Ping An Group Joins Hands with FOTON to Deploy Blockchain

In recent years, blockchain tech has entered the stage of acceleration and launch, constantly boosting the development of physical economy and driving a new round of changes in the business model. On August 10th, in Beijing, the ALL-LINK system, jointly built by Ping An Group and FOTON, a Chinese auto manufacturing enterprise, was officially released.
This initiative was designed to serve the supply chain finance in the auto field. Relevant persons-in-charge with Ping An Group stated, supply chain is a natural and suitable application scenario where blockchain tech could be harnessed to solve issues. According to the report, the ALL-LINK system is a platform that serves supply chain finance, and also the first blockchain-based one in the auto industry created in strategic partnership with a fintech company. This auto supply chain solution via blockchain, on one hand, could expand the current product scope further and enhance the conveniency and availability of service. On the other hand, it could to a great extent make core enterprises and supply chain enterprises more competitive, supporting the coordinated development in the whole industry chain, Le Rongsheng, senior VP of FOTON Motor Group, said.
Presently, the four main application scenarios of blockchain in finance comprise trade financing platform, supply chain finance, asset penetration and SME loan, a staff of Ping An said. The application of blockchain technology is more than a technological reform, and it heralds the advent of digital economy.