China Minsheng Bank: Building Blockchain “Three Platforms” to Promote Digital Transformation
At present, blockchain technology has increasingly become the “standard configuration” of banking business innovation. “Blockchain technology can help banks alleviate the problems of information asymmetry and trust asymmetry, and help optimize bank management systems and business processes.” The relevant person in charge of the Information Technology Department of Minsheng Bank said in an interview that the bank is actively exploring areas The scenario application of the block chain expands the digital service ecosystem and promotes the digital transformation of the whole bank.
In 2016, Minsheng Bank has invested in the research of blockchain applications. As the first domestic member, it joined the R3 blockchain alliance, built a blockchain open service platform (BaaS), and actively participated in the “Financial Blockchain The drafting of industry standards and specifications such as Application Evaluation Rules, Financial Blockchain Reference Architecture, and Digital Financing Technical Specifications has laid a solid foundation for further application exploration.
Nowadays, blockchain technology has become a key technology for Minsheng Bank to actively embrace technological changes, comprehensively promote digital transformation, and build a scene ecology. The bank formulated a strategic development plan for technology and finance, determined the planning and implementation plan for innovative applications of blockchain, set up a blockchain laboratory, built an integrated blockchain technology platform, and explored the application and construction of blockchain scenarios. At present, China Minsheng Bank has established three major platforms: “blockchain open service platform”, “blockchain trade finance platform” and “blockchain electronic deposit certificate service platform”.
One is the blockchain open service platform (BaaS) : This is the bank-wide unified blockchain service platform built by Minsheng Bank, which provides high performance, high convenience, easy expansion, strong security, Strongly compatible service foundation. The platform is based on an autonomous and controllable underlying construction, supports a variety of heterogeneous chain underlyings, and meets the needs of external blockchain industry cooperation. At the same time, the platform also provides a fully functional and easy-to-operate visualization platform for monitoring operations, supports regular data backup and intelligent archiving, and can effectively solve the problems of high operating costs, high maintenance thresholds, and slow failure repairs of the blockchain platform. Up to now, the Minsheng Bank BaaS platform has supported more than 10 application scenarios such as letter of credit, forfaiting, judicial deposit, eKYC, electronic letter, stock pledge, online financing, etc., linking corporate customers, inter-bank institutions, industry associations, courts, etc. Multiple digital industry partners.
The second is the blockchain electronic deposit certificate service platform : This is the first application of blockchain technology by Minsheng Bank, which has realized the two ecologically efficient and safe links of “finance + justice” by connecting with the Beijing Internet Court, Fangyuan Notary Office and other party committees. The platform has opened up the platform and electronic channel platform system for the business in the industry, and generates digital fingerprints for the real-time processing of business data, and uploads the digital fingerprints to the chain for certification. According to the traceability management requirements of the regulatory agency, the platform has formed a user operation traceback video through self-developed traceable components under the premise of user authorization, and the video is processed on the chain after the above-mentioned certification processing, so that the business operation has ” Double guarantee of legality and compliance. At present, the platform has accumulated more than 10 million blockchain electronic evidences, and its business scenarios cover multiple online scenarios such as loans, funds, wealth management, sales, etc., escorting the legal compliance of online businesses during the digital transformation of banks.
The third is the blockchain trade financial service platform : this is jointly developed by China Minsheng Bank, Bank of China and China CITIC Bank, covering two business scenarios of domestic letter of credit information transmission and forfaiting secondary market transactions. It is a blockchain technology in China. The first application in the field of trade finance in the banking industry. The platform has become an inter-institutional financial system integrating asset release, fund quotation, transaction matching, inquiry management, etc., which solves the traditional inter-bank asset transaction distortion of transaction information, the disconnection of transaction matching and delivery, inconsistent multi-agent standards, and business Industry pain points such as complex operations have reshaped the inter-bank asset transaction process, greatly improved transaction efficiency and security, and effectively promoted the high-quality development of the industry. At present, the blockchain trade finance alliance platform has more than 40 banks joined, and the transaction scale on the chain has exceeded 500 billion yuan, making it the largest blockchain trade finance platform in the domestic banking industry. In July 2020, the People’s Bank of China Clearing Center and these three banks formally signed a blockchain forfaiting trading platform cooperation agreement, which means that the platform has officially become an industry platform and has accumulated valuable experience for blockchain and other financial technology innovations.
The construction of the blockchain platform is the epitome of Minsheng Bank’s comprehensive digital financial transformation. In recent years, Minsheng Bank has focused on “smart banking and ecological banking”, vigorously perfected its system and mechanism, deepened the in-depth integration of business, risk, and technology, and promoted the systematic construction of financial technology in all aspects including strategic planning, system mechanisms, and platform construction. Especially in the field of platform construction, Minsheng Bank used the whole bank’s efforts to create an “enterprise-level” information architecture system. Based on the evolutionary principles of platformization, autonomy, scenario-based, and openness, it fully transformed into a “scenario-based ecological architecture”. A three-tier architecture system of “extremely experienced front desk, scene intelligent middle stage, and massive reliable back office”, and four major product brands “user perception, financial intelligence, financial ecology, and financial core” have been established.
Technological innovation never ends. “The relevant person in charge of Minsheng Bank said that the bank will insist on technological self-reliance, continue to tackle key core technologies, strengthen network security defenses, enhance digital capabilities through data driving, build a scenario-based ecosystem through technological empowerment, and strive to do a good job in financial services and people’s livelihood. The bridge between the public.
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