China Merchants Bank Joins R3 Blockchain Consortium
Although there are various blockchain research projects active in the world today, China Merchants Bank favors the R3 blockchain consortium. Up until this point, Chinese financial service providers have been relatively quiet when it comes to distributed ledgers. But China Merchants Bank sees the benefit of these shared ledger-based technologies for global finance.
China Warms to Blockchain, Digital Currency
Shenzhen-based China Merchants Bank has decided to partner with the R3 consortium. Collaborating with the other financial institutions on board with this project will help create new commercial applications. Focusing on the needs of the Chinese market will pose some new challenges, which distributed ledger technology can [hopefully] help address.
Understanding the blockchain is a crucial part of ensuring financial innovation. The R3 consortium focuses on research and experimentation to advance this technology to meet financial service provider requirements. The Corda project is just an example of the advancements being made by this group of blockchain enthusiasts.
China Merchants Bank IT Department GM Tianhong Zhou stated:
“It is a great pleasure for us to reach an agreement with R3. As a technologically advanced bank, China Merchants Bank has always actively explored new technologies and applied them in our businesses. Blockchain holds great potential for the banking industry, and we look forward to working together with R3 to deliver the innovation required to improve a range of financial services and processes.”
As a result of this new partnership, China Merchants Bank will join the global network of R3 partners. Being a member of the R3 Lab and Research Centre is a prestigious milestone for the financial service provider. The testing of blockchain technology for the Chinese market can now officially begin.
In addition to the growing interest surrounding blockchain technology in China, The People’s Bank of China deputy governor, Fan Yinfei, has also recently expressed the central bank’s intention to introduce a regulated, legal digital currency as tender.
Hyperledger Project Is Successful As Well
The success of the R3 consortium cannot be denied by any means. With over 60 active members contributing to blockchain research and development, it is is one of the largest distributed ledger initiatives in the world today. Hyperledger Project is another similar initiative, which has recently welcomed additional members as well.
There do not seem to be any financial players on the list of new partners, though. That being said, the new additions include Samsung SDS, Union Mobile Pay E-Commerce, and University of Rome Tor Vergata. This latter one is quite an interesting partner, as it may hint at future educational efforts related to blockchain technology.