GXB Blockchain (GXB) 公信宝白皮书.pdf

GXB Blockchain White Paper Blockchain-Based Decentralized Data ExchangeChina Hangzhou Credit Data Technology Co., Ltd. - 2017/2/2 GONGXINBAO BLOCKCHAIN公信宝区块链BDGXB.IO 1杭州存信数据科技有限公司1. Summary 32. Glossary 43. Current Issues in Data Exchange and Business Pain Spots 63.1 Issue of Data Precipitation 63.2 Lack of Awareness of Individual Privacy Protection 63.3 Issue of Insufficient Data Updatedness and Data Fabrication 74. Data Trading Opportunities of Internet Finance Industry 85. GXB Data Exchange on Product 95.1 Introduction to the Business Process 95.2 Free Market and Alliance Market 105.3 Product Features 115.4 No Challenge to State Regulation on Administration of Credit Investigation Industry 135.5 Control of Data Fraud 145.6 Product Ecology Architecture Chart 156. GXB Data Exchange on Technology 166.1 gxChain 166.2 Perance Optimization 176.3 How to Solve the Issue of Blockchain Data Expansion 176.4 How to Prove There Is No Precipitation Data in GXB via the Cryptographic 18GONGXINBAO BLOCKCHAIN公信宝区块链BDGXB.IO 2杭州存信数据科技有限公司1. SummaryAn ideal data exchange shall enable both parties to a transaction store, transfer and exchange data with minimum risks and costs. We have redefined a new product named GXB, which is built upon the idea of decentralization and blockchain technology, to bring about the ideal data exchange. In the first place, GXB Data Exchange breaks the deadlock to get rid of “data precipitation” existing in traditional data exchanges. By virtue of decentralized peer-to-peer data exchange and asymmetric encryption of transactional data, no third party other than the buyer is able to access the data. Therefore, GXB Data Exchange can guarantee the best interests for the data source and safeguard the transaction privacy of both parties, who are kept anonymous by GXB. In addition, it enables the equal exchange between enterprises with a wide gap in their data volumes, facilitates authentication of digital assets ownership and effectively curbs data fabrication in data exchange. GXB Data Exchange, a universal data exchange plat and an alliance chain based on the blockchain technology, is applicable to data exchange in all walks of life. Its typical customers range from pan financial enterprises e.g. banks, P2P lending, automobile finance, consumer finance, petty-loan companies, etc to government organizations and insurance agencies with data exchange demands. In order to better demonstrate its applications and more promptly access to the market, we first opt to use basic source data on individual credit as the primary digital assets and set customers in the pan financial field as the target group at the initial stage.GONGXINBAO BLOCKCHAIN公信宝区块链BDGXB.IO 3杭州存信数据科技有限公司2. Glossary GXB Coin refers to the token used for settling data transactions at GXB Data Exchange. Its price is permanently fixed and its exchange rate to CNY is set at 11. GXB’s operator serves as the acceptor to provide the exchange service between GXB Coins and CNY. Node refers to the client at GXB Data Exchange. Each client is an independent node and all clients are connected with each other via P2P network links. Digital Assets refers to the data traded at GXB Data Exchange, including but not limit to track record on loan repayment, overdue payment, lending, high-risk fraud, everyday credit, court enforcement, industrial and commercial credit, social security and housing fund contribution, consumption, bill payment to telecom operators, etc. Trading Parties refers to data buyers and sellers at the Data Exchange. Data Source refers to the source of data assets for sale at the Data Exchange. Merchant refers to the members who are qualified to transact at the Data Exchange, mainly including banks, P2P lending, consumer finance, automobile finance, petty-loans, insurance companies, telecom operators, government agencies and data companies. Data Source Merchant refers to the data source vendors, being GXB Merchants at the same time, who are qualified to sell data. Alliance refers to the alliance made up by a group of Merchants trading and exchanging their own data. Data within an Alliance shall only be traded between its members. Alliance Member refers to each Merchant who has joined the Alliance. Data owned by Alliance Members fall into the same category. Alliance Members are both vendors and vendees. White List each Alliance controls the members qualified for trading via the Whitelist mechanism. All members in the Whitelist are Alliance Members qualified for trading. Merchants added into the Whitelist become Alliance Members automatically. Blacklist Blacklist members are prohibited from any trading activities. Smart Contract A Smart Contract is a set of promises defined