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Suning releases blockchain white paper

July 23, 2018


Abstract : Suning Institute of Technology, Suning Institute of Finance and Suning Cloud on July 20 jointly release Suning blockchain white paper which explains application scenarios of blockchain in fields of retail, logistics, technology, finance, etc.

suning

BEIJING, July 23 (Xinhua) -- Suning Institute of Technology, Suning Institute of Finance and Suning Cloud on July 20 jointly release Suning blockchain white paper which explains in detail the application scenarios of blockchain in the fields of retail, logistics, technology, finance, cultural and creative industries while point the future of blockchain technology service in other industries.

The blockchain technology builds a unique credit mechanism that is very promising, according to Qiao Xinliang, vice president of Suning science and technology group, noting that the white paper is Suning’s in-depth summary of blockchain’s using scenarios in smart retail through its own technology, business and functional system.

The white paper highlights solutions under specific conditions and Suning hopes to provide valuable reference to industry peers, according to Qiao.

Suning blockchain technology currently has application scenarios including smart retail, finance and Internet of Things (IoT) and can act as practical technical reference for the industry, according to Yao Ping, technical director of blockchain R&D center at Suning IT headquarters.

In retail sector, for example, combining with its "smart retail" strategy, Suning uses blockchain technology to combine users' consumption needs in various aspects such as food, clothing, housing, and entertainment to create multi-scenario, more interesting and socialized shopping experience for users, which creates member ecology with improved user stickiness.

For finance, blockchain products such as blacklist sharing and letter of credit have been successively launched which made financial services more transparent and efficient.

Financial transactions, supply chain management, intelligent manufacturing, culture and entertainment, medical and health, social welfare, education and employment will all be application scenarios of blockchain technology in the future, according to Liu Xiaofan, associate professor of the School of Computer Science and Engineering at Southeast University. (Edited by Niu Huizhe, niuhuizhe@xinhua.org)

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Keyword: Suning China-brand

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