China-based blockchain startup Juzhen Financials has planned to release its own blockchain technology for banks this year, CoinDesk reported.

The Shanghai-based company has been working actively with Chinese blockchain alliance ‘ChinaLedger’ after raised $23 million in Series A funding round led by Wanxiang Holdings, last September. Juzhen is also involving into developments from the West including the launch of Hyperledger's Fabric and R3's Corda products.

“We are designing our product based on our own thorough understandings of our members' businesses and needs,” Ada Xiao, Juzhen's director of overseas marketing, told CoinDesk.

According to Xiao, a former associate at Fenbushi Capital, the blockchain technology by Juzhen will push breakthroughs in privacy, access control, and biometrics. She also said that the company is working with its own customers, apart from the members of ChinaLedger blockchain consortium, in order to explore and test the potentials of 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 added.

According to the estimation by Xiao, Juzhen Financials will be releasing a beta version of the technology in the second quarter of this year. the release of the commercial offering of the product will be by the end of 2017.