in a digital , which contains an agreement that sets forth both parties are obliged to fulfill such promises as provided in the agreement. At GXB Data Exchange, a Smart Contract is initiated by the vendee requesting for data, in which specifies the type, identity, price, maximum number of entries, ceiling price and other conditions of the data to be traded. Once a Smart Contract is initiated, it is broadcast to the data source nodes carrying the same type of data and will be responded if such data are found at the data source. Then, the transaction is concluded if the final contract is successfully matched. GONGXINBAO BLOCKCHAIN公信宝区块链BDGXB.IO 4杭州存信数据科技有限公司Broadcasting refers to message transferring between the nodes distributed on the network through the blockchain network. Items to be broadcast may be a Smart Contract or a text message. Peer-to-peer Transmission refers to the peer-to-peer P2P technology, also known as the peering network technology. It is a new kind of network technologies. GXB adopts the P2P technology for data transmission instead of any centralized server. Asymmetric Encryption The very same secret key is used for both encryption and decryption in the context of symmetric encryption algorithm, while two separate secret keys, i.e. the public key and private key, are used for encryption and decryption when asymmetric encryption algorithm is applied. Clean Network Commission The Clean Network Commission is a non-profit unit under GXB to manage data fabrication. The unit holds an account to collect GXB Coins turned in as penalties and issues rewards to the best perers in each quarter and the members who have made a remarkable contribution to a clean network. The list is announced on a regular basis.GONGXINBAO BLOCKCHAIN公信宝区块链BDGXB.IO 5杭州存信数据科技有限公司3. Current Issues in Data Exchange and Business Pain Spots3.1 Issue of Data Precipitation At present, “data precipitation” is seen in most data trading plats also called data exchanges available in market. Data precipitation means data trading plats offer data service via the API interface and sell the data obtained from other data sources under agency agreement as they do not have their own data. Each datum is cached once it is sold, thus gradually generating a cached database of grand scale. Then in the future, data trading plats read and sell the data out of their local cached database, without having to request for the same data from the data source. In this way, data sources can only sell the same data to a plat and make profit for once. It not only damages the interests of data sources but also fails to establish data ownership or to track data sources. What is more serious is that many data trading plats are vulnerable due to poor security awareness; their cached databases are frequently liable to become the target of hackers who would steal the data. This is one of the ways how data is leaked. In the field of internet finance, for example, there are strong demands for trading and exchanging of data on perance of financial agreements. However, once a trading plat precipitates its exchanged data, there is no way such data could be accessed by others. Because with all those data precipitated on the plat, if it branches out to lending and financing business one day, other market players will come to realize they have unconsciously cultivated a strong rival. Moreover, as such data are always sensitive and personal in nature, there will be serious consequences if those data precipitated on data trading plats are recklessly sold or leaked. 3.2 Lack of Awareness of Individual Privacy Protection There is still no unified understanding on many major problems concerning legislation on credit investigation so far. In particular, it is highly controversial when it comes to legislation on individual credit investigation system, e.g. identification of the scope of individual privacy, qualification audit of the credit investigation companies, etc. Therefore, continuous monitoring should be required in addition to the support of relevant laws and regulations on the protection of individual privacy. However, currently before such legislation is in place, data containing individual privacy has been traded GONGXINBAO BLOCKCHAIN公信宝区块链BDGXB.IO 6杭州存信数据科技有限公司arbitrarily in the data trading market, without consent of the individual himself. Besides, the popularity of the emerging internet finance in recent years has directly triggered surging transactions of individual data. There lies a big market behind the scene. 