Beijing Foreign Enterprise Technology Co Ltd, the internet arm of Beijing Foreign Enterprise Human Resources Service Co Ltd (FESCO), signed a strategic cooperation agreement with Hangzhou Muyang Network Technology Co Ltd to build a blockchain-based professional identity network in Beijing on Wednesday.

"With 39 years of experience in human resources services, FESCO has been committed to the combination of the latest technology and human resources industry, providing better services for enterprises and employees," said Hao Jie, general manager of FESCO and president of the internet arm.

As a kind of distributed accounting technology using cryptography, blockchain technology features low transaction costs, strong privacy protection and data that cannot be tampered with, said Hao.

Dubbed the Avatar Network project, the decentralized real-name professional identity network was based on blockchain technology and intelligent contracts to realize a variety of online career scenarios, said Guo Wenjun, general manager of Hangzhou Muyang Network Technology.

According to the cooperation agreement, FESCO will provide account access audits, professional data authentication and other services for Avatar Network based on its own complete database. And Avatar Network will offer a more secure and reliable professional identity data storage network for FESCO customers.

"The cooperation between the two sides will further improve service reliability and reduce the overall service costs of the industry," said Guo.

Founded in 1979, FESCO is a leading human resources service provider in China, covering more than 400 cities and serving about 30,000 domestic and foreign enterprises.