WeBank Leads the Approval of a Distributed Data Transfer International Standard, Promoting Trustworthy Personal Data Portability

WeBank Leads the Approval of a Distributed Data Transfer International Standard, Promoting Trustworthy Personal Data PortabilityRecently, the website of the globally recognized international standards organization IEEE SA (The IEEE Standards Association) announced the approval of the Distributed Data Transfer International Standard (Guide for Blockchain-Based Data Transfer Applications, IEEE P3250.03)

WeBank Leads the Approval of a Distributed Data Transfer International Standard, Promoting Trustworthy Personal Data Portability

Recently, the website of the globally recognized international standards organization IEEE SA (The IEEE Standards Association) announced the approval of the Distributed Data Transfer International Standard (Guide for Blockchain-Based Data Transfer Applications, IEEE P3250.03). This standard was spearheaded by WeBank and marks the first international standard in the field of trustworthy personal data portability. Its establishment will help accelerate the release of the value of data elements and enhance China's international voice in data circulation.

As the application of data elements deepens, promoting data element circulation and liberating data productivity has become a widely discussed issue globally. Among all types of data, personal data accounts for the highest proportion. Due to the frequent need for inter-enterprise circulation, the inconsistency between the responsible entity and the beneficiary entity poses the greatest challenge to its circulation. In recent years, several countries and regions have established the right to data portability in their data protection legislation. For example, the EU's General Data Protection Regulation (GDPR) and China's Personal Information Protection Law grant individual users the right to actively carry their personal information across platforms, creating new opportunities for the circulation and use of personal data.

In practice, the industry has gradually formed two different personal information portability development models: platform-led and government-led. However, limitations such as platform monopolies and a lack of incentive mechanisms still exist. Therefore, the industry has yet to reach a consensus on a universally recognized international standard for "trustworthy personal information portability."

The Distributed Data Transfer International Standard, approved this time, was proposed by WeBank. Its essence is a general application framework guideline, covering the rights and responsibilities of relevant parties, process models, basic principles, and key requirements. The core principle of its application model is to make users key participants, allowing them to initiate personal information data transfers and upload it independently, thus realizing the right to personal data portability. The project leverages the tamper-proof and traceable nature of blockchain technology to achieve trustworthy verification of user-initiated information portability through hash value verification. This helps relevant parties achieve multi-party collaboration and trustworthy data transmission under legal and regulatory compliance, unleashing the value of data elements.

Earlier, WeBank released the "DDTP: Distributed Data Transfer Protocol" white paper in 2021. This marked the first practical solution in China based on the concept of "blockchain + personal information portability." Subsequently, WeBank, as the overall solution designer and blockchain technology supporter, utilized the domestically developed open-source blockchain technology (FISCOBCOS) and the Distributed Data Transfer Protocol (DDTP), to support the construction of the Guangdong-Macau Cross-border Data Verification Platform and the Shenzhen-Hong Kong Cross-border Data Verification Platform. These efforts demonstrate the feasibility of this solution.

As of October 2024, the Guangdong-Macau/Shenzhen-Hong Kong Cross-border Data Verification Platforms have achieved full coverage of the 9+2 city cluster in the Guangdong-Hong Kong-Macau Greater Bay Area, serving over 20 financial institutions in the region across eight cross-border data verification scenarios. In September 2024, led by the Shenzhen Municipal Internet Information Office and the Hong Kong Monetary Authority, the Shenzhen-Hong Kong Cross-border Data Verification Platform working mechanism meeting approved WeBank's wholly-owned subsidiary, WeBank Technology Limited (hereinafter referred to as "WeBank Technology"), as the operator of the Hong Kong side of the Shenzhen-Hong Kong Cross-border Data Verification Platform. WeBank Technology will provide cross-border data services to institutions in both Shenzhen and Hong Kong.

Adhering to the standardization strategy of "guiding practice with standards and using practice to feed back standards," WeBank strives to standardize its technology R&D iteration through existing standards. Simultaneously, it promotes advanced technology and application practices to form "de facto standards." WeBank actively participates in international standardization organizations like ISO and IEEE to promote advanced Chinese fintech and practical experiences globally, establishing internationally recognized legal standards and facilitating the integration of Chinese technology with the world.

For example, in the ISO-released international standard, "Blockchain and Distributed Ledger Technology Use Cases," Chinese companies contributed four use cases, of which two were based on the FISCOBCOS platform developed under WeBank's leadership.

Since its inception, WeBank has participated in the publication of over 70 standards, including international, national, and industry standards in areas such as blockchain, artificial intelligence, privacy computing, and digital transformation. WeBank has consistently been included in the "Leader" list of enterprise standards in the financial sector for several years. The approval and leadership in developing IEEE international standards further demonstrates WeBank's growing international voice and impact on the global stage.

The approval of this standard signifies significant progress in China's technological innovation and standard development in the field of trustworthy personal data portability. It also offers new ideas and solutions to drive the global data element market. In the future, as the standard is further refined and promoted, it will facilitate personal data circulation and application, drive digital economic development, and enhance China's international influence in data circulation.