China's Biggest Blockchain Startup Will Release New Tech in 2017

Shanghai-based Juzhen Financials plans to launch its own proprietary blockchain technology for banks this year.

AccessTimeIconJan 18, 2017 at 1:00 p.m. UTC
Updated Sep 11, 2021 at 1:00 p.m. UTC
CoinDesk - Unknown

Juzhen Financials plans to launch its own blockchain tech for banks in 2017.

The largest China-based blockchain startup, Shanghai-based Juzhen raised $23m in September 2016 to target a similar demographic to Western startups Digital Asset Holdings and R3CEV.

Since then, Juzhen has been actively working with the ChinaLedger blockchain consortium, as well as paying attention to developments from the West, including, its representatives said, the launch of Hyperledger's Fabric and R3's Corda products.

Ada Xiao, Juzhen's director of overseas marketing, told CoinDesk:

"We are designing our product based on our own thorough understandings of our members' businesses and needs."

A former associate at Fenbushi Capital, Xiao said that Juzhen's technology will tout "breakthroughs" in privacy, biometrics and access control. The firm, she indicated, is working with members of the ChinaLedger consortium, as well as its own customers, to refine and test the technology.

"We will be using Juzhen's product as the underlying layer and intend to build all our applications on top of it, that includes what we are working on for ChinaLedger members," she said.

Xiao estimated the company will release a beta version of the product in Q2, with the goal being to release a commercial offering by the end of 2017.

Laboratory image via Shutterstock; Juzhen image via Pete Rizzo


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