Fuqianla and several banks take new actions to release blockchain white paper to hit the six major pain points of the financial industry

Recently, the financial technology company Fuqianla launched a white paper on the financial ecosystem blockchain, and jointly established the Oasis Blockchain Alliance with many banks including Wuhan Zhongbang Bank and Meizhou Keshang Bank to support financial innovation from the latest technological dimensions.

Oasis Blockchain Alliance is a financial industry alliance chain based on blockchain technology independently developed by the Eight Cube Fintech Laboratory under Fuqianla. Oasis' goal is to reduce the complexity of financial business, improve efficiency and reduce the risk of data leakage through blockchain technology.

The launch of the Oasis Blockchain Alliance has profound industry background factors. Due to its pivotal position, the financial industry has now become a key industry related to the stable operation of the social economy. However, due to the rapid development of the Internet, the financial industry has gradually exposed many risks and shortcomings that are difficult to adapt to the new situation. Specifically, financial business involves multiple roles, and the completion of business depends on the trust of both parties, involving credit risks; the traditional financial business process is complex, which is prone to abnormal operations and reduces business efficiency; the internal data of the financial system is at risk of being tampered with and forged; the data between different financial companies cannot be interconnected, forming data islands; the data permissions of collaborative enterprises have operational and moral risks, which are prone to user data leakage; the existing IT architecture is difficult to achieve cross-platform mutual trust of customer data, which hinders the effective allocation of funds and assets.

The birth of the Oasis Blockchain Alliance is to solve the above-mentioned industry pain points. The solutions provided by Oasis for financial services can meet the requirements of financial services in terms of performance, security, compliance, and operation and maintenance. Its design concept is oriented towards the externality, publicness, and universality of the financial industry.

As an open ecosystem for financial blockchain, Oasis aims to establish an open source financial blockchain platform and actively promote the construction of blockchain information systems for banking, securities, financial leasing, guarantees, micro-loans, factoring, and industrial investment.

At the same time, Oasis has also established an open source community to provide technical consulting and training to alliance members, provide infrastructure construction, and export operation and maintenance experience.

According to the information published in the "Oasis Financial Ecosystem Blockchain White Paper", Oasis mainly provides four major product functions: providing alliance members with accounts with a unified company key system, each account is implemented by the underlying account tree, private key management module and KYC module; blockchain-based distributed ledger, which can be applied to scenarios such as peer-to-peer collaboration, data sharing and asset release; Oasis provides governance and security mechanisms on the entire blockchain to meet the diversity and stability requirements of financial services.

The heads of Wuhan Zhongbang Bank and Meizhou Keshang Bank, which have joined the Oasis Blockchain Alliance, are optimistic about the industry impact after the release of the white paper. They said that Oasis has integrated the blockchain technology accumulation in the field of financial technology, and can help financial institutions promote the implementation of innovative application scenarios from a new dimension, so that financial business can develop towards a high degree of cooperation, strong supervision and high security.

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