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Shanghai insurance exchange blockchain underlying technology platform and technical white paper were officially released

Time : 26/06/2022 Author : 7g4hit Click : + -
        CNR Beijing, September 1 (reporter Houjie) Shanghai Insurance Exchange officially released the blockchain underlying technology platform (hereinafter referred to as "insurance chain") today, aiming to provide blockchain infrastructure for insurance transactions across the industry, build a stable, efficient and safe insurance trading environment, and lead the scientific and technological progress and innovative development of the industry. The first use of the self-developed golang national secret algorithm package, the high concurrency processing ability to support 50000 policy fingerprint data uplink processing per second in the scenario of digital policy deposit, and the deployment mode to support flexible configuration have enabled the insurance delivery chain to show its advantages of high security, efficient operation, high-speed access in insurance transactions, settlement, anti fraud and supervision.
        At the same time, the white paper on the underlying framework technology of insurance and transportation chain has also been officially released. It is committed to working with partners to create a new insurance format with high efficiency, low cost and more security, and to achieve a win-win new ecosystem for blockchain technology research and development. The official launch of the insurance delivery chain directly hits the long-term pain points in the field of insurance transactions, such as non sharing of information and information asymmetry, and takes advantage of financial technology to accelerate the scientific and technological progress of the industry, reflecting the deep integration of financial technology and the insurance industry, which helps to improve the operational efficiency of the insurance industry, consolidate the credit cornerstone of insurance transactions, accelerate the speed of financial innovation and product iteration, and enable insurance to benefit the masses and society in a wider range and at a deeper level, Guide insurance to return to the source of guarantee, and promote the innovation of products and services in the insurance industry; It is conducive to further serving the real economy, preventing financial risks, and promoting the supply side structural reform of the insurance industry, which is of great significance for improving China's financial innovation ability and seizing the voice and dominance of international financial science and technology.
        The use of asymmetric information to defraud insurance, the loss of policyholder customer information, theft and sale, and the low compensation efficiency have restricted the healthy development of the insurance industry for a long time. In the context of financial innovation, how to use blockchain to improve the efficiency of insurance transactions and ensure the security of insurance transaction information has become an important task for Shanghai insurance exchange. After hard research and exploration, the blockchain technology team of the insurance exchange selected the open source bottom layer that is more in line with the alliance chain of the insurance industry as the basis for the transformation. At the same time, it determined three major transformation directions: operation and maintenance monitoring transformation, software development tool transformation, and state secret algorithm transformation. Finally, it created an insurance exchange chain that can basically realize independent control, easy operation and maintenance upgrading, easy development, and high performance.
        Unlike other blockchains, the security chain has remarkable characteristics in three aspects: security system, flexible deployment and application development: first, the security chain has developed and loaded the golang algorithm package that supports the state secret algorithm, and has cooperated with the password and computer security laboratory of Shanghai Jiaotong University to conduct effectiveness and security tests, making the security chain more secure and controllable in practical application; The security chain supports the international standard cryptographic algorithm, which can meet the security requirements of international business. In the early stage, the insurance exchange signed a framework cooperation agreement with the password and computer security laboratory of Shanghai Jiaotong University, committed to building a secure and reliable blockchain underlying technology platform and promoting the localization of cryptographic algorithms in the financial system.
        Second, the nodes of the insurance and transportation chain can realize the two deployment modes of local deployment and the custody deployment of the insurance and transportation exchange cloud platform according to the needs of enterprises, so as to shorten the deployment cycle, reduce the development cost, and facilitate the rapid access of different types of institutions. Third, Baojiao chain provides a convenient and efficient application development interface. Through API unified interface services and standard development kit (SDK) with separated functions, it meets the needs of developers in application development, system management and system operation and maintenance, and supports agile development and rapid iteration of business scenarios. In addition, the insurance delivery chain also has four other characteristics: first, regulatory audit. The CA configuration module of supervision can meet the audit requirements of supervision and the compliance requirements of business parties.
        Second, reliable performance. Through performance optimization, configuration parameter adjustment and efficient application design, the performance requirements of enterprise applications can be achieved. Third, monitor operation and maintenance. The perfect monitoring system monitors blocks, transactions, networks, CPU memory and storage in real time, pays full attention to the health of blockchain networks, and realizes the real-time early warning function of system layer and application layer. Fourth, multi chain architecture. The underlying architecture takes into account the system performance, security, reliability and scalability in a balanced way, introduces the concept of "channel", realizes the data isolation and access rights control of different businesses, provides rich smart contract templates, and ensures that the traffic chain can support the deployment of multiple chains at one time. Through the service collection mechanism, the insurance chain with seven characteristics has formed four service systems, including identity authentication service system, consensus service system, contract service system and platform service system; Through functional commonality, we can realize three support systems: data security and encryption and decryption support system, application support system, and data exchange protocol support system.
