The Largest Digital Bank in China featured in the latest Forbes Blockchain 50

WeBank, the world’s leading digital bank, is featured in the Forbes Blockchain 50 2022. The bellwether list recognizes large corporations that lead in employing distributed ledger technology and reflects the spreading impact of the blockchain market globally. WeBank has been recognized for top-notch research and development of consortium chain technologies, as well as its continuous efforts in building an active consortium chain ecosystem. WeBank has provided open-sourced consortium chain technologies to the “The Green Bud Points” based on “Green Inclusive Cloud” developed by China Beijing Green Inclusive Network Technology Co., Ltd (”Green Inclusive”). It encourages the public to reduce carbon emissions by recording daily green behaviors on blockchain and rewarding those behaviors with credits that can redeem vouchers and gifts.

The Green Bud Points, a United Nations Sustainable Development GOALS partnership project, is built on the Green Inclusive Cloud. It intends to promote a green and low-carbon lifestyle by quantifying and calculating the carbon emissions of various environmental protection activities. The Green Bud Points stores users’ carbon emission reduction records on chain. Then, the underlying blockchain technology ensures that the issuance and distribution of records are transparent and traceable, thus securing trust among all users and involved parties. In 2021, the Green Bud Points has recorded more than 2,500 tons of carbon emissions reduced.

The Green Inclusive Cloud is one of many practical applications that surfaced in WeBank’s long-term commitment to provide open-sourced blockchain technologies. So far, WeBank has open-sourced more than 10 blockchain technologies, including leading the development of the underlying blockchain platform FISCO BCOS and the identity authentication and trusted data exchange solution WeIdentity. By implementing FISCO BCOS and WeIdentity, the Health Code Mutual Recognition System between Guangdong and Macao achieves reliable and compliant information verification across borders without direct exchange of personal data. From May 2020 to the end of 2021, more than 100 million border crossings have been through customs between the Chinese mainland and Macao using the system.

Besides providing technologies, WeBank strategically focuses on building consortium chain ecosystem. By the end of 2021, the WeBank-powered FISCO BCOS community has brought together more than 70,000 individual developers, more than 3,000 companies and institutions to participate in the construction of the blockchain industry ecosystem. There are more than 200 public administration, finance, agricultural, social welfare, entertainment, supply chain and IoT applications operating stably in the production environment.

Henry Ma, Executive Vice President and Chief Information Officer of WeBank, said, “Innovation and technology have always been core to WeBank’s strategy to become a world-leading digital enabler. In the coming years, we expect more opportunities in utilizing advanced technologies to serve the real economy and drive financial inclusion. With our leading-edge blockchain and other fintech capabilities, WeBank will continue to collaborate with our ecosystem partners to drive digital transformations across industries, and explore the paths for equitable, sustainable and green developments.”

This article was shared with Prittle Prattle News as a Press Release.

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