The Institute of Electrical and Electronics Engineers Standards Association (IEEE SA) has recently approved the development of an international standard titled "Guide for Blockchain-Based Data Transfer Applications (IEEE P3250.03)". Spearheaded by China’s digital banking leader, WeBank, this initiative seeks to establish the first global standard for trusted personal data portability. This new framework is expected to unlock data's value while promoting secure and seamless international data sharing.
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Addressing global challenges in data transfer
As data usage rapidly expands, the challenges surrounding personal data circulation and productivity have become central issues worldwide. Personal data, making up the largest segment of data, often encounters obstacles in transferability due to misaligned interests and responsibilities among involved parties. Many regions, including the European Union and China, have implemented data protection laws that recognize personal data portability rights. However, achieving a truly global, trusted solution remains difficult due to limitations in existing models.
Utilizing blockchain for data security
WeBank’s leadership in developing the new standard centers around a comprehensive framework that defines the roles and responsibilities of stakeholders while emphasizing key requirements and processes for trusted data transfer. Blockchain technology is leveraged to ensure traceable, tamper-proof transfers through hash value comparisons. This empowers individuals to initiate and oversee their data transfers, strengthening trust and security across organizational boundaries.
Proven practical solutions and future impact
WeBank's journey to achieving secure data portability started with its Distributed Data Transfer Protocol (DDTP) in 2021. This blockchain-based solution has since powered cross-border data verification platforms in the Guangdong-Hong Kong-Macao Greater Bay Area, demonstrating large-scale feasibility and collaboration. By contributing to more than 70 international and industry standards, WeBank continues to drive innovation and shape global data practices. Its leadership in this IEEE initiative further solidifies its influence in the international standardization landscape.
