This article is written by one of our contributor Richard Kastelein.
Counting Minsheng Life Insurance as one of its partners, PlatONE is aimed at the financial services, supply chain, and logistics sector.
Non-profit research institution focusing on blockchain technology Wanxiang Blockchain, and PlatON, the pioneering global privacy-preserving computing network announced the launch of an open-source consortium blockchain infrastructure, PlatONE.
Yu Cheng, General Manager for Digital Insurance Innovation at Minsheng Life Insurance said:
“For years, Minsheng Life Insurance has invested in blockchain and big data solutions in the hopes of bringing greater digitalisation to the insurance sector. With PlatONE, we have been able to see the benefits to be reaped from blockchain, especially when coupled with privacy-preserving technologies. Now having seen the limitations of legacy centralised insurance solutions, we look forward to continuing our collaboration with PlatONE in order to enable progressive digital solutions for the insurance industry.”
PlatONE addresses the existing inadequacies in today’s blockchain infrastructures and provides greater security, scalability, and privacy for data sensitive industries looking to gain the benefits of blockchain. With its emphasis on privacy-preserving computing and efficient, optimised consensus, PlatONE is a next-generation infrastructure designed with the needs of enterprises in mind.
PlatONE includes several user-friendly features such as one-click contract data migration and a contract naming service (CNS). Along with with easy-to-use toolchains and components, as well as optimised user-permission models, the open-source infrastructure can be tailored to a variety of use cases and application scenarios. In order to ensure that the network is compliant with local data privacy requirements, PlatON leverages a host of cryptographic algorithms and privacy-preserving computing. PlatONE provides a mature ecosystem for blockchain application and development, allowing developers to easily migrate and create technology stacks for the wider consortium ecosystem.
Ada Xiao, Chief Strategy Officer of PlatON said:
“From the Linux Foundation’s Hyperledger Project to R3’s Corda, the ongoing rise of consortium blockchain solutions has provided a viable starting point for enterprises looking to experiment with distributed ledger technology. These platforms have allowed companies to significantly improve their business processes and internal operations within a secure, efficient environment. PlatONE looks to take this a step further, allowing companies to leverage both a decentralised network structure but also access easy-to-use toolsets that will allow them to implement, operate, and maintain blockchain-based solutions throughout the entire lifecycle of their businesses.”
PlatONE has also onboarded Minsheng Life Insurance, as one of its partners. Minsheng is known as one of China’s largest insurance companies with over 40,000 employees and 25 provincial-level subsidiary companies across the country. By leveraging on PlatONE’s infrastructure, Minsheng has developed a suite of decentralised applications, including an internal digital insurance record-keeping system, as well as an unspent transaction output (UTXO) model. Minsheng has also established four collaborative nodes based on PlatONE and has deployed rigorous data security measures with PlatONE’s privacy-preserving technologies.
To date, PlatONE has successfully executed proofs-of-concept (POCs) across application scenarios ranging from supply chain finance, anti-counterfeiting and traceability, points management, equity registration, logistics, and asset management for charitable trusts. Most notably, a supply chain financial platform built on PlatONE has successfully attained 56 participating companies from the technology and banking sector, with financing estimated in the tens of millions.