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Chinese P2P Lending Platform Joins Hyperledger Project

The Linux-led Hyperledger Project recently announced a partnership with Chinese peer-to-peer (P2P) platform Dianrong.com. The company will utilize blockchain technology to further the platform’s future progression.

Also read: Third Blockchain Project Joins Hyperledger Incubator

Hyperledger Partners With P2P Lender Dianrong.com Achieving 100 Active Members

dianrongOpen source distributed ledger project Hyperledger recently revealed six new alliances including Dianrong.com (formally SinoLending), ZhongChao Credit, Shanghai Gingkoo, and others. The additional collaborations gives the Hyperledger Project a massive 100 member participants. Hyperledger has been adding a vast amount of Chinese businesses to the project, such as its recent Wanda Group partnership. Dianrong.com will be the first P2P platform to join the initiative.

“Construction of the blockchain infrastructure is now basically complete,” detailed Dianrong.com’s spokesperson in a statement.

Former Lending Club Chief Technology Officer, Mr. Soul Htite founded Dianrong.com with Kevin Guo in China back in 2012. The company performs similarly to the Lending Club and says its platform helps the lending needs within the Chinese region. The company offers small consumer and business loans in RMB. Dianrong.com says the company has recently been researching how blockchains may enhance credit lending and contracts.

Dianrong.com Will Invest $30-40 Million Into Blockchain R&D Over the Next Two Years  

Mr. Soul Htite founder and CEO Dianrong.com

A spokesperson for Dianrong said the technology will allow anonymous transactions between strangers, which is perfect for online lending. The company stated it has a nearly finished version of a blockchain product currently in development. The framework will allow certain entities to “share and utilize” secure data the spokesperson revealed. This includes trading and asset management within financial markets amongst several partnerships.

“We are currently in the process of engaging further with various parties and cooperating partners,” explained Dianrong.com’s spokesperson.

Back in November Dianrong.com detailed the company had become one of China’s top three P2P lenders. While announcing the milestone CEO Soul Htite explained the company was focused on blockchain technology. Htite said the firm would invest US$30-40 million into blockchain R&D over the next two years. The company believes applying distributed ledgers to P2P lending will reduce certain costs significantly.         

What do you think about Dianrong.com joining the Hyperledger Project? Let us know in the comments below.

Images courtesy of Shutterstock, and Dianrong.com websites

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Tags in this story
blockchain technology, Dianrong.com, Hyperledger project, p2p lending, Soul Htite
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Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.