Abstract
Big data-based credit reference gradually attracts wide attention due to its ad-vantages in remedying the shortages of traditional credit reference and dealing with new challenges arising from financial credit management. Nevertheless, this new method is also adapted through different studies and experiments to be problematic with island of credit information and information security. Some researchers begin exploring the possibility of applying blockchain technology to the individual credit reference field. The business links in the individual credit reference can be innovated through the blockchain mechanism so that credit data from different industries get collected through peering points, secure communication and anonymous protection on the basis of such techniques as distributed storage, point-to-point transmission, consensus mechanism and encryption algorithm. In this way, it is feasible to solve island of information and enhance the protection of user information security. A promising future can be expected about the big data-based credit reference, but there are also many problems with blockchain-based credit reference in China.
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Notes
- 1.
It is specified in Article 2 and 14 of Credit service industry Management Regulations, personal information acquisition is limited to credit-related information, and the scopes of personal information that can and can`t be collected by the credit service agencies are defined.
- 2.
It is specified that “when credit service agency or information supplier or user obtain the permission from information subject through contractual terms and conditions, prompt that can attract the attention of information subject shall be offered in the contract in combination with explicit explanation” in Article 19 of Credit Service Industry Management Regulations, and “information user shall use the personal information for the proposes agreed with the information subject instead of using it for any other purpose, or provide the information for a third party without gaining the permission from the information subject” in Article 20.
- 3.
In accordance with Article 30 of Credit Service Agencies Management Methods, “the credit service agencies shall assess the safety of the credit information system according to national classified information security protection criteria. The information systems of level 2 security protection shall be assessed once every two years while those of level 3 or above shall be assessed every year”.
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Acknowledgement
The paper is a periodical achievement of the 2018 school-supported scientific research program A Study on Liability Theories about Insider Trading of Financial Derivatives of Beijing Institute of Technology, Zhuhai (XK-2018-19).
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Liu, Cy., Chen, C. (2019). Application and Challenges of Blockchain Technology to Big Data-Based Credit Reference in China. In: Chen, JL., Pang, AC., Deng, DJ., Lin, CC. (eds) Wireless Internet. WICON 2018. Lecture Notes of the Institute for Computer Sciences, Social Informatics and Telecommunications Engineering, vol 264. Springer, Cham. https://doi.org/10.1007/978-3-030-06158-6_15
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