Chinese P2P platform joins one of the world's biggest blockchain projects

Shanghai-based p2p platform Dianrong has joined the Hyperledger Blockchain project in bid to use the emerging technology in both lending and adminstative purposes.

The Chinese P2P platform Dianrong is joining one of the world's biggest blockchain alliances, the Hyperledger Project, as one of the first P2P companies to successfully join global project to further the technology.

Launched in December 2015, the Hyperledger Project is made up of blockchain-specific companies Blockchain, ConsenSys and R3 as well as other other technology companies such as Fujitsu and Hitachi, IBM and Intel as well as financial companies such as ANZ Bank, BNY Mellon, Deutsche Börse Group, J.P. Morgan, State Street and Wells Fargo.

The goal is to advance blockchain technologies across financial and technological industries as well as across-industry, cross-border blockchain technology standards and cost-effective and beneficial blockchain business applications. Hyperledger's website states:

“Not since the Web itself has a technology promised broader and more fundamental revolution than blockchain technology. A blockchain is a peer-to-peer distributed ledger forged by consensus, combined with a system for “smart contracts” and other assistive technologies. Together these can be used to build a new generation of transactional applications that establishes trust, accountability and transparency at their core, while streamlining business processes and legal constraints.”

“Think of it as an operating system for marketplaces, data-sharing networks, micro-currencies, and decentralized digital communities. It has the potential to vastly reduce the cost and complexity of getting things done in the real world.”

A spokesperson for Dianrong says this latest development marks a significant step forward for the company in the blockchain industry. The blockchain technology allows anonymous transactions to take place between two mutually unfamiliar entities, and can thus be used in internet lending models. Dianrong is also researching how blockchain technology can be used in the fields of consumer finance, credit lending, and contract verification.