webank-named-in-gartner-“the-china-blockchain-service-network:-a-new-digital-infrastructure-to-accelerate-and-challenge-digital-commerce-globally”

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

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

webank-resolves-to-become-a-digitalization-enabler-at-sff-x-switch-2020

WeBank resolves to become a digitalization enabler at SFF x SWITCH 2020

 

Dec 7 to 11, 2020. WeBank, the world’s leading digital bank, virtually participated in the Singapore Fintech Festival (SFF) and the Singapore Week of Innovation and Technology (SWITCH) 2020, the world’s first week-long round-the-clock, hybrid digital and physical event. It allowed audience access to over 650 speakers from the global innovation and tech community, 150 content partners, 200 sessions to engage participants and more than 900 exhibitors on the digital platform.

WeBank has engaged in the SFF for the third year in a row. At SFF 2019, Prime Minister of the Republic of Singapore visited WeBank’s booth. This year, WeBank brought its latest fintech achievements and explained its commitment to be a digitalization enabler in the era of digital economy.

 Henry Ma, Executive Vice President and Chief Information Officer of WeBank, shared his insights of open consortium chain at the From 1 to 100 – The Future of Blockchain Consortium Building session. “The concept of Open Consortium Chain initiates an approach which allows for rapid development and deployment of blockchain applications and also leaves enough room for organic growth down the road,” said Henry.

He also revealed the mutual recognition system of Macao blockchain health code and Guangdong health code. It is a typical digitalization case that adopted leading-edge technologies (or the new digital infrastructure) to build cross-border trusted collaborations in the digital economy era.

New digital infrastructure will catalyze the evolution of trust mechanism among businesses, which leads to deeper and wider trusted collaborations. Since its foundation, WeBank has researched and applied various digital infrastructure solutions, such as Federated AI Technology Enabler FATE, Open Consortium Chain platform FISCO BCOS, and one-stop open-source suitcase for big data platforms WeDataSphere. These open-source projects are gradually adopted by more communities of partners on their paths to digitalization.

As a technology innovator in the world’s leading digital bank league, WeBank stressed the theme “New Infrastructure for Digital Economy” with specific fintech capabilities and solutions on its virtual booths at the SFF x SWITCH 2020. For the first time, WeBank moved the real space of its central core of IT management – Enterprise Command Center online via a virtual tour program. It deployed an immersive experience of a fully-online digital bank’s daily operation. It also showcased latest researches and innovations in areas of AI, Blockchain, Cloud Computing and Big Data:

  • In terms of AI, WeBank displayed a series of leading innovations in Federated AI Collaborative Ecosystem, New-generation Human-computer Interaction, AI Marketing, and AI Asset Management.
  • WeBank illuminated the SG Blockchain Village with comprehensive Open Consortium Chain solutions including the infrastructure platform FISCO BCOS, middleware kits WeBase, applications such as identity authentication, data cooperation, cross-chain and privacy protection, as well as practical cases.
  • Cloud computing enables WeBank to provide plug-and-play solutions via a unique open banking infrastructure built on distributed architecture. With the IT management tool WeCube and the virtual fintech lab Open Zone, WeBank innovates internet+ finance while boosting time-to-value, scale-for-effectiveness, and cost efficiency-for-return.
  • WeDataSphere, an open-source financial-grade big data platform, allows enterprise to develop, deploy, operate, and manage the big data infrastructures supporting more than 250 million of customers online.


SOURCE WeBank Co Ltd