Hong Kong Monetary Authority: The cross-border data verification platform between Hong Kong and Shenzhen has established a blockchain node in both Hong Kong and Shenzhen

ChainCatcher news, according to Caixin, the Vice President of the Hong Kong Monetary Authority, Ruan Guoheng, pointed out that it has been decided in conjunction with the People's Bank of China to regularize the "cross-border credit information exchange" pilot program to be launched in 2024. This pilot covers the Guangdong-Hong Kong-Macao Greater Bay Area and will be trialed first in Hong Kong and Shenzhen, with participating institutions including 7 local retail banks in Hong Kong such as HSBC, Standard Chartered, and Bank of China Hong Kong, as well as 3 local credit reporting agencies.

The pilot has incorporated the Shenzhen-Hong Kong cross-border data verification platform, which uses blockchain technology to establish a node in both Hong Kong and Shenzhen. Users can autonomously obtain personal or corporate data from data providers, upload it to the designated platform, and generate a 64-bit hash code using encryption algorithms. The other party in the cross-border transaction (the data user) matches this with the same 64-bit hash code, thereby enabling the legal cross-border transfer of data while ensuring that it cannot be tampered with by users.