Securities Times: Tencent's Internet financial business creates the first blockchain cloud service

Ma Huateng supports the development of Tencent Cloud by sharing Tencent's full platform services. In terms of technology, Tencent also has many leading advantages. For example, in the popular blockchain technology, Tencent has become an active experimenter. Its WeBank has created the country's first financial institution alliance blockchain cloud service BaaS, and its WeChat Pay, QQ Wallet and other businesses are also trying out blockchain ideas.

WeBank uses Tencent Financial Cloud as its underlying foundation to create China's first financial institution alliance blockchain cloud service BaaS. While serving its own business, it can also provide support for the Internet financial industry.

At the International Blockchain Summit held on September 23-24, WeBank Vice President and Chief Information Officer Ma Zhitao revealed that WeBank and Huarui Bank have jointly developed a blockchain application system that can be used for the settlement and liquidation of the joint loans of the two banks. The system has been put into trial operation in September and will cooperate with more banks in the future.

According to traditional practices, transactions and fund settlement are separate, and the two banks keep their own accounts. After the bank transaction is completed, the two banks need to spend a lot of manpower and material resources to reconcile. After the introduction of the blockchain system, all information is recorded on the blockchain network and cannot be tampered with. The transaction process is accompanied by the clearing process, and real-time clearing can be completed. With the help of this technology, 80% of WeBank's funds come from other banks, and joint lending is implemented to share interest.

The core of blockchain is to solve the problem of data ownership. The data on the blockchain is distributed, and every node can obtain all transaction information. Tencent's financial scenarios such as WeChat Pay, QQ Wallet, and Wealth Management have begun to try the idea of ​​private blockchain in the underlying account system to protect the funds and property security of users.

At the Tencent Sharing·New Financial Ecosystem Forum at the recently held 2016 Tencent Global Partner Conference, Guo Rui, deputy general manager of Tencent FiT and deputy general manager of platform research and development, said that blockchain can create a more trusted sharing economy and build a new online financial ecosystem of mutual trust.

Tencent is vigorously developing its financial cloud business. Cloud computing and blockchain technology, these buzzwords are becoming practical applications. The financial cloud business that Tencent Financial Cloud is building will focus on providing solutions for financial sub-industries such as insurance, securities, and consumer finance.

According to Zhu Liqiang, vice president of Tencent Cloud and head of Financial Cloud, Taikang Life Insurance participated in Tencent's Spring Festival corporate red envelope activity during the 2015 Spring Festival. "Tencent Financial Cloud helped them build a massive Internet-oriented system, added 30 million fans, and increased their business by more than 30 times."

Zhu Liqiang said that Tencent Financial Cloud can effectively solve the pain points of IT construction in the traditional financial industry: with its flexible architecture and fast deployment, businesses that could only be launched online in the past half a year can now be fully launched in half a month, which can greatly save competition time and costs; in terms of security, in addition to Tencent Financial Cloud's DDoS protection, WAF, vulnerability scanning and other 30 layered protection methods, financial customers also enjoy a variety of specific security services including bastion hosts and multi-factor authentication; the cloud architecture solves the waste caused by equipment expansion, "it can be released immediately after the event, without spending the money."

Tencent's Internet finance business is committed to serving as a financial connector. After completing the first phase of "connecting" users, financial institutions and products, Tencent began to "open up" and "share", opening up Tencent's cloud technology, big data, payment capabilities and risk control capabilities to partners.