Chinese financial firms form blockchain consortium Blockchain is the cutting edge in the internet finance technology(FINTECH); it will have a huge impact on the financial business model and financial technology framework. Currently, many big international financial institutions have set up their block chain operations one by one. For example, R3 Corporation founded R3 Consortium in September 2015 to develop CORDA; Global blockchain Committee was established in November 2015 in Dubai; LINUX Foundation began to build HyperLedger in December 2015;Japan set up the block chain alliance (BCCC) in April 2016. Chinese financial institutions and financial technology companies will not fall behind. As a result,theFinancial Blockchain Consortium (Shenzhen) founding conference was held in Wuzhou hotel,Shenzhen, China on May 31st, 2016, to mark that the Financial Blockchain Shenzhen Consortium has been formally established. Financial Blockchain Shenzhen Consortium, referred to as FBSC, which aims to integrate and coordinate research resources in financial Block chain technology to create synergy and coordination mechanisms for financial blockchain technology research and development; improve member companies’ research ability in financial blockchain technology, and to explore, develope, and realize applicable financial blockchain for financial institutions and application scenarios based on blockchain. The foundation of FBSC was initiated by Essence Securities, JD Finance, Bosera Asset Management Co.,Ltd, Chongqing Share Transfer Center, FIRST CAPITAL SECURITIES CO. LTD, Funde insurance holdings Co.LTd., Guosen Securities Co., Ltd, HUNDSUN TECHNOLOGIES INC, China Southern Asset Management Co.,Ltd.,Ping An Bank,QiLu Over-the-Counter Stock Market, Ping An Financial Technology Consulting Co.Ltd.,Webank,SHENZHEN KINGDOM SCI-TECH CO.,LTD., Shenzhen Financial Information Service Association,ShenzhenYsstech Info-tech Co.,Ltd, Genesys Information Technology Co., Ltd., Shenzhen Forms Syntron Information Co,Ltd.,Bankledger Technologies, Shenzhen Securities Communication Co.Ltd, WuhanEquity Exchange,China Merchants Securities Co. Ltd., China Merchants Bank Nekwork Technology(Shenzhen)Co.,Ltd, Z-Park Equity Trading Service Co. Ltd., China Securities Credit Investment Co., Ltd.These 25 financial agencies and financial technology companies signed the consortium agreement at the conference. FBSC also include six member companies, they are SINO SAFE GENERAL INSURANCE CO., LTD.,Huawei, QIANHAIEQUITYEXCHANGE, Foresea Life Insurance CompanyLimited,Tencent Technology (Shenzhen) Company Ltd,and Shandong City Commercial Banks Alliance. Representatives and key technical leaders from all above 31 financial institutions and companies attended this Financial Blockchain Shenzhen Consortium founding conference&the first membership conference. During the conference, Doctor QingchunShentu represented the preparatory committee group to introduce the FBSC founding preparation; the conference participants also deliberated and voted to pass the consortium constitution; the following sixteen financial agencies and financial technology companies were elected as the bureau members of FBSC. They are Essence Securities, JD Finance, Bosera Asset Management Co.,Ltd, Funde insurance holdings Co.LTd, Guosen Securities Co., Ltd., HUNDSUN TECHNOLOGIES INC., China Southern Asset Management Co.,Ltd., Ping An Bank, QIANHAI EQUITY EXCHANGE,Shenzhen Financial Information Service Association,SHENZHEN KINGDOM SCI-TECH CO.,LTD,Bankledger Technologies, Shenzhen Securities Communication Co.Ltd., China Merchants Securities Co. Ltd.,China Merchants Bank Network Technology(Shenzhen)Co.,Ltd, China Securities Credit Investment Co., Ltd. The conference elected Shenzhen Financial Information Service Association as FBSC’s executive secretariat agency. Based on FBSC’s secretary-general Mr. Li Shen’s nomination, Bureau of FBSC appointed Bank ledger Technologies’ CEO Mr.Shentu Qingchun as FBSC’s Executive Vice Secretary-General, it also appointed the director of Shenzhen Securities Communication Co.Ltd. research and development department No2 Mr. Su Xusheng and the research director of Webank’s innovation Mr. Yao Huiya as Vice Secretary-Generals. During the second session of the conference, representatives discussed, reviewed and approved FBSC's research subject plan. WeBank’sChief Information Officer Mr.MaZhitao hosted this session. The research plans are “Research of outside Share Trade Market Platform Based onBlockchain”that will be led by Shenzhen Securities Communication Co.Ltd. and other related stock Transfer agencies, “Basic Technology Platform of Blockchain ”, “Blockchain Cloud Services” and “Primary And Secondary Market Of Block Chain Financial Products” that will be primarily researched by Web bank , “Blockchain Credit Services” will be led by China Securities Credit Investment Co., Ltd. Meanwhile, Funde insurance holdings Co. LTd will be responsible for the research of “Blockchain’sApplications In Integration Field”,Ping An Financial Technology Consulting Co.Ltd will be responsible for “Digital Diamond (marriage Insurance) ”,JD Finance is responsible for “ABS Cloud Service based on Blockchain” and “Digital Asset Registration and Transfer”.There are also other research subjects, such as “Blockchain invoice management topics bill” and “Ethereum light wallet” led by HUNDSUN TECHNOLOGIES INC, “Blockchain technology’s applications in banking financial tools” led by China Merchants Bank Nekwork Technology(Shenzhen)Co.,Ltd.The host Mr. Ma and the secretariat of FBSC have reviewed all those subjects during the second session. Shenzhen Financial Information Service Association co-president Zhou Tianhong, Gao Hong, Wang Deying delivered speeches respectively. Zhou Tianhong pointed out every research group shall implement specific tasks; strengthen communication and cooperation in order to improve the efficiency of research and development. Gao Hong pointed out that after the blockchain is in operation, it will become an innovative and disruptive new business model, clients is one of the most important marketing factors, financial institutions should work together to provide customers with better services. Wang Deying said the establishment of FBSC will improve the innovation of Shenzhen’s science and technology,but there are also many challenges in the development and application of the blockchain technology, FBSC should regularly hold blockchain technical training meetings and scenarios application discussion meetings to ensure every subject research progress smoothly. All the distinguished guests and members of FBSC expressed high expectation for FBSC’s establishment. The establishment of FBSC will accelerate the accumulation and digestion of technical knowledge in the financial agencies and financial technology companies. The collective efforts of all the participants will accelerate the adoption of blockchain technology and to promote the development of blockchain technology in China and around the world.