On September 23rd, China UnionPay, IBM and Feitian jointly demonstrate how to achieve inter-bank shared card points through block chain technology during Global Block Chain Summit in Shanghai. Consumers could complete inter-bank integral exchange to redeem gifts after a few simple operations within 1 minute.
The bank card points exchange platform is an innovative attempt by applying block chain technology. Bank card points is an important means of banks to attract and maintain customer loyalty. However, it has been trouble for users since the points of different banks could not be shared. For banks, it’s a challenge to achieve integration and sharing of bank points system by using conventional techniques. And the cost will be pretty high. The block chain technology based on Hyperledger Fabric that China UnionPay, IBM and Feitian launched has successfully created a network for exchanging bank points. The project has innovative integrated online and offline channels through block chain technology. Along with the advancement of industry application, users are expected to use bank points to redeem goods by scanning in any supermarket or shopping mall that equipped with intelligent POS. In the future, all kinds of bonus points such as flight mileage, phone bills, gas card, catering and so on could also participate in freely convertible and exchange.
Feitian provides the security access solutions for UnionPay block chain platform to enable mobile wechat client docking hyper ledger integral exchange platform. Users could inquire and use UnionPay points by operating on Feitian platform. The platform has user identity authentication system based on OTP. Each transaction could be successfully executed only after authenticating by OTP which could verify user identity as well as ensuring the safety of user’s assets.
As a leading brand in security certification in China, Feitian has been focused on innovative new technologies. China UnionPay, IBM and Feitian explore in the field of financial payment together. It’s an important attempt to build and perfect the financial block chain cooperation system. The financial block chain industry is still not mature, the exploring will be a strong force for the whole block chain industry.