April 10, 2023, NCSD/Sinoaccess News: The National Center for Sustainable Development (NCSD) held in person discussions with the leadership of the Zhongguancun Industry & Information Research Institute of TWO-dimensional Code Technology (ZIIOT) a subsidiary of the Ministry of Information Technology in Beijing. The nature of these discussions is to build cooperatively upon ZIIOT ‘s unique existing framework of prior validation in 2018 by the relevant international standards setting organizations of ISO (International Organization for Standardization,) CEN (European Standards Committee,) and AIM (Association for Automatic Identification and Mobility) to become the global code issuer designated MA. This effort is consistent with the State Policy of Digital Transformation for all sectors of Chinese industry.
ZIIOT’s remarkable scope of creating (product DNA) will benefit the global supply chain and in essence labels every “genuine” product manufactured, grown, finished, in whole or in part in China, with a specific code attesting to origin and dozens of other identifiers in the applied code. After years of struggling to confirm “genuineness” for products produced in China, for the domestic or global market: the ability to verify each products origin when and where manufactured is a creation of immense value to the global market.
NCSD believes that this will have great implications for the drive to quality as well as safety and hopefully a powerful tool perhaps against alleged patent infringement – since now the origin of the product is verified when created and any firm, without authorization, cannot get the global quality standard of the ZIIOT “seal of approval.” Not to say, those who seek to “fake” will ever stop trying, but this is a “Great Wall” to overcome. This action, of creating “product DNA” should be globally welcome and ensures that buyers are getting what they pay for and can prove it!
Case Study: COMO Fintech Solution
NCSD brought to the meeting the case of a European “fintech” firm “COMO Digital Life” which NCSD has worked with for the last four years which in a parallel approach will be a major sector example of how global “financial transactions” can benefit from ZIIOT’s MA “brilliant innovation.” For example, a growing percentage of Chinese SMEs which develop products of interest to the marketplace and products that could markets globally through online transactions currently have no streamline automated way to “settle“ transactions: i.e., get paid conveniently and quickly.
COMO has developed technology that allows for such settlements in RMB through its settlement institution. COMO is not providing a “formal” banking service but provides settlement and transaction clearing: the essence of what manufacturers everywhere need. The fact that the service is automated can now be doubly assured that the product is genuine and the customer and seller are real through ZIIOT’s code which is flexible enough to add COMO’s addition transaction sequences to the “transaction DNA.”
In the current world of online commercial and industrial transactions; one of the major regulatory dilemmas is summarized by the global need to KYC “know your customer.” Many argue that this is still too porous to combat online fraud and the costs of not having some high level of confidence in who you are dealing with online, cost the world markets hundreds of billions of dollars annually. Global brands protect themselves and their trade but what about new to market firms with innovative products?
Naturally, in the short space available here, the efforts by all institutions: ZIIOT, COMO and NCSD cannot be fully enumerated: NCSD’s mission is fulfilled in the fact that economic development is fostered by this relationship building and on behalf of the Board of Trustees of NCSD we believe the parties can discover many more things we have in common than separate us.
