Jinqiu Co., Ltd., which focuses on financial technology services, launched the blockchain platform Haixing. Can it accelerate the implementation of financial scenarios?

Recently, XingChain, a blockchain technology platform under Jinqiu Holdings, was officially launched, providing the (Starfish Inside) blockchain BaaS cloud service that can be used for application development in a variety of scenarios. The first digital financial platform based on the XingChain blockchain will provide comprehensive digital services for financial assets.

Jinqiu Co., Ltd. is an innovative financial technology company located in Shanghai Lujiazui Financial City. It has a technical R&D team of nearly 200 people, mainly providing financial software system development and solutions such as payment and clearing, supply chain finance and bills, financial compliance big data, credit management, and taxation for banks and financial institutions. In July this year, Jinqiu Co., Ltd. was listed on the New Third Board, and Babbitt also reported on it.

In the field of blockchain, Jinqiu joined the Shenzhen Financial Blockchain Cooperation Alliance (Jinlianmeng) this year and was selected as a council member of the China Blockchain Technology and Development Forum of the Ministry of Industry and Information Technology.

Different from other existing blockchain technology cloud platforms, XingChain, as a blockchain brand under Jinqiu, is mainly positioned to provide professional and compliant financial blockchain technology solutions for financial institutions such as banks, insurance companies, and securities companies. At the same time, it is demand-oriented as its main development direction, and more combined with Jinqiu's own existing business, to carry out vertical development and in-depth integration in financial application fields such as financial institutions' tax auditing, credit management, supply chain finance, and cross-border payments.

Haixing mainly serves financial institutions, and accordingly has made adjustments to traditional blockchain technology solutions. In terms of consensus mechanism, it provides plug-in consensus algorithms, and can design dedicated consensus algorithms according to business scenarios; in terms of encryption algorithms, it has made adjustments according to relevant national encryption algorithm requirements; in terms of distributed DLT technology, it also focuses on solving problems such as block capacity and transaction frequency.

Currently, Haixing provides two optional services for corporate users:

Users can directly register, issue and manage assets through the Haixing Digital Finance Platform. Corporate users can apply for registration on the Haixing (xingchain.com) official website, provide real corporate information, and use it after passing the certification;

Starfish has launched the Starfish Inside function, which provides a standard interface module. Enterprise customers can call the API and SDK interfaces provided by Starfish to perform customized development according to their own business needs, embed it in their own official website, APP or public account, and realize independent front-end display.

Officials revealed that in the ecosystem of the Haixing Digital Financial Platform, authoritative units such as assessment, auditing, and law firms will be introduced, with multi-party participation and information sharing to achieve public disclosure and fairness and ensure the authenticity and credibility of asset data; at the same time, it will also be connected to third-party institutions such as banking institutions, micro-loan companies, and online loan platforms to realize the asset circulation loop, on-chain pledge loans, and free transactions by users, thereby improving asset liquidity, reducing transaction friction, and lowering operating costs.

Zeng Linchuan, general manager of the blockchain business unit of Jinqiu Co., Ltd., said that compared with other platforms, Haixing will not be much different in blockchain technology and principles. The differences are mainly reflected in the following two aspects:

First, in terms of commercial promotion, Haixing Blockchain's sales team and construction qualifications have experience advantages compared to general start-ups. In the commercialization process of blockchain, the deployment of blockchain technology applications is actually a small part, and the business connection with commercial institutions is relatively complicated. Jinqiu currently serves nearly 100 banking financial institutions and pan-financial customers, so business connection happens to be Jinqiu's advantage.

The second difference is the position of blockchain in the entire company's business. Starfish blockchain is part of the blockchain business, and blockchain is part of all financial businesses of Jinqiu. Zeng Linchuan introduced that Starfish is not currently considered a project with commercial prospects in the short term, but is focused on technology output for traditional large companies, Fortune 500 companies, financial institutions, etc.