        In terms of performance, it has reached the enterprise application level; In terms of development, operation and maintenance, we have achieved rapid development, three-dimensional operation and maintenance, and flexible deployment, further improving industry efficiency and reducing industry costs; In terms of security, we should meet the security requirements of the national financial system, improve industry information security, and consolidate the cornerstone of industry credit; In terms of regulatory compliance, technical supervision replaces the traditional institutional supervision to meet the requirements of regulatory audit and the compliance needs of business parties. At the end of 2016, blockchain technology was listed in the 13th five year plan for national informatization for the first time. As a new and underlying it technology, blockchain has built a network of asset transactions and value transmission between multiple participants without the assistance of intermediaries, by virtue of its characteristics of consistent data storage and tamper proof, so as to improve the efficiency of value interaction and reduce costs.
        The emerging "blockchain finance" is being used as the underlying framework, bringing disruptive changes to the entire financial system. As an industry infrastructure and comprehensive service platform, Shanghai Insurance Exchange has defined the policy of "science and technology office" since its establishment in June 2016, and is committed to giving full play to the functions of the platform, concentrating resources inside and outside the industry, and exploring the first application of financial technology such as blockchain in the insurance industry. On the basis of fully combining the actual needs of the application of the insurance industry, the insurance exchange has spared no effort to build a "insurance exchange + blockchain" model, using financial technology to support the innovation and development of the industry and build the infrastructure of the insurance industry. This model has several prominent functions: first, to create a new pattern of connectivity.
        Open up the insurance industry horizontally, realize the information sharing of transaction resources, open up the upstream and downstream industrial chain of the insurance industry vertically, give full play to the positioning role of the insurance exchange infrastructure, reduce insurance transaction friction, improve transaction efficiency, and reduce transaction risks. The second is to build a win-win ecosystem in the insurance industry. As an independent third-party platform, the insurance exchange led the insurance industry to jointly promote blockchain technology. By opening up the underlying architecture to some member units, it achieved resource linkage and integration, saved industry investment costs, and worked together to create a blockchain win-win ecosystem. Third, reshape the foundation of insurance credit. As a national insurance factor market approved by the State Council, the insurance exchange naturally has industry authority. Combined with the blockchain with the characteristics of decentralization, openness, sharing, anonymity and tamperability, it can jointly consolidate the credit cornerstone of the insurance industry, establish a national credit system in a low-cost, efficient and transparent way, and promote the development of Inclusive Finance.
        Fourth, support the scientific and technological progress of the industry. Based on the attitude of cooperation and openness and the original intention of serving the insurance industry, the insurance exchange will establish a blockchain alliance in the insurance industry on the basis of members, jointly promote the application of blockchain industry and accelerate the scientific and technological progress of the industry; Through cooperation with colleges and universities, accelerate the research and talent training of blockchain technology in the insurance industry, and provide intellectual support for the scientific and technological progress of the industry. The insurance exchange has always adhered to the technology driven innovation mode, adhered to the market positioning of the comprehensive service platform and industrial infrastructure, committed to the innovative use of the latest achievements of financial technology, and focused on building an "innovative centralized platform for basic operation services". At present, the blockchain underlying technology platform has been successfully launched, and the "technical white paper on the underlying framework of insurance delivery chain" has been formulated and released. The pilot work of two business scenarios, digital insurance policy and policy pledge registration, has also been implemented. In the future, we will continue to work with relevant insurance institutions to promote the implementation of nine business scenarios, providing support for the insurance industry to reduce costs and increase efficiency.
        Today, the Shanghai Insurance Exchange issued the Interim Measures for the administration of insurance accounts to all member units, aiming to establish a standardized, modern and intensive system of insurance account rules in the field of insurance transactions in China, so as to lay a solid institutional foundation for standardizing the trading activities of the trading participants of the Shanghai insurance exchange and improving the standardization level and degree of account management in the insurance industry. Recently, a 4-year-old child in Zhenxiong County, Zhaotong City, a poor area in Yunnan Province, unfortunately suffered from malignant tumors and was in urgent need of large medical expenses. Fortunately, the child is the guaranteed object of "worry free plan — — children's Insurance gifts". The project has realized the docking of social donation funds with insurance products and underwriting companies through the insurance bidding platform of Shanghai insurance exchange.
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