Beijing to Use Blockchain, AI to Scrutinize Cross-Border Data Flows September 21, 2020 September 21, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsSeptember 21, 2020 by Kelly Cromley

Beijing to Use Blockchain, AI to Scrutinize Cross-Border Data Flows

China is preparing to trial a smart system to validate and administer flow of cross-border info in Beijing’s new free trade zone. The information was revealed by the State Council.

The country’s data localization rules came into effect three years back, but enforcement is still behind the mark. The rule necessitates cross-border transfers of crucial info to be approved by government authorities.

The domestic Beijing government has been advocating policy enforcement to increase adoption of technology.

The trans-border data flow administration trial is one of the initiatives under a broader program intended to track and restrict threats associated with free trade zone.

The system will utilize AI (artificial intelligence), big data, blockchain and 5G to validate the security of likely cross-border data transfer, in accordance with China’s data localization rules.

The trial intends to analyze whether the mechanized administration system can perfectly validate the threats associated with transfer of crucial data overseas, including firms’ info security documents and stored data.

The “comprehensive platform” will also be utilized to caution exporters of likely trade risks arising out of their exposure to foreign markets and rules.

The FTZ plan also reaffirms Beijing’s dedication in implementing blockchain and other advanced financial technologies.

The city will establish a specified “testing pilot zone” for China’s central bank digital currency. It will also utilize the central bank’s blockchain platform to develop a standards platform for trade linked financial dealings.

Chinese law necessitate that crucial info, segregated using data size or the type of data, are held within the country’s borders.

Beijing rolled out its grandiose plan to adopt blockchain in several facets of the city’s administration in July, including customs clearance, finance and real estate among others. The city intends to become an international centre for blockchain technology by 2022.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.