The research division of Ping An Insurance, the second-largest insurer in China, published a
whitepaper on blockchain trade in conjunction with its fintech subsidiary OneConnect. The “Blockchain whitepaper for cross-border trade” sets out of a vision for how the flow of data in global trade can be integrated using multiple blockchains in a network of networks. Also know as blockchain interoperability.
“If existing and future Blockchain networks are able to integrate with each other in a framework of uniform standards, the total value that a converged network can create is much greater than the sum of the values created by the networks alone,” the paper states.
The document was published in February this year, shortly before OneConnect’s blockchain project for the
Port of Tianjin went live (in April). OneConnect has been involved in numerous blockchain initiatives including as the developer behind the Hong Kong Monetary Authority’s trade finance platform
eTradeConnect. Domestically, it has launched a
supply chain finance network with hundreds of banks involved. Last month it inked a deal for blockchain development with Philippines
Union Bank‘s fintech subsidiary UBX.
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