Chinese bank Suning to use consortium blockchain for fraud prevention

suningChinese bank Jiangsu Suning will be testing blockchain technology to share data about customers with bad credit scores. Right now its takes time and money to verify customers with bad credit scores as the process is more centralised. With the blockchain tech, the members of the consortium will be able to check credit scores in a more expedited (& cheaper) way.

The banks involved in the consortium will be able to share credit scores of suspected borrowers in a distributed ledger. Each participating banks will have a node and have access to original list shared by the Suning. The benefit to Suning is that it will be able to access the suspected borrower list of the participating banks.

Suning was founded in 2017 and was the first online-to-offline commercial bank in China to provide loans to small and medium businesses. Suning also formed a consortium blockchain in September last year to share data about the domestic letters of credit.CITIC and Minsheng were part of the consortium. It is unclear what banks are involved in the present consortium



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