From "improving efficiency" to "promoting fairness and sustainability", WeBank Blockchain has a new mission

Meng Chenmingmin sent this from Aofei Temple
Quantum Bit | Public Account QbitAI

During the epidemic, a health code is essential for traveling.

The cross-city and cross-provincial flow of personnel and materials is vital to the economy and people's livelihood, but there are special difficulties between Guangdong and Macau.

According to the provisions of the Macau Personal Data Protection Law, personal data in Macau cannot be directly sent abroad through the data server, and the personal information and nucleic acid test information of residents in the Mainland and Macau can only be verified by local authoritative institutions.

The key is to establish a verification channel that can verify the authenticity and validity of the information submitted by users while protecting personal privacy .

The solution to the Guangdong-Macao health code cross-border mutual recognition system now relies on blockchain technology .

The blockchain can be likened to a publicly managed ledger in which the data cannot be tampered with, is traceable, and is anonymous.

With blockchain as a credible guarantee, cross-border institutions can ensure that data is authentic without directly transmitting and exchanging data.

At that time, Guangdong's "Yuekang Code" and Macau's "Macau Health Code" achieved mutual recognition with this system. It took an average of only 100 seconds to generate a customs clearance certificate for the first time, and it took only 3 seconds to obtain the certificate for the second customs clearance. By the end of 2021, more than 100 million people have passed the customs with health code customs clearance certificates.

Recently, the region has made new progress in cross-border trusted data verification. The first cross-border data verification platform in the Guangdong-Hong Kong-Macao Greater Bay Area, the Guangdong-Macao Cross-border Data Verification Platform, has been put into trial operation.

Currently, the first application of the platform - ICBC's "Qiang-Macao Credit Information Link" - has successfully completed its first business at the ICBC Hengqin Branch. It is expected that multiple application services will be launched based on the platform this year.

The Guangdong-Macao health code cross-border mutual recognition system and the Guangdong-Macao cross-border data verification platform are both developed based on the FISCO BCOS blockchain open source platform led by WeBank .

Blockchain applications such as cross-border data verification not only improve the efficiency of multi-party collaboration, but also are a model practice for implementing ESG concepts and serving the society and people's livelihood.

At the recent launch of its new brand “WeBank Blockchain”, WeBank proposed a new mission of “ building a trusted ESG infrastructure to promote fairness and sustainability ”.

ESG is a concept and practice that integrates multiple factors such as environment, society and governance in addition to financial information to measure a company's sustainable development capabilities and long-term value.

Since 2019, blockchain has been elevated to a national strategy, written into the "14th Five-Year Plan" and the Outline of the 2035 Vision Goals, and has become a part of the "new infrastructure."

Blockchain technology can play a key role in liberating the productivity of data factors, supporting ESG and promoting sustainable development of social equity.

How does blockchain deliver trust?

The original intention of blockchain is to solve the trust problem between people. Bitcoin and NFT are only a small part of its application. There is also a group of developers who use blockchain to do practical things, which have penetrated into social and economic development and come to you and me.

In fact, any link that involves transferring trust provides room for blockchain to play a role .

For example, trust needs to be established between individual consumers and businesses. Disputes are likely to arise over whether a product is genuine, whether it is easy to use, or whether the price is reasonable.

Tianyan Weizhen, a blockchain technology company, has adopted WeBank's open source blockchain technology to trace the origins of West Lake Longjing and Yangcheng Lake hairy crabs. By using the traceability and tamper-proof characteristics of blockchain, each agricultural product is given a unique identity.

After purchasing agricultural products, consumers can scan the code to learn about various testing and circulation information such as the product's origin, producer, and breeding information. In addition, the Internet of Things technology is combined in the data collection stage. Compared with the traditional manual reporting method, the authenticity of the data can be guaranteed from the source.

In this way, blockchain conveys trust between businesses and consumers, and promotes agricultural modernization and rural revitalization.

After talking about individuals and businesses, we can also talk about the issue of trust between businesses.

In an industrial chain, the delivery cycle of goods and money between upstream and downstream is often involved. For small and micro enterprises, accounts receivable and inventory will occupy cash flow and affect capital turnover.

