Bank of Hongkong will be the first block chain used in case of mortgage fraud to promote financial innovation in Hongkong

Bank of Hongkong will be the first block chain used in case of mortgage fraud to promote financial innovation in Hongkong


In March 6th, China Bank (Hongkong) general manager of Information Technology Department Zheng Songyan said, BOC Hongkong is trying to block chain technology in the mortgage business, the use of chain store and transfer block content and the appraisal report, since its launch in November last year, has handled more than 2500 property valuation cases, is expected by the end of March will cover 8 of the same kind business, effectively curb mortgage fraud, improve the efficiency of the approval documents.

Zheng Songyan said, “the blockchain technology is a” simple encryption mechanism “, has been studied for decades. Bank of Hongkong will “block chain” used in relatively simple operations, such as for mortgage loans, involving property valuation delivery table and approval documents, complex. In the “block chain” system, the parties involved in the business to get files directly from the network, and can ensure the document is genuine, and traceability process, greatly enhance the difficulty of forgery.

Block chain as one of the most popular technology innovation nowadays, also may be a revolutionary technology to subvert the future human business model, its essence is a distributed technology books, through distributed data storage, consensus algorithm, encryption algorithm, point to the high-tech combination of a series of transmission network, to ensure that the data can not be tampered with, permanent preservation.

Zheng Songyan stressed that the use of the Internet information transmission is very efficient, but the online information is easy to tamper. “Blockchain can transfer files between the two ends of, will not be tampered with. This will provide convenience for the mortgage, such as mortgage insurance policy loans, can inform the insurance company of the Internet, you can view the bank loan approval.

Zheng Songyan said that at present there are 2 Hongkong valuation company into the line of the “block chain” system, is expected by the end of March will reach 5, at the same time, the end of June there will be 4 other banks in the system.

In addition to the “block chain”, the Bank of China Hongkong is also in an automatic teller machine, such as the implementation of the “finger vein branch counter” certification, to provide convenience for the people easily forget the password. Zheng Songyan said that the fingerprint authentication security is relatively low, and the finger vein hidden in the body, be copied or stolen the possibility is very small.

The Hongkong SAR government is to encourage enterprises to carry out financial innovation and application of science and technology. BOC Hongkong actively carry out financial innovation of technology and application, the implementation of the Hongkong SAR government financial development of science and technology policy. In addition, Hongkong’s financial institutions and start-ups in application scheme of active research, using “blockchain” technology insurance claims, cross-border remittance services, reduce the cost and risk of false trading.

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