WeBank Named to Forbes Blockchain 50 for the Second Year in a Row

News provided by

Feb 15, 2023, 06:22 ET

SHENZHEN, China, Feb. 15, 2023 /PRNewswire/ -- WeBank, the world's leading digital bank, has been featured in the fifth Forbes Blockchain 50 list. The freshly released list features 50 global market leading enterprises that have deployed blockchain technology to re-innovate business. Their successful projects revealed some of the most exciting annual breakthroughs in both public and consortium chain. WeBank, the long-term open source consortium chain platform innovator and ecosystem builder, has been recognized for its personal information portability solution based on the Distributed Data Transfer Protocol (DDTP).

As a world's leading digital bank, WeBank leverages the advantage of ABCD technologies (A.I., Blockchain, Cloud Computing, Big Data) to serve over 350 million individual customers and over 3.4 million micro, small and medium-sized enterprises (MSMEs) and sole proprietors. Since 2015, WeBank has invested in the research and development of consortium chain technology. In 2017, it started to open-source successful projects and co-built the open source consortium chain ecosystem. In April 2022, WeBank launched the "WeBank Blockchain" brand, which is committed to constructing a trusted foundation for stakeholders engaged in Environmental, Social and Governance strategies involving government, business community and the general public.

So far, the WeBank Blockchain open source ecosystem has gathered more than 4,000 institutions and enterprises, and 90,000 individual developers. The ecosystem has accumulated more than 300 benchmarking applications in key fields such as finance, healthcare, environmental protection, agriculture, and cross-border data circulation. Those applications help to boost industrial digitalization, serve the development of the real economy, and promote equity and sustainability.

The personal information portability solution introduced in the list - the information verification platform, is built by partners based on the DDTP and the FISCO BCOS open source consortium chain platform. The platform is designed based on DDTP which aims to achieve cross-agency, cross-scenario, cross-business data collaboration. The platform introduces user as the key participant, leverages the full process traceability, anti-tampering, transfer of trust technological capabilities of blockchain, and invites authoritative organizations such as notary office, to facilitate more secure, credible, and collaborative personal information portability applications.

The information verification platform has been widely adopted in various online scenarios such as finance, background investigation, marriage and dating, etc. It tackles the pain point that is to verify the authenticity in the process of user data transmission for enterprises. By the end of 2022, the total number of users who have activated the platform exceeded 3.1 million, and the number of users who have activated the platform in financial services exceeded 2.5 million.

About WeBank

Launched in 2014, WeBank Co., Ltd. ("WeBank") is the first privately-owned bank and digital bank in China. WeBank provides more convenient financial services to micro-, small- and medium-sized enterprises (MSMEs) and the general public, and continuously improves the quality of services in response to customers' specific needs. As one of the top 100 banks in China, WeBank now ranks 331 in Top 1000 World Banks by The Banker.

WeBank focuses on innovation and technology. As the first commercial bank to obtain the national high-tech enterprise certification in China, WeBank has maintained its proportion of technical personnel above 50% since its establishment, while its research and development expenses of accounted for around 10% of its revenue. WeBank is now at the top of the industry in core technologies such as artificial intelligence (AI), blockchain, cloud computing and big data.

SOURCE WeBank Co Ltd