Guangdong releases China's first local financial off-site supervision blockchain system

According to Sina Finance, Guangdong Province ’s Local Financial Risk Monitoring and Control Center and Guangzhou Financial Risk Monitoring and Control Center today announced the country ’s first local financial off-site regulatory blockchain system. This system is a new type of system that uses blockchain technology to conduct off-site supervision of the local financial industry. It can achieve real-time synchronization of core information such as funds, assets, and transactions of financial institutions, and real-time detection and early warning of prominent risks. The Center for Prevention and Control stated that the center researched and developed the system under the guidance of the Guangdong Local Financial Supervision Bureau and the Guangzhou Local Financial Supervision Bureau. The system can effectively solve the asymmetric and unreliable information of financial institutions and regulators in traditional supervision methods. Waiting for the pain points, assist the supervisory authorities to strengthen supervision, guide the legal and compliant operation of financial institutions, better protect the legitimate interests of financial investors and consumers, reduce the occurrence of conflicts and disputes from the source, and maintain local financial stability.