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Mazhitao, vice president and CIO of Weizhong Bank: blockchain can effectively promote the flow of data elements and help the integration of Dawan district

Time : 26/10/2021 Author : 8e0mnf Click : + -
        Digital technology represented by can play an important role in cracking the ice of institutional differences in Guangdong Hong Kong Macao Greater Bay area, supporting the leap of the real economy and enabling social governance innovation, and can help promote the integrated development of Guangdong Hong Kong Macao Greater Bay area into a new era of 2.0. Mazhitao, vice president and chief information officer of Weizhong bank, said at the meeting that the integrated development of Guangdong Hong Kong Macao Great Bay area is facing core challenges such as institutional differences and lack of digital infrastructure., In particular, the alliance chain is recognized as a trust transmission machine in the field of technology. Based on blockchain technology and individual led distributed data transmission protocol, it can effectively promote the flow of data elements and help the integrated development of Dawan district.
 
        The report shows that Guangdong, Hong Kong and Macao Greater Bay District has strong support for blockchain policies, with 106 blockchain related policies in 2021; Throughout the year, there were 3282 invention patent applications related to blockchain, accounting for 31% of the national total; Dawan district has active innovation and entrepreneurship, rich application scenarios, and the "talent magnet" effect appears. It is understood that the Guangdong Hong Kong Macao Greater Bay area is becoming a testing ground for many scientific and technological innovations. At present, a number of outstanding enterprises or institutions in the Greater Bay area, such as Weizhong, Tencent, Ping An and Huawei, have prospectively deployed many cutting-edge technologies represented by blockchain, and effectively carried out a series of major innovation practices, such as the construction of trusted infrastructure and the exploration of domestic open source innovation ecosystem.
 
        From the perspective of patent application enterprises, Ping An Group, Tencent, oneconnect intelligent technology, Weizhong and other enterprises in Dawan District account for the top of the number of blockchain invention patent applications. By the end of 2021, among the top 20 enterprises, 9 were headquartered in Guangdong Hong Kong Macao Greater Bay area, and the number of blockchain invention patents applied for accounted for as high as 53%. Fan Gang, President of China (Shenzhen) Comprehensive Development Research Institute, pointed out that due to the characteristics of blockchain, such as privacy, mutual trust of real information, and repeated information without repeated verification, the transaction efficiency has been greatly improved. New problems lead to new thinking and new demands. Only by continuously increasing technological innovation and industrial innovation can we achieve sustained high growth.
 
        "At present, the application results of blockchain in Guangdong Hong Kong Macao Greater Bay area have been very rich. The number of blockchain filing projects is at the forefront of the country, and a number of blockchain leading enterprises are emerging, which can not only effectively solve the current poor circulation of people, goods and funds caused by the institutional differences in Guangdong Hong Kong Macao Greater Bay area, but also help the cross-border and cross domain use of data elements." Tang Jie, a professor at the school of economics and management of Harbin Institute of Technology (Shenzhen), believes that new technologies such as blockchain should actively explore application scenarios in Dawan District, and advocates open source for enterprises with leading technologies to create a good ecosystem. It is worth mentioning that Guangdong Hong Kong Macao Greater Bay district relies on blockchain and other cutting-edge technologies to safely realize the flow or utilization of trusted data in a complex environment in accordance with the law, improving the efficiency and benefits of people flow, logistics and capital flow, and providing a powerful source of power for the development of digital economy.
 
        Take the online reconciliation platform between financial institutions launched in August 2016 as an example. By storing business capital information and transaction information online, the platform establishes an open and transparent trust mechanism with cooperative banks, optimizes the reconciliation process between banks, reduces the labor and time costs of cooperative banks, and improves the timeliness and accuracy of reconciliation. It is understood that financial business cooperation requires frequent data exchange, Bill reconciliation and other complicated work, and has high requirements for the timeliness and accuracy of accounts. The traditional reconciliation method involves a large number of manual processes, which not only leads to high costs at the user end and the background business end of financial institutions, but also affects the development of frequent micro payment business.
 
        The reconciliation platform between financial institutions has maintained zero fault operation since its launch. Relying on this platform, the inter-bank transaction data has achieved second level synchronization and t+0 day quasi real-time reconciliation, meeting the requirements of strong supervision and high security of banking information technology. So far, the number of transactions recorded on the platform has exceeded 200million. Mazhitao, vice president and chief information officer of Weizhong bank, said in an interview with reporters that no matter what type of technology, it needs to really "run" in production to drive its ability. "So we chose the scenario of cross institutional objects to verify the strength of our blockchain technology.". As for the reasons for using cross-border reconciliation, Ma Zhitao told reporters that wechat bank adopts the business model of connecting partners, and usually needs to carry out business with many partner institutions.
 
        The traditional reconciliation method is time-consuming and laborious, and it is not real-time. It is often t+1 or even t+2 that can complete a complete reconciliation cycle. Blockchain has the characteristics of multi-party participation and tampering, so it uses these characteristics of blockchain to make it "run" in production, so it establishes an inter financial institution reconciliation platform.
 
        
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