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WeBank, China's leading digital-only bank, aims to transition from its permissioned consortium blockchains toward more public-oriented ones, highlighting the potential of "Open Consortium Chain 2.0." As it seeks greater openness, the move signifies WeBank's intent to harness the burgeoning opportunities presented by the web3 era.
With its permissioned WeBank blockchain having processed over 400 million transactions, averaging 300,000 daily, the bank currently boasts around 30 blockchain applications. WeBank's CIO and EVP, Henry Ma, initially proposed a "Public Alliance Chain" in 2018, envisioning an open ecosystem that encourages participation for all. However, he acknowledged the resistance to supervision among enthusiasts of public blockchains.
Ma's vision aligns with Hedera and Korean Klaytn blockchains offering open access. However, the governing Council, comprising large corporations, retains control over node permissions and writing data. Unlike Klaytn and Hedera, WeBank's goal does not involve the use of cryptocurrency.
To foster greater openness, WeBank plans to enable light nodes for read-only access to its blockchain. The bank's blockchain currently operates on the FISCO BCOS platform—an open-source blockchain founded by WeBank, Tencent, Huawei, ZTE, and numerous other Chinese organizations. Positioned as a challenger to enterprise blockchain Hyperledger Fabric, FISCO BCOS is coinless and accessible to the public.
With around 4,000 organizations utilizing FISCO BCOS across 300 applications, WeBank remains committed to the platform's ongoing development. As WeBank charts its course toward greater openness, the integration of Open Consortium Chain 2.0 marks a significant step in unlocking the potential of web3.
WeBank, China's prominent digital-only bank, was established by Tencent, responsible for the widely-used WeChat app. Tencent holds a significant stake, approximately 30%, in WeBank.
Renowned for its fintech innovation capabilities and inclusive financial services, WeBank was named the "2023 Best Global Digital-Only Bank" by the Asian Banker. The bank also earned recognition for being the "Best Digital-Only Bank in Asia Pacific" and for its "Best Chatbot/Voice Banking Service."
Photo: Donald Wu/Unsplash
