The Implementation of Open Banking Under the Sovereign Blockchain Theory
Blockchain helps to break data silos and promote the orderly sharing of data, which become an advanced financial infrastructure to promote the development of open banking. The ‘Sovereign Blockchain Theory’ emphasizes that the blockchain must be based on the premise of safeguarding national sovereignty and network sovereignty, which emphasizes the governance of technology under legal regulation, regards the personal data rights protection as center, and innovatively evolves the consensus structure under the traditional blockchain into a co-governance structure, so as to form a pluralistic governance system for data sharing. In China, open banking faces some problems such as unclear ownership of financial data, contradictions in the rights of financial platforms and the lack of public trust, which can be effectively improved by applying blockchain. However, there are conflicts between the immutable nature of blockchain and the personal data portability right which is the core foundation of open banking. Also, the high openness of blockchain may threaten the security of financial data, and the decentralization of blockchain may make it difficult to define the institutional responsibility under the open banking field. In order to clear the legal barriers to the use of blockchain in developing open banking, China should achieve a balance between the protection of personal financial data rights and the innovation of blockchain under the ‘Sovereign Blockchain Theory’, interpret the law to implement the data portability right on blockchain with the principle of ‘Relative Deletionalism’, and clarify the responsible institutions on blockchain with the principle of ‘Substantive Control’. At the same time, it should also maintain the data control of financial consumers based on the Information Self-determination Theory and strengthen government supervision with the Social Control Theory as a tool. It is necessary to promote the development of open banking with the help of blockchain under the premise of safeguarding the personal right to personal financial data.
Fri 26 JulDisplayed time zone: Beijing, Chongqing, Hong Kong, Urumqi change
13:30 - 15:15 | Session 2 - Blockchain-based ApplicationResearch Track at The ballroom B Chair(s): Jiachi Chen Sun Yat-sen University | ||
13:30 15mPaper | A Blockchain based ReDoS Cyber Threat Intelligence Sharing System for Privacy-preserving and Incentive Comparability Research Track Yanran Tang Guangzhou University, Mengqing Cheng Guangzhou University, Mengyu Wang Guangzhou University, Yuan Zhou , Yuan Liu Guangzhou University, Chunming Rong University of Stavanger, Norway, Zhihong Tian Guangzhou university | ||
13:45 15mPaper | Empowering Autonomous IoT Devices in Blockchain through Gasless Transactions Research Track Yash Madhwal Skolkovo Institute of Science and Technology, Yury Yanovich Skolkovo Institute of Science and Technology; Faculty of Computer Science, HSE University, Aleksandra Korotkevich HSE University, Daria Parshina HSE University, Nshteh Seropian HSE University, Stepan Gavrilov ITMO University, Alex Nikolaev Moscow Institute of Physics and Technology, S. Balachander SRM Institute of Science and Technology, A. Murugan SRM Institute of Science and Technology | ||
14:00 15mPaper | A Blockchain based Efficient Incentive Mechanism in Tripartite Cyber Threat Intelligence Service Marketplace Research Track Yuan Zhou , Yuan Liu Guangzhou University, YaoYao Zhang Guangzhou university, Yang Qinglin Guangzhou University, Chunming Rong University of Stavanger, Norway, Zhihong Tian Guangzhou university | ||
14:15 15mPaper | Blockchain-Driven Innovation in Fashion Supply Chain Contractual Party Evaluations as an Emerging Collaboration Model Research Track Minhao Qiao The Hong Kong Polytechnic University, Xuanchang Chen The Hong Kong Polytechnic University, Yangping Zhou The Hong Kong Polytechnic University, P. Y. Mok The Hong Kong Polytechnic University | ||
14:30 15mPaper | The Implementation of Open Banking Under the Sovereign Blockchain Theory Research Track Mi Wang Liaoning University | ||
14:45 15mPaper | A Blockchain-based Trusted Sharing Method for Railway Transportation BIM Data Research Track Chenhao Wang Zhejiang University, Xiaogang Wang China Railway Engineering Design & Consulting Group Co. | ||
15:00 15mPaper | Security-aware Transactive Energy System with Virtual Power Plants Through Blockchain and Multi-Signature Research Track Peng Zhang Shenzhen University, Junpeng Peng Shenzhen University, Yuhong Liu Santa Clara University, Zujie Tang Shenzhen University | ||