AsiaNet 84277

BEIJING, June 5, 2020 /PRNewswire=KYODO JBN/ --

On June 5th, China Beijing Environment Exchange (CBEEX), WeBank and Green

Inclusive jointly announced that they will carry out technical cooperation for

the development of the Green Mobility Inclusive Platform using blockchain. The

three parties signed a Green Mobility Blockchain Strategic Cooperation

Framework Agreement during an online launch conference.

At the conference, Henry Ma, EVP and CIO of WeBank, released the first white

paper on the social governance framework based on blockchain technology, MERITS

(Measurable Ethics: Rating, Incentivization, Tracking & Supervision Framework),

which aims to unite multiple participants to accomplish the mission of

technology-enabled promotion of good deeds.

The Green Mobility Inclusive Platform serves end-users through its WeChat

Official Account and WeChat Mini Program, and adopts the FISCO BCOS open-source

consortium chain platform, according to the Green Mobility Blockchain Strategic

Cooperation Framework Agreement. The WeBank-led blockchain infrastructure FISCO

BCOS is a financial-grade blockchain platform open sourced in 2017.

The Green Mobility Inclusive Platform promotes the reduction of greenhouse gas

emissions by limiting motor vehicle usage. In the future, the platform will

include more transportations like bus, subway, etc for the green mobility

scenario.

WeBank releases the "MERITS" White Paper to encourage public to promote good

deeds

"The platform is upgraded and optimized under the MERITS framework to ensure

open and transparent processes of issuance, distribution, sponsorship,

exchange, clearing and settlement, supervision and auditing with real-time

traceable and verifiable records. Empowered by leading-edge technologies like

AI, Blockchain, IOT, it may reach consensus among parties effectively while

meeting compliance requirements and enhancing credibility," Henry said.

The Green Mobility Inclusive Platform is the first landing project based on

MERITS framework. Through the design of participants' roles and operating

processes, the three core mechanisms of MERITS can be reflected: First, Rating

Mechanism, the green and low-carbon travel behavior of users of Green Mobility

Inclusive Platform is recorded by the Internet and IOV (Internet of Vehicles)

devices and accurately measured by carbon emissions. Secondly, the Incentive

Compatibility Mechanism allows each participant of Green Mobility Inclusive

Platform to take actions based on their own demands to realize the result of

win-win and advocating low-carbon values. Finally, to balance innovation with

risk, the Compliance Governance Mechanism allows the Green Mobility Inclusive

Platform to meet the regulatory and auditing requirements by taking advantage

of the immutability, full process traceability, and multi-party consensus of

adopting blockchain technology.

"CBEEX has exerted its innovative advantages and jointly released the Green

Mobility Inclusive Platform with WeBank and Green Inclusive. Through

market-based incentives, we promote a method for the public to travel

environmentally friendly. The platform also incorporates the social governance

framework MERITS proposed by WeBank, to encourage everyone's good deeds through

technological means," said Wang Huijun, EVP of CBEEX.

"The Green Mobility Inclusive Platform is combined with the concept of MERITS,

using blockchain technology to attract more participants to join in. The

established green inclusive ecological closed-loop sustainable economy ensures

that carbon points will be used to reward users for their carbon emission

reductions," said Jiang Nanqing, chairman at Green Inclusive.

MERITS provides solutions for efficient governance in epidemic management and

containment

Looking into the future, Henry mentioned MERITS can also be applied to

Environmental Protection, Personal Fitness and Health, Cultural Enrichment,

Philanthropy and Community Service as well as Public Health. Particularly, in

the global fight against the COVID-19 pandemic, by applying the MERITS

framework, public health administration can join hands with nongovernmental

parties in the aim to encourage organizations and individuals to actively

participate in and contribute to coronavirus prevention efforts.

For instance, the Incentive Compatibility Mechanism can be designed to

encourage individuals to declare travel history or other related information,

take temperature, and self-isolate, which will help effectively contain the

spread of the infection.

"With the help of MERITS, WeBank hopes to work with our partners globally to

promote good acts of kindness with science and technology. In this regard, the

Incentive Compatibility Mechanism of MERITS can benefit from open collaboration

and serve to guide the public to practice good deeds through positive tangible

incentives," Henry said.

SOURCE  WeBank