区块链abs案例分析报告,区块链abs案例分析

本文以区块链ABS案例分析为背景，拓展三个相关关键词：区块链ABS、资产证券化、智能合约。

区块链ABS（Asset-Backed Security）是一种以资产为抵押的证券，其主要特点是将多种资产汇集起来，形成一种新的投资产品，以满足投资者的投资需求。区块链ABS是基于区块链技术的ABS，它将传统的ABS和区块链技术结合起来，从而实现了资产证券化的数字化、可追溯性和可审计性。它将传统的ABS的管理流程进行数字化，使得资产的管理更加高效、安全、透明，从而提高了资产证券化的效率。

资产证券化（Asset Securitization）是将资产转换成证券的过程，即将资产的所有权和收益权转移给投资者，并以证券的形式发行，以满足投资者的投资需求。资产证券化的优势在于可以有效提升资产的流动性，拓展投资者的投资空间，实现资产最大化的利用，从而有效提升企业的融资效率。

智能合约（Smart Contract）是基于区块链技术的一种新型合约，它可以自动执行双方约定的条款，无需人为干预，具有自动执行、不可篡改、公开透明的特点，可以有效保障双方利益，提高合约的执行效率。智能合约可以应用于各种场景，其中包括金融领域的资产交易、贷款、信用卡以及支付等，可以有效提高金融机构的运营效率。

以上就是关于区块链ABS案例分析拓展的三个相关关键词：区块链ABS、资产证券化、智能合约的介绍，希望能对大家有所帮助。

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1. The police in Zhanjiang, Guangdong detected a telecom fraud case using blockchain technology. What are the application aspects of blockchain technology?

It is understood that blockchain technology is currently used in There are many places, but because they are relatively unfamiliar, they often give people a very distant feeling. Blockchain technology has the characteristics of decentralization, traceability, non-tampering, transparency, anonymity, etc., except for those that give people a sense of grandeur. Projects have many applications in daily life. They are all around us. Crypto Finance will tell you about the blockchain technology applications around us.

1. Blockchain + Finance

If we talk about blockchain applications, finance is the first to bear the brunt.

In the second half of 2018, Xiaomi Financial Technology and Kingsoft Cloud jointly launched the financial alliance chain, using blockchain technology to accelerate information flow, reduce financing costs for the asset side, and improve asset management efficiency.

In June 2018, JD Finance, Huatai Securities Asset Management and Industrial Bank established an asset securitization alliance chain, using blockchain technology for the JD Baitiao ABS project, aiming to use blockchain technology to achieve basic Asset-level data fidelity, tamper-proofing, and intelligent management of special plans.

4. Blockchain + Product Traceability

Walmart requires its suppliers to use blockchain to track the source of goods before January 31, 2019.

Ant blockchain technology participated in Double Eleven for the first time to trace the origin of overseas goods.

There are many blockchain applications. I believe that blockchain technology will bring us more convenience in the future.

2. Can blockchain change 10 cases of existing business

This article introduces the current 10 main usage scenarios of blockchain:

(1) Tracking the world Products in the supply chain;

is a typical usage scenario of blockchain technology in security traceability. It can promote information tracking, query, verification and anti-counterfeiting of commodity circulation, and can significantly improve the efficiency of some links. However, the role of the blockchain can only be reflected in the chain, but it cannot cover the parts operated by people below the chain.

(2) Guarantee 3D printing quality and tracking;

(3) Create personalized and lifelong “one-stop” medical records;

Blockchain healthcare can track anyone’s complete medical history, such as medications , illnesses, injuries, and transactions across health systems, physicians, pharmacies, and health plans, and empowering patients to control their own data. Blockchain can also transfer insurance payments: smart contracts can automatically trigger insurance provisions when a clinic confirms a patient has received treatment, and prevent fraudulent or inaccurate claims. Some startups, such as the UK's Medicalchain, blockchain company Gem, MIT and other companies and universities are experimenting with this use.

(4) Simplify trade logistics;

Traditional trade involves complex import and export procedures, and all participants in the entire chain require a large number of paper documents to interact, resulting in high communication costs. Blockchain can optimize this system. horseShikke and IBM have created a platform that integrates services such as liner services, warehouses, freight forwarders, ports, customs, exporters, importers and trade finance banks into the trade ecosystem and runs a data exchange platform on the blockchain. operate on each other.

(5) Facilitate and secure customs trade;

Blockchain has been tested in many customs departments, including the United Kingdom, South Korea, Singapore, Costa Rica, Mexico, Peru and the 15-nation East African Group. In 2017, U.S. Customs developed 14 use cases for blockchain, which are currently being tested and evaluated. Blockchain will be particularly useful for the UK: when the UK leaves the EU customs union, its number of customs declarations will increase from 55 million to over 250 million (non-EU trade plus EU trade, which previously did not require customs documents), which is currently the case with UK software The program cannot fully handle it. Blockchain can help: It can trace the origins of products and help determine the origin and appropriate tariffs for goods, such as those destined to join the European Union’s tariff package. For the UK’s 28 border agencies, imported products such as food, safety and intellectual property compliance need to be analyzed, and blockchain projects can be shared securely and transparently in real time.

