China Finance: Blockchain Technology Can Realize the Vision of Open Banking

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.