Our blockchain technology, built using our proprietary architecture, facilitates peer-to-peer communications and smart contracts and ensures trust, transparency, and security for financial institutions and SMEs’ transactions.
The BaaS platform and underlying architecture are infrastructure technology platforms that have been independently developed by OneConnect to provide financial institutions and SMEs with standardized and accessible blockchain services.
The findings from this research, vetted by the Blockchain Association Singapore, follow an earlier Memorandum of Understanding (MOU) between OneConnect and SMU in 2019 to develop a Proof of Concept (POC) to investigate the characteristics of quantum computing for distributed ledger technologies (DLTs). The report focused on studying quantum algorithms that could augment blockchain technology in the area of robust large-scale consensus.
While reviewing various types of consensus mechanisms and the suitability of quantum computing in business, the research has shown that the inherent constraints faced by classical DLTs known as the “blockchain trilemma”, or the notion of improving all three fundamental attributes of blockchain – speed, security and size – at once could be broken by quantum technologies, thus increasing potential business usage. For current blockchains, a longer time is required to reach a consensus for highly secure DLTs, and increasing the speed of consensus leads to lower security.
The world’s first consortium chain commercial network used in large-scale production environments.
The OneConnect blockchain team has designed, developed, and deployed its first overseas cooperative project − a blockchain-based international trade finance platform, eTradeConnect for Hong Kong Monetary Authority.
Leveraging blockchain’s distributed ledger technology of oneConnect, financial institutions will potentially be able to access real-time, secure and comprehensive trade information to conduct their risk assessment on loans. Similar processes will become more efficient, and potentially reduce financial costs for companies by digitalising trade documents in trade loan applications.