ChinaLedger, a distributed ledger technology (DLT) based coalition led by Wanxiang Blockchain Labs, has released its first white paper, Bitcoin Magazine reported.

Titled, “Whitepaper of Distributed Ledger for Applications in Chinese Capital Market”, the white paper outlines the technical specifications of the technology and vision for the future. In particular, it describes the role ChinaLedger will play in the development and commercialization of the technology in China.

“ChinaLedger is more of an alliance that aims to maintain a shared base platform with common features together while constructing their applications on respective implementations of the base platform. In this regard, ChinaLedger is an alliance with a resource sharing model”, the white paper reads, as quoted by Bitcoin Magazine.

ChinaLedger aims to address various regulatory conflicts and will formulate a nationwide standard for the implementation of DLT in collaboration with its 11 regional commodity exchanges. The alliance intends to build an ecosystem which will serve as a platform for industry participants to build applications on top of a standard distributed ledger protocol modeled after its base platform.

The alliance will work with the Internet Securities Commission of the Securities Association of China (SAC) for establishing the industry standard protocol for using DLT.

Importantly, ChinaLedger is actively exploring the development of distributed ledgers beyond the financial sector. The major categories where its base platform will be utilized are capital side, asset side and non-financial side:

• Capital side: It refers to the application of DLT as a currency and a method of transferring stores of value in a flexible and scalable network. For example: Bitcoin.
   
• Asset side: ChinaLedger will also explore blockchain application in a number of industries and markets that oversee trillions of dollars worth of assets and non-monetary properties, which includes marketable securities, bulk assets, rights and interests, and credits of loyalty programs. It will focus on these four assets and properties with its shared base platform to leverage the full potential of the technology to settle, store or process stocks, bonds, futures, funds, options, commodities and other physical assets.
   
• Non-financial side: ChinaLedger will also explore and develop unique DLT-based platforms and technologies applicable to industries beyond the realm of financial sector in China.

According to Bitcoin Magazine, ChinaLedger initially aims to get involved in the capital market by introducing a “settlement coin” pegged to fiat currency. In due course of time, it expects to detach itself from fiat and work independently, processing 100,000 transactions in one second and demonstrating a large daily volume of 80,000,000 data points or transactions.