3.3 Issue of Insufficient Data Updatedness and Data Fabrication Think about the perance of internet financial agreement. Data precipitation is quite usual on data trading plats or in big data companies. So, most financial service companies are unwilling to connect to such data trading plats and play as a data source. Moreover, as many data transactions pay little attention to user authorization, data sources tend not to offer real time data to data traders. What buyers obtained is the data generated a few months or even a year ago, which leads to the insufficiency in data updatedness. Or even worse, many data directly come from the black market. Under such a dubious background, it is hard to remain unsuspected of data authentication. Please refer to the article published by the official Wechat account of a financial magazine “Chaos in Credit Investigation A Company uated at Billions by Stealing and Selling over Thousands of Millions Data on Black Market”. GONGXINBAO BLOCKCHAIN公信宝区块链BDGXB.IO 7杭州存信数据科技有限公司4. Data Trading Opportunities of Internet Finance IndustryThe current data trading market in the field of financial agreements perance is still a scene of chaos, there are no good solutions. Firstly, the national public authority the Credit Reference Center of the People’s Bank of China does not take unified efforts to collect and uation these data. Therefore, the P2P lending and consumer finance industry have no choice but to per credit rating by relying on the “small data set” offered by the credit investigation service providers credit investigation companies, big data companies and credit rating companies. Those data are not updated, and it is hard to ensure their authenticity. As revealed on the internet, most of the credit investigation companies buy individual credit data from the “brokers” of black market. Data released from the black market contains a lot of fake ination the proportion may even go up to 90. In addition to the black market, credit investigation companies also sell data secured from other data sources under an agency agreement. The data sold are cached data precipitation, a typical centralized data trading idea. Each datum obtained from the data sources can only be sold for once, future earnings will not be paid to the data source companies, which severely damages the benefits of data producers. It is imperative to introduce a perfect solution to the credit investigation industry, which could solve the data quality issues while at the same time safeguarding the benefits of the data producers. Moreover, the issue of “credit data island” in the financial industry has not been solved yet. Every day on average, over 30,000 P2P lending, consumer finance and petty-loan companies in China generate tens of thousands data on perance of financial agreements such as records on lending, repayments, overdue payments, blacklist etc.. These massive data do not give full play to their proper role. If a sound and healthy data exchange plat is built by bringing together the enterprises of the entire industry, it will greatly improve joint credit granting, control of loan leverage and reduction of bad debt, and bring huge benefits to the whole industry and the entire society. GONGXINBAO BLOCKCHAIN公信宝区块链BDGXB.IO 8杭州存信数据科技有限公司5. GXB Data Exchange on Product GXB Data Exchange is a blockchain-based decentralized data exchange, it will be able 1. Not to cache/precipitate data from the data source; 2. To focus on safeguarding individual privacy; 3. To guarantee the data updatedness and accuracy to the greatest extent. 5.1 Introduction to the Business ProcessThe diagram above illustrates the general business process of GXB Data Exchange. The following text gives more details not shown in the diagram All data transactions taking place at GXB Data Exchange are in real scenarios. Here is an example User A has filed an application for paying by installments to Merchant B Financial Service Company Merchant Buying Data shown in the diagram above. When starting to process the application, due to the lack of User A’s personal data, Merchant B initiates request at GXB Data Exchange for buying data on User A such request is a Smart GONGXINBAO BLOCKCHAIN公信宝区块链BDGXB.IO 9杭州存信数据科技有限公司Contract initiated by Merchant B’s system via API interface of the GXB Client installed on its own server. Then, the data exchange client will determine whether the data requested contains sensitive personal data. If so, it triggers the individual privacy protection system and send a SMS to User A or a push message to User A’s GXB APP if installed to request query authorization. If User A rejects, the process will come to an end and Merchant B fails to purchase the data. If User A acceptsas is usually the case, the data exchange will broadcast such Smart Contract to all Data Source Merchant client nodes accommodating such type of data, and each node will make an query in accordance with the terms of the Smart Contract