The model of financing accounts receivable, inventory and prepayments is called "supply chain finance". Traditional supply chain finance requires tedious manual review, high labor costs and high fraud risks.

Sifang Jingchuang designed a supply chain finance platform based on FISCO BCOS, making good use of the characteristics of blockchain that cannot be tampered with, cannot be denied, and can be traced, so that banks can lend money with confidence.

This is how blockchain starts from conveying trust, accelerating the digitalization of the industry, and supporting the development of small and micro enterprises.

Blockchain combined with privacy computing can also be used in the medical field.

Yilianzhong’s resident health record circulation platform allows people to avoid having to repeatedly enter their health records during the referral process, while ensuring security and privacy while reducing medical costs and adding convenience to life.

This product is also built on the FISCO BCOS blockchain underlying open source platform.

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There are many blockchain companies and developers like this.

So far, WeBank Blockchain has brought together more than 3,000 enterprises and institutions and more than 70,000 individual developers to participate in the blockchain industry ecosystem. More than 200 benchmark applications have emerged in the open source community, covering a wide range of fields such as finance, government affairs, people's livelihood, medical care, industry and agriculture, and education.

How does WeBank Blockchain undertake the new mission of “building a trusted ESG infrastructure”?

Looking to the future, WeBank Blockchain announced that it will build a trust infrastructure for ESG, committed to accelerating the digitalization of the industry and contributing to sustainable development.

So why them?

Referring to WeBank’s exploration over the past seven years, we can connect the dots and conclude that it can be attributed to efforts in three areas.

• Clarify development concept

• Holding core technology

• Establishing an industry ecosystem

First of all, in terms of development concept, we need to make correct judgments based on market demand and industrial environment.

Does technology embrace open source? Real economy or virtual economy?

These choices determine where blockchain technology will go.

The choice of WeBank is clear at a glance:

Technology should be open source and continue to serve the real economy.

Now that we have got the steering wheel right, the next thing to solve is the power issue.

One of the driving forces, of course, is technology.

In this regard, FISCO BCOS, a financial-grade blockchain underlying platform developed by WeBank, adopts a microservice architecture design to achieve modular hierarchical governance and parallel expansion, and can support large-scale scenario applications.

With this as the underlying foundation, WeBank Blockchain has further developed a series of open source technology components and solutions based on the needs arising in the actual application process, such as privacy protection and distributed message collaboration, and has currently formed a full-stack open source technology architecture.

Since 2019, blockchain technology has been included in one of the major development strategies at the national level. Therefore, independent control and localization of technology have gradually become a necessity for development.

FISCO BCOS has currently achieved all-round and full-link localization support.

At the same time, combined with its own development philosophy, the FISCO BCOS platform was officially open to the public in 2017.

WeBank also actively participates in the blockchain standard-setting work of multiple international standardization organizations such as ISO and IEEE, enhancing my country's international voice and standard-setting power in the international blockchain field.

The second driving force also depends on people, that is, the ecological construction.

The open source ecosystem built by WeBank Blockchain and other parties has gathered more than 3,000 companies and institutions, as well as more than 70,000 developers. But this is far from enough. How to gradually radiate technology to every corner of society and how to make it last longer are the big questions that need to be considered now.

Here, WeBank took the lead in speaking out and launched the new brand "WeBank Blockchain", exploring the direction of ESG (environment, society and corporate governance).

In the past, financial technology represented by blockchain has played more of a pioneering role, and has continued to extend to key industries such as government affairs and people's livelihood, improving the efficiency of multi-party collaboration.

On top of this, how to promote social equity and sustainable development and provide support for national strategic goals such as dual carbon and rural revitalization is WeBank Blockchain’s current new mission.

In addition, WeBank has also integrated the ESG concept into its talent training system, hoping to cultivate more compound talents who understand blockchain and have ESG concepts.

These talents will then be invested in the construction of the blockchain ecosystem.

What role will blockchain play in promoting sustainable development of social equity in the future?

Let's wait and see.