China just joined a major blockchain consortium
A Chinese insurer is the latest business to join the major R3 blockchain consortium and the first financial institution in the country to become a member alongside the likes of Barclays, HSBC and Goldman Sachs.
Ping An, the second largest insurance firm in China, has joined the group, which was formed late last year to work on creating standards for blockchain technology. It has grown from nine founding members to now more than 40.
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“The addition of Ping An is another important milestone for R3 as we develop our member network to represent the interests of banks and financial institutions operating in markets around the globe," said R3 chief executive David Ruther.
R3 is based in New York, with locations in London and San Francisco.
The group's distributed ledger platform Corda was revealed in April and its first public demonstration was made shortly after. Barclays showed off a smart contract prototype using Corda in London.
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"Ping An has always been at the forefront of using technology and innovation in its banking, insurance, investment and internet businesses," said chief operating officer Jessica Tan.
"We are excited about joining R3 and look forward to developing and using blockchain technology to create a more efficient way of managing financial assets digitally end-to-end.”