Ping An joins blockchain consortium
Print Edition
CHINA’S second-biggest insurance company, Ping An Group, has become the first Chinese member of a global consortium led by fintech firm R3 that is working on ways blockchain technology can be used in financial markets, the companies said yesterday.
Ping An joins a group of more than 40 of the world’s biggest banks and other financial institutions, such as Barclays and Goldman Sachs, brought together last year by New York-based R3 to work together on using the technology that underpins digital currency bitcoin.
Chinese financial firms had been conspicuous by their absence in the consortium.
R3 Chief Executive David Rutter, formerly CEO of electronic trading at ICAP, one of the world’s largest interdealer brokers, called the addition of Ping An “an important milestone.”
The blockchain works as a huge, decentralized ledger of every bitcoin transaction ever made, which is verified and shared by a global network of computers and therefore is virtually tamper-proof.
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