Chinese peer-to-peer lending meets Blockchain as Dianrong joins the Hyperledger project

Chinese peer-to-peer lending meets Blockchain as Dianrong joins the Hyperledger project

According to a recent press release by Chinese peer-to-peer lending platform, Dianrong.com, the company is set to join the Hyperledger Project, one of

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According to a recent press release by Chinese peer-to-peer lending platform, Dianrong.com, the company is set to join the Hyperledger Project, one of the world’s biggest blockchain initiatives. Dianrong.com became the first P2P company from China to join the Hyperledger project.

Joining Hyperledger is a crucial part of Dianrong’s strategy which is focused on making a foray into the blockchain industry. While there is a continued implementation of P2P regulations, Dianrong says that it is committed to being open to various financial technologies.

The Hyperledger Project was first started in2015 by the Linux Foundation with the focus of it being a vehicle to develop open, cross industry, global blockchain standards. Hyperledger project was also meant to develop enterprise technologies that function to make certain operations cost-effective. Hyperledger’s founding members include Intel, JP Morgan, IBM and financial organizations such as the German Stock Exchange and The Chicago Board of Trade. As of today, the Hyperledger Project has over 100 members which include Chinese communication companies such as the Wanda Network Technology Group, Huawei, Hang Seng Electronics and Chinese online finance companies. Dianrong is the only peer to peer Chinese company out of all the current 22 Chinese companies that are currently Hyperledger members.

This past summer, Dianrong’s CEO told the Lendit Summit that Diarong is going to invest $30-$40 million towards blockchain research and internet lending technology. The company was going to focus its research on internet trust protocols, a field that is very important for peer to peer lending.

Diarong.com’s company spokesman recently told the media that the company was researching on how blockchain technology can best be utilized for credit lending, consumer finance and contract validation. Dianrong.com also says that it had built a self-controllable blockchain infrastructure that allows other similar companies such as banks and manufacturers to join and share and use related information. Dianrong’s blockchain infrastructure also allows the involved companies to share information pertaining to financial trading and asset management.

Dianrong.com’s company spokesman further said that Diarong.com will continue engaging various parties and cooperating partners.

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