Construction starts on platform for SZ-HK data verification
Mutual data verification between Shenzhen and Hong Kong are expected to be further streamlined and improved in the future, following the commencement of the construction of the Shenzhen-Hong Kong Cross-border Data Verification Platform. It was announced at the 2023 China (Shenzhen) FinTech Conference held in Futian yesterday morning.
The platform offers various cross-border data verification services, including insurance claims, real estate mortgages, bank account openings, wealth management, asset transfers, and marriage certificates. Consequently, it effectively resolves cross-agency, cross-industry, and cross-scenario data collaboration issues between Shenzhen and Hong Kong.
Developed as a joint effort between China (Qianhai) Internet Exchange, Shenzhen Credit Service, Hong Kong Science and Technology Parks, and WeBank, the platform is based on the distributed data transfer protocol (DDTP) and the domestic open-source blockchain underlying platform FISCO BCOS.
Leveraging blockchain's technical advantages, which ensures data cannot be tampered with and is traceable, the platform achieves trusted verification of data through cross-border verification of hash values without storing or transmitting the original data files.
Several institutions such as Bank of China Shenzhen Branch and Bank of East Asia have participated in testing the platform.
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