FISCO (Financial Blockchain Shenzhen Consortium) is a Chinese

trade association A trade association, also known as an industry trade group, business association, sector association or industry body, is an organization founded and funded by businesses that operate in a specific Industry (economics), industry. Through collabor ...

dedicated to exploring and setting standards in the use of

blockchains The blockchain is a distributed ledger with growing lists of records (''blocks'') that are securely linked together via cryptographic hashes. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (g ...

for financial applications. It is led by 20 leading member Chinese financial institutions and financial technology companies. It was established on May 31, 2016. , it had around 80 members in the consortium from financial and

fintech Financial technology (abbreviated as fintech) refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, ...

industry. The FISCO website was launched on Nov 17, 2016.

History

In June 2016 FISCO was established. In August 2016 FISCO launched a reconciliation platform utilizing blockchain technology. In December 2017 the FISCO open source working group was formed and FISCO BCOS was launched. In February 2018 FISCO launched a digital escrow application for Guangzhou Arbitration Commission. In March 2018 FISCO reached more than 90 members.

Governance

The General Assembly is the Consortium's highest authority. The standing committee, or the Presidium, is accountable to the General Assembly. It leads the Consortium and conducts day-to-day work while the General Assembly is not in session. The Technical Committee is the subsidiary body of the Presidium, and is in charge of technology issues. The Technology Standardization Work Committee is in charge of project approval, drafting standards, standards examination, approval and publication. The Advisory Committee is in charge of organizing external experts to participate in the research and discussion of technology and standards.

Projects

FISCO has established research projects in areas including credit, equity, loyalty points system,

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...

, commercial bills, cloud service,

digital assets A digital asset is anything that exists only in digital form and comes with a distinct usage right or distinct permission for use. Data that do not possess those rights are not considered assets. ''Digital assets'' include, but are not limited t ...

, and wealth management issuance and trading. Some projects have launched prototypes. FISCO published its propositions for financial distributed ledger in Nov 2016. For the development of distributed ledgers, the paper proposed five principles: legal compliance, traceability, security, privacy protection and business driven; and seven propositions: value alliance, autonomy and controllability, security and reliability, high efficiency and availability, business feasibility, flexibility, portability and Regtech ready.

Members

Among the members are: * Shenzhen Fin-Tech Association * WeBank * Shenzhen Securities Communication Co. Ltd (SSCC) *

Tencent Tencent Holdings Ltd. ( zh, s=腾讯, p=Téngxùn) is a Chinese Multinational corporation, multinational technology Conglomerate (company), conglomerate and holding company headquartered in Shenzhen. It is one of the highest grossing multimed ...

* Beyondsoft *

Huawei Huawei Technologies Co., Ltd. ("Huawei" sometimes stylized as "HUAWEI"; ; zh, c=华为, p= ) is a Chinese multinational corporationtechnology company in Longgang, Shenzhen, Longgang, Shenzhen, Guangdong. Its main product lines include teleco ...

* Digital China * Forms Syntront * Yuexiu FinTech

Product

FISCO BCOS (Be Credible, Open & Secure) is an enterprise-grade permissioned blockchain system, which was launched by FISCO open-source working group in 2017. FISCO BCOS includes features customized for the financial industry. In December 2017, it was published as an

open source Open source is source code that is made freely available for possible modification and redistribution. Products include permission to use and view the source code, design documents, or content of the product. The open source model is a decentrali ...

blockchain The blockchain is a distributed ledger with growing lists of Record (computer science), records (''blocks'') that are securely linked together via Cryptographic hash function, cryptographic hashes. Each block contains a cryptographic hash of th ...

platform. In 2018, FISCO BCOS was brought into practical use as application for use in the area of reconciliation and digital escrow. FISCO BCOS is based on a customized

Ethereum Ethereum is a decentralized blockchain with smart contract functionality. Ether (abbreviation: ETH) is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization. It is open-s ...

References

{{reflist Organizations established in 2016