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China’s Peer to Peer Lending Meets Blockchain as Dianrong Joins Hyperledger Project

Last Updated March 4, 2021 4:52 PM
Justin OConnell
Last Updated March 4, 2021 4:52 PM

Chinese peer to peer platform Dianrong.com announced it will join Hyperledger Project, one of the world’s largest blockchain initiatives. According to the company’s press release, “Dianrong.com is the first Chinese P2P company to succesfully join the project.”

Joining Hyperledger marks an important milestone for Dianrong (formerly SinoLending) as it attempts to make inroads into the blockchain industry.

With the implementation of peer to peer regulations, Dianrong says it is dedicated to staying open to various financial technologies.

The Linux Foundation established the Hyperledger project in 2015 in order to develop open, cross-industry, global blockchain standards, as well as develop the technology for enterprise in order to make a variety of operations increasingly cost-effective.

Hyperledger’s founding members include IBM, Intel and JP Morgan, as well as financial organizations like the Chicago Board of Trade and the German Stock Exchange.

Hyperledger’s Chinese members include communications companies like Huawei, and Wanda Network Technology Group, Hang Seng Electronics, and Chinese online finance companies.

Six new members were welcomed to Hyperledger yesterday, helping the company cross the 100 members milestone.

Indeed, according to information available to the public, Dianrong claims to be the only peer to peer company among Hyperledger’s 22 Chinese members.

“Construction of the blockchain infrastructure is now basically complete,” the company stated in a release.

The CEO of Dianrong told Lendit Summit in Shanghai this past summer the peer to peer company would put $30-$40 million towards blockchain technology research and Internet lending technology. The company had its eye towards better internet trust protocols, a field vastly important to the peer to peer lending landscape.

Dianrong.com’s spokesperson commented that “blockchain technology allows anonymous transactions to take place between two mutually unfamiliar entities, and can thus be used in Internet lending models. Dianrong.com is also researching how blockchain technology can be used in the fields of consumer finance, credit lending, and contract verification.”

Dianrong.com says it has built a self-controllable blockchain infrastructure. “This infrastructure allows other similar companies in the industry, manufacturers and banks, etc. to join, where they can share and utilize related information, as well share information related to financial trading and asset management,” the company states in a press release.

“We are currently in the process of engaging further with various parties and cooperating partners,” said the spokesperson.

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