Data infrastructure

WeBank, the first private and digital bank on the mainland headquartered in Shenzhen, led the open-source consortium blockchain platform FISCO BCOS in 2017 and has registered more than 3,000 companies and organizations. Fan Ruibin, head of WeBank Blockchain, said cross-border mutual data recognition is problematic in the health care sector because nucleic acid testing results fall under data privacy protection, which can only be verified by local authorities.

He said the blockchain platform can address data protection concerns. The blockchain data integrity can apply to more scenarios, including digital asset proof to open bank accounts, pledges for loans, and to manage personal wealth across the border. "It will become an important information infrastructure, like the Hong Kong-Zhuhai-Macao Bridge," he said.

"When the infrastructure is in place, applications we haven't even thought of will be stimulated. The demand is constrained because of the incomplete infrastructure." Fan looks to the governments in the Greater Bay Area to promote more blockchain projects for wider adoption.