Editor’s note: This was written by Zhong Weixiao, the head of the Technical Team at PINTEC’s Dumiao, and responsible for the overall technology architecture and implementation of the Smart Credit business modules. Before joining PINTEC, he worked for Nokia and several software companies. 

Blockchain is currently one of the most popular technologies. The technology is increasingly used in the financial sector, beginning with cryptocurrencies and cross-border transfers, to more recent applications, such as asset-backed securitization.

Blockchain is essentially a distributed ledger technology. For example, many businesses involve multiple parties, and different parties need to initiate transactions at the right time. These different parties need to be able to complete the flow of business and synchronize information across these various transactions. Usually, two participants in a business will define a set of data interaction interfaces that contain requests and queries for the business to be conducted. Both parties need to develop applications for these interfaces to ensure the correct implementation of their business rules.

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