Chinese Giant Ping An Claims to Have Over 44,000 Nodes on Its Commercial Blockchain Platform

Chinese insurance giant Ping An has built the world’s largest commercial blockchain platform, with over 44,000 blockchain nodes worldwide spread in more than 200 banks, 200,000 enterprises and 500 governmental and other business organizations in China and overseas.

According to the company’s 2018 annual report, it has built the world’s largest commercial blockchain platform through OneConnect, the company’s fintech subsidiary that is targeting to go public in Hong Kong allegedly in the second half of this year. As of Dec. 2018, its OneConnect platform has provided services for about 3,289 financial institutions, with more than 44,600 blockchain nodes across the world, a 225.5% increase from 2017.

In addition, the conglomerate claims that its self-developed FiMAX blockchain technology can achieve 50,000 TPS (transactions per second) while maintaining a low latency of less than 0.05 seconds, by adopting its designed zero-knowledge proof algorithms.

Ping An has been an early adopter of blockchain technology. Early in 2016, the company joined R3 blockchain consortium, being the first Chinese member of the global consortium led by fintech firms working on ways blockchain tech can be used in financial markets; last October, the group jointly cooperated with the Hong Kong’s banking regulator and seven major banks to build an international trade finance platform eTradeConnect based on blockchain tech, which was the first blockchain initiative in the banking sector. As of Dec. 2018, eTradeConnect has served 13 banks in China and overseas.

Blockchain technology, along with smart contracts will allow the banks and financial institutions to automate many processes, thereby saving them a lot of time and costs. A study published by Santander Group estimates that the banking sector would be able to save millions of dollars on regulatory and compliance expenses by making use of blockchain technology.

The conglomerate is betting on innovative technologies including blockchain to transform itself into a financial technology powerhouse with great funds and efforts invested. As of this February, Ping An has filed 131 blockchain patent applications. Its fintech arm OneConnect, valued at $7.5 billion after the Round A financing, is reportedly seeking to raise $1 billion to leverage these cutting-edge technologies to provide a full spectrum of financial services.

With 179 million customers and 485 million internet users, Ping An is one of the largest financial service companies in the world. Financial and internet companies like Ping An are all looking to blockchain to innovate their business. Lufax, an online internet finance marketplace in China, has reportedly raised $1.33 billion in series C funding, which will be mainly used to strengthen technical applications including blockchain.

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