On March 27, China Finance published an article "Blockchain Technology and the Construction of Open Banks". The article points out that open banking is becoming a new trend in the development of the world and domestic banking industry, showing a trend of controversy. During the digital transformation, major domestic banks have also formulated an open banking strategy, actively embraced openness, and intended to build an open, shared, and win-win ecosystem, and provide customers with "ubiquitous, meticulous" banking services.
However, the core of open banking is open data. How to use technology to achieve a safe and controllable shared exchange of data among all parties under the premise of regulatory compliance has presented severe challenges to large commercial banks, small and medium banks, and third-party service providers. It is also a major problem that open banks need to solve urgently. Blockchain technology naturally has a variety of characteristics such as distributed ledger, cryptography, consensus mechanism, and smart contracts. It can solve the problems of data privacy and information sharing, provide a technical foundation for all parties in the ecosystem, and truly break the barriers and cooperate. Win and realize the vision of open banking.
