Who are the six Asian companies? We'll find out who they are and how they're using blockchain in this article.
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Headquarters: Shenzhen, China
Key executive(s): Carlos Hu, head of blockchain
Blockchain: TrustSQL, Hyperledger Fabric
Tencent is a Chinese multinational conglomerate holding company founded in 1998, whose subsidiaries specialise in various Internet-related services and products, entertainment, artificial intelligence and technology both in China and globally.
The company is currently building a blockchain-enabled trade finance application to simplify bulk metal purchases. With the application, enterprises will be able to collect vast amounts of traceable data about metals available in a particular warehouse, thus enhancing the creditworthiness of warehouse receipts and allowing trades to be expedited since all parties can be sure of the trustworthiness of the data available.
The transaction value of trades running on the application exceeded US$100 million as of September 2019, with e-commerce companies such as Gangjuren adopting Tencent's blockchain technology to simplify its financing process.
Headquarters: Seoul, South Korea
Key executive(s), Jeanie Hong, head of blockchain
Blockchain: Nexledger, Ethereum
Samsung SDS was founded in 1985 as the ICT arm of the Samsung Group. With operations in 30 countries, Samsung SDS's solutions utilizes advanced analytics platforms, AI, and blockchain technologies to serve a diverse range of industries including financial services, smart manufacturing, global logistics, and retail.
The company's homegrown blockchain Nexledger enables parties entering a contract to prove their identity and execute their agreements. 18 Korean banks have already adopted Nexledger through an application known as BankSign which helps to instantly verify the identities of a bank's retail customer even when said customer is visiting another bank at which they do not own an account. BankSign, which was launched in August 2018, has over 235,000 individual users to date.
Meanwhile, Samsung Group's information and communication technology branch is currently working on using Nexledger to help verify patient identities in order to speed up health insurance claims.
Headquarters: Taipei, Taiwan
Key executive(s): Jack Lee, acting CEO, Chained Finance
Blockchain: Ethereum
Foxconn Technology Group, formerly known as Hon Hai Precision Industry Co. Ltd., is a Taiwanese multinational electronics contract manufacturer. Foxconn, which is also the world's largest electrical components maker, is particularly well known for its iPhone factory in Zhengzhou.
The company's trade finance venture is known as Chained Finance, an outfit it created to mint digital coins on the Ethereum (ETH) blockchain which are then used to pay the manufacturer's over 20 electronics suppliers. So far, Chained Finance's initiative has reduced financing costs from 24% to 10%, and reduced the number of days needed to obtain financing from seven days to the same day.
Headquarters: Shanghai, China
Key executive(s): Lei Xing, blockchain-as-a-service platform lead
Blockchain: Hyperchain, Hyperledger Fabric
China Construction Bank is one of China's four major state-owned banking institutions, the second largest bank in China and the second largest bank in the world. The bank holds over US$3 trillion in assets, employs over 340,000 staff and has over 14,900 domestic outlets.
The company presently has nine blockchain projects underway, including one that helps monitor how government grants are spent in a transparent way, one that tracks carbon credits, and one that helps trace the origins of pharmaceutical products.
Of the nine, China Construction Bank's most notable blockchain project is probably BCTrade, an application which connects over 60 financial institutions including the Bank of Shanghai, Bank of Communications, and Postal Savings Bank of China to some 3,000 manufactures and trading companies involved in the bank's ecosystem.
Headquarters: Beijing, China
Key executive(s): Li Feng, head of blockchain
Blockchain: Hyperledger Fabric
Baidu is a Chinese multinational technology company specializing in Internet-related services and products and artificial intelligence, headquartered. Known as the Google of China Baidu is best known for its search engine and web services serving the Chinese market.
The company's most prominent blockchain project is probably XuperChain, which uses artificial intelligence to police copyright infringement cases. So far, XuperChain has enabled Baidu to cut down its response times to such allegations from three months to a week.
Besides XuperChain, the company's affiliate Duxiaoman Financial has also built blockchain applications such as a canine version of Cryptokitties which allows users to adopt and trade digital puppies, as well as an application that offers student loans and automatically disburses funds when a student's grades are verified.
Headquarters: Hangzhou, China
Key executive(s): Geoff Jiang, Vice President of Ant Financial
Blockchain: Ant Blockchain Technology, Hyperledger Fabric, Enterprise Ethereum (Quorum)
Ant Financial Services Group, formerly known as Alipay, is an affiliate company of the Alibaba Group. Ant Financial is the world's highest-valued financial technology (FinTech) company with a valuation of US$150 billion.
The company's blockchain-powered finance platform Duo-Chain has so far facilitated US$1.5 billion worth of quick loans and cash injections for suppliers in need.
Cryptocurrencies mentioned in this article:
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