From facilitating cross-border communication to protecting migrant workers, what has blockchain done in the Greater Bay Area? | Seminar Review

On August 16th, the second phase of the "Chain Building Sustainability" ESG Seminar "Blockchain Boosts the Integration of the Greater Bay Area" jointly organized by Weizhong Blockchain and the FISCOBCOS open source community of the Golden Chain Alliance was held online.

This seminar was presided over by Lin Junlong, head of WeBank's blockchain strategic cooperation, Li He, WeBank's blockchain CMO, Chen Xiaoquan, head of the Fintech Department of Shenzhen Securities, Zhu Qinqin, director of the Certification Center of Shenzhen Fintech Association, Jian Song Feihu, founder of Xinzhuhe, shared many practical cases of "blockchain+" in the fields of cross-border circulation of data elements in the Guangdong-Hong Kong-Macao Greater Bay Area, finance and social and people's livelihood services.

As pointed out in the "Digital "Chain" Greater Bay Area - Report on the Integrated Development of the Guangdong-Hong Kong-Macao Greater Bay Area (2022) released by the China (Shenzhen) Comprehensive Development Research Institute, the number represented by the blockchain Technology can play an important role in breaking the ice of institutional differences in the Guangdong-Hong Kong-Macao Greater Bay Area, supporting the leap-forward of the real economy, and empowering innovation in social governance, and can effectively promote the integrated development of the Guangdong-Hong Kong-Macao Greater Bay Area into a new era of 2.0.

Facilitate cross-border exchange of data elements

As early as February 2019, the "Guangdong-Hong Kong-Macao Greater Bay Area Development Planning Outline" pointed out that the comprehensive and practical cooperation between the nine cities in the Pearl River Delta and Hong Kong and Macao should be deepened to promote the convenient and orderly flow of personnel, materials, capital and information.

However, due to the large institutional differences in the Greater Bay Area, there are strict restrictions on the direct cross-border transfer of personal data between institutions, and there has been a lack of credible digital infrastructure to support collaborative innovation in the past. WeBank Blockchain CMO Li He said that the combined application of blockchain technology and Distributed Data Transmission Protocol (DDTP) provides a solution. The principle is based on the right to portability of personal information,
The user actively initiates personal information data transmission and uploads it by himself, and at the same time realizes data verification,
And user authorization records are uploaded to the chain, the whole process is traceable and auditable, and finally achieves credible data transmission and collaboration across institutions, industries, scenarios, and even cross-border.

At present, WeBank has realized the verification of this feasible technical solution, and based on the blockchain and DDTP protocol, it has helped Guangdong and Macao to implement a series of innovative practices. In May 2020, the cross-border mutual recognition system of "Yuekang Code" and "Macau Health Code" was officially launched.
Using the open source technology of Weizhong blockchain, users can carry and declare their personal health information independently, and upload them to the chain through verifiable digital certificates, so that relevant institutions in Guangdong and Macao can still use the data without directly transferring and exchanging user data. It is convenient to verify the authenticity and validity of information in seconds. By the end of 2021, the system has served hundreds of millions of people crossing the border between Guangdong and Macao. 2022
In March, WeBank once again assisted the governments of Guangdong and Macao to launch a cross-border data verification platform for Guangdong and Macao. The first function realized by the platform is the cross-border verification of the credit information of Macao residents. When Macau residents obtain personal asset information on the Macau side in the mobile application,
The "data fingerprint" is stored by the Guangdong-Macao cross-border data verification platform for the Hengqin side agency to verify the authenticity of the data. The whole process
It can be completed in 5 minutes, which greatly improves customer experience and bank operation efficiency.

