Banking Supervision (BCBS) published a report on proposed amendments to bank capital requirements for digital assets, stablecoins, and tokenized assets.

The report classified all permissionless blockchains as high-risk, claiming that some risks could not be mitigated through existing solutions. BCBS was particularly concerned about banks’ lack of control over third parties who conduct most operations on these blockchains. It also warned about their privacy, finality, liquidity, and political, legal, and policy risks.

In response, five global financial industry regulators have defended permissionless blockchains. In a joint response, they stated that the industry “has all necessary expertise and robust compliance frameworks to fully identify, manage and mitigate these risks.”

The five are the International Swaps and Derivatives Association, the Global Financial Markets Association, the Institute of International Finance, the Futures Industry Association, and the Financial Services Forum.

Blockchain’s application in the financial industry is evolving, and regulators must not disincentivize banks from exploring the technology, the regulators stated. By putting up unnecessary hurdles, the BCBS would only push these institutions to the non-regulated shadow banking space, which would be riskier for them.

The regulators further noted that dozens of global banks have conducted successful pilots using permissionless blockchains. These pilots have shed more light on the technology’s application and allowed them to understand and control emergent risks.

The BCBS approach is unfair to blockchain and veers away from the regulator’s long-held “same asset, same risk” approach, they added.

“While we acknowledge that risk mitigation techniques are evolving for permissionless crypto assets…we are confident that solutions already exist in respect of specific use cases,” the five stated.

They believe deciding whether to build on permissionless blockchains should be left to the banks.

The financial sector has been a leader in blockchain adoption, with some, like JPMorgan (NASDAQ: JPM), developing their own permissioned networks, albeit unsuccessfully. However, most have relied on existing solutions to build applications spanning settlement, bond issuance, tokenization, etc.

Source: coingeek.com

The post Financial industry bodies defend permissionless blockchains against Basel Committee’s classification appeared first on HIPTHER Alerts.

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