Ant Group initiates standardization of blockchain interoperability
Ant Group, a subsidiary of Chinese tech giant Alibaba, recently led a working group to explore the standardization of blockchain interoperability under the Institute of Electrical and Electronics Engineers, or IEEE. The standard is named “P3205 — Standard for Blockchain Interoperability — Data Authentication and Communication Protocol.”
According to the project, the standard provides four protocols to facilitate data authentication and communication among blockchains. These protocols include:
A distributed identity protocol
A metadata protocol
An on-chain proof-of-conversion protocol
A cross-chain communication protocol
Key takeaways
The completion of the P3205 standard is expected to serve as a global standard for blockchain interoperability. The standard supports effective communication and data authentication among multiple cross-chain models and levels.
Alibaba is the leader in blockchain patents, with 62% of them related to blockchain infrastructure. Alibaba currently holds more than 30 patents in blockchain interoperability.
Ant Group launched its blockchain interoperability initiative, Open Data Access Trusted Service, in September 2019. ODATS aims to lower communication costs among public and private blockchains.
Greater Bay Area can be a prime location for early DCEP pilots
Bai Hexiang, the president of the People’s Bank of China’s Guangzhou branch, told local media that the cross-border trading market in the Greater Bay Area — a regional amalgam of nine cities, including Hong Kong, Macau, Shenzhen and Guangzhou — is an ideal location for testing China’s digital currency, the Digital Currency Electronic Payment. According to statistics from the Guangzhou branch, the digital payment market in Guangdong province reached 11.95 trillion RMB in Q1 2020.
Bai stressed that leadership in digital payments, access to international trade and a huge population base in the Greater Bay Area are the favorable factors for large-scale DCEP adoption.
Key takeaway
The PBoC showed early signs of support toward the Greater Bay Area’s blockchain development in May 2020. It collaborated with the Chinese Securities Regulatory Commission to release a consultation paper to foster blockchain innovation and digital currency adoption in the area
Guangzhou first to implement blockchain-based legal investigation
The Guangzhou Intermediate People’s Court announced the launch of a blockchain solution to streamline the process for legal investigations on Aug. 12.
According to the court, blockchain-based legal investigations have four advantages compared to paper-based investigations:
Quicker turnaround times
A more-secure identification system
Traceable audit trails
A convenient application process
Key takeaway
Lawyers in Guangzhou investigate judicial cases in various industries — such as banking, taxation and property management. Most of the investigations remain paper-based. The blockchain-based investigation system streamlines the KYC procedures of the court by requiring facial recognition for lawyers and applicants for each case.
New RMB loans and social financing fall short of market expectations
The stock market in China saw a slight decline this week. The Shanghai SE Composite and CSI 300 are currently trading at 3,330 and 4,656, with a slight weekly drop of 1.67% and 2.24%, respectively. The SZSE Blockchain 50 index stands at 3,940, with a weekly value change of -5.3%. For Hong Kong, the Hang Seng Index rose 1.31% this week and currently stands at 25,246.
The slight decline in the Chinese stock market is partly driven by the latest updates in new RMB loans and total social financing. In July, China’s banks extended 0.99 trillion RMB in new loans — which fell short of the expected 1.2 trillion RMB. Total social financing in the country, as a broad measure of credit and liquidity in the economy, reached 1.69 trillion RMB in July and did not meet the expected 1.85 trillion RMB. These underperforming economic indicators led to a slight decline in China’s stock market this week.
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