"Blockchain + talent exchange" is also another important issue for the cross-border exchange of data elements in the Guangdong-Hong Kong-Macao Greater Bay Area. Taking financial technology talents in the Greater Bay Area as an example, in the past, there was a lack of mutual recognition of qualifications and information asymmetry in Guangdong, Hong Kong and Macau. , Confirm the problem of high cost.
In August 2020, the "Bay Area Fintech Talent Chain" was officially released, based on the underlying open source platform of the blockchain, FISCOBCOS,
WeIdentity, the open source solution for "entity identification and trusted data exchange" of Wezhong blockchain, conducts trusted verification based on blockchain technology for the certificate of the "Shenzhen, Hong Kong and Macau Financial Technician" professional plan. Up to now, the Shenzhen-Hong Kong-Macao Fintech Professional Program has produced thousands of licensees.

Zhu Qinqin, director of the Certification Center of Shenzhen Fintech Association, said that the on-chain fintech certificate brings convenience to licensees and employers in Guangdong, Hong Kong and Macao. Before the certificate is on the chain, employers need to verify the authenticity of the certificate The certificate holder can check the academic certificate and some supporting materials on the Xuexin website. After the certificate is chained, the employer can directly scan the QR code on the certificate to obtain the authenticity information, and can fully trust the result.

Serving finance, but also serving the society and people's livelihood

In addition to promoting the cross-border exchange of data and talent elements, many regional service cases based on the underlying open source platform of the FISCOBCOS blockchain are also emerging.

The Guangdong-Hong Kong-Macao Greater Bay Area is one of the regions with the most active financial business, and "blockchain + financial services" is also an area of concern.
The Shenzhen Stock Exchange Financial Blockchain Platform built by Shenzhen Securities Communication Co., Ltd. (Shenzhen Tongtong), a holding technology company of Shenzhen Stock Exchange,
It has been widely used in multiple business scenarios, including certificate deposit service, electronic signing service, risk data sharing system, regional equity supervision data reporting service and regional equity financial comprehensive service platform.

Taking the regional equity financial comprehensive service platform as an example, according to Chen Xiaoquan, head of the Financial Technology Department of Shenzhen Securities, the entire platform is based on blockchain construction. The chain of custody is connected, the core data of all businesses is uploaded to the chain, and each step of business operations is stored with certificates, which greatly improves the efficiency and legal validity of equity business processing, and lays a solid foundation for data sharing in regional equity markets in the future. At the same time, it also provides strong technical support for the realization of scientific and technological supervision, and helps the capital market to serve the real economy.

In addition, the application of blockchain technology to society and people's livelihood can give full play to the power of science and technology to promote goodness.

The settlement of migrant workers' wages in the construction industry has always been a pain point for the society and people's livelihood. Due to the long service chain in the industry, low management coordination efficiency, and complicated account reconciliation, migrant workers often face difficulties in obtaining evidence, calculating amounts, and collecting wages.

Feihu Feihu, the co-founder of CCB and co-founder, mentioned in the theme sharing of "Blockchain Helps Safeguard the Labor Value of Migrant Workers", based on the
The "transparent labor service platform" created by FISCOBCOS provides laborers with the services of objective labor certificate, labor value reconciliation and efficient and transparent settlement by utilizing the technical characteristics of blockchain distributed ledger and non-tampering. Converted to trusted digital assets on the chain, filling the gap between the real labor results of migrant workers and the actual value exchange. While ensuring the safe and timely realization of real labor value, it greatly reduces the internal work of document making and auditing, improves the management efficiency of the enterprise, and reduces management costs.

At present, since the launch of the "Transparent Labor Service Platform" for one year, starting from the Guangdong-Hong Kong-Macao Greater Bay Area, it has served 16,000 employees in 17 provinces across the country.
A number of migrant workers have paid more than 7 million yuan in labor fees. The payment process nodes have been significantly simplified by 60%, and financial manpower has been saved by about 80%. The salary payment that originally took 1-2 days to complete is sharply reduced to 1-2 minutes. , which shortens the payment voucher management time that required several people and took 2-3 days to be completed automatically within 1 minute.

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