Hong Kong Monetary Authority: The Shenzhen-Hong Kong cross-border data verification platform will establish one blockchain node each in Hong Kong and Shenzhen

ChainCatcher news, according to a report by Caixin, Deputy Chief Executive of the Hong Kong Monetary Authority, Howard Lee, pointed out that it has been decided together with the People’s Bank of China to regularize the "cross-border credit information interconnection" business pilot launched in 2024. This pilot covers the Guangdong-Hong Kong-Macao Greater Bay Area, with Hong Kong and Shenzhen taking the lead. Participating institutions include 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 independently obtain personal or corporate data from data providers and upload it to the designated platform, where a 64-bit hash code is generated using encryption algorithms. The other party across the border (the data user) matches it with the same 64-bit hash code, thereby enabling legal cross-border data transfer and ensuring that the data cannot be tampered with by users.