(6) Prevent voting fraud and protect voter identities;

Blockchain security and identity protection features can reduce fraud and encourage voters to believe their votes are anonymous,

increase turnout and make elections more immediate . Using the technology, voters can scan their thumbs with their smartphones and cast their ballots during their Election Day commute. If everyone votes via the blockchain, no one can vote twice. Voting records are inviolable, and the ID of each ballot is recorded instantly at every polling location.

(7) Launch crop insurance for farmers;

Crop insurance customized to specific farmer needs is often very expensive, and blockchain technology can reduce costs by determining trigger conditions and automating execution. For example, farmers can insure against extreme weather. If extreme weather affects a harvest, a blockchain-based insurance contract would immediately recognize this and pay the farmer’s claim.

Establishing a network of energy producers and users;

Decades ago, some companies introduced smart grids to provide intermediary services for energy producers and demanders. Now, blockchain can optimize smart grids and provide energy producers and consumers with a regional intermediary energy trading platform. TenneT and Brooklyn-based startup LO3 Energy are both trying this business.

(9) Create smart cities that can operate independently;

Blockchain can now amplify the impact of Douyou IoT on city operations. For example, Dubai has a pilot project to implement blockchain in city services. Dubai plans to use blockchain for more than 100 million annual government documents by 2020, including all visa applications, bill payments and license renewals.

(10) Automatic payment to the exporter when the goods arrive at the foreign buyer;

Blockchain changes the information asymmetry in existing international trade by allowing both parties to the transaction to access the same data and real-time digital files question. unnecessaryStore multiple copies of the same document across different databases for different entities. When goods arrive marked by sensors connected to the smart contract, a transfer of money from the buyer to the seller is automatically triggered.

2. Ten major problems currently faced by the blockchain industry and their analysis

2.1. Is the data on the blockchain really immutable?

Can one of the core features of blockchain, "anti-tampering", really be realized? And is "tamper-proof" really beneficial?

The report pointed out that the blockchain is not completely immutable and gave three weaknesses of the blockchain:

(2) It may be hacked, and 51% of the chain is controlled by people who want to tamper with the results.

(3) The "garbage of garbage" problem has existed for centuries. The value of a blockchain depends on the data on the chain, and data entered into the blockchain may be inaccurate or fraudulent. One solution is to use sensors instead of manually entering data.

The so-called "51% attack" is to take advantage of computing power to cancel payment transactions that have already occurred. If someone has more than 50% of the computing power, he can find the random numbers needed to mine the block faster than others, so he actually has the absolute and effective right to decide which block. From a technical level, a 51% attack is achievable, but the cost is very high for the earliest cryptocurrencies such as BTC. They have built a huge network, which is why BTC’s network has remained stable for 10 years. reason. But with other counterfeit currencies, the risk is greater.

In addition, there is no direct benefit for the attacker to simply launch a 51% attack, and it must be linked to specific short selling and false recharge. Specifically, it is often a double spend on a certain transaction. The attacker stops attacking once. Continuous attacks are costly and will stop once successful; second, the community can issue an emergency pudding and add checkpoints to the blockchain. The community urgently agreed that the attacker’s blockchain was invalid. Therefore, there are many ways to deal with the 51% attack, and it will not be the end of the world for a blockchain.

2.2. Who owns and maintains the blockchain? And who asked about the appearance?

Responsible for problems and losses?

Since the blockchain is a decentralized user community, who will maintain it? Shouldn’t it require human adjustment and maintenance just like a website?

For permissioned chains, such as alliance chains and private chains, there is no need for incentives such as tokens to motivate people to manage, there is a manager who manages the entire network. Since there are fewer users in the network, coordination costs are relatively low. However, such networks are susceptible to security challenges, and as the number of network users increases, coordination costs will increase.

For consortium chains and private chains, since they are still very centralized organizations, the verification nodes are identified by the organization itself, so the management model is not very different from traditional centralized institutions. However, for public chains, there is no leader who coordinates the entire network system, and only relies on token incentives to coordinate different interest groups, which undoubtedly increases the instability of the entire ecosystem. The current development of the blockchain industry is in a very early stage, except for the development of decentralized governance of BTCIn addition to being relatively mature, in the governance of public chains such as ETH and EOS, the founder development team plays a very core role and is the "rule setter" of the public chain. Although the entire ecosystem has achieved partial decentralization, it still has a long way to go in terms of strategic development. In terms of direction, founders still play a pivotal role. Therefore, the author believes that the decentralization of blockchain can only be an ultimate goal that is constantly approaching. From the birth of the project to its maturity, its degree of decentralization should continue to increase, as shown in the figure below. In the early stages of project development, the founder and his development team play an absolute guiding role in the entire ecosystem. As the project ecosystem matures and the number of participants continues to increase, the original development team should gradually weaken its guiding role. The entire network maintenance needs to be decided jointly by all developers and users in the ecosystem. As for the final network problems, they can only be borne by all participants.

Figure: Schematic diagram of the relationship between the degree of centralization and development stages of blockchain projects

2.3. Are smart contracts really smart?

The second reason why smart contracts are not yet that smart is that their entries can be manipulated by evil actors, such as contracting parties or miners who add transaction records to the blockchain's ledger of past transactions. One study showed that 3.4% of ETH smart contracts are vulnerable to hackers.

Smart contracts can indeed optimize many intermediate programs, but judging from current industry practice, they are far from being called smart. A qualified smart contract should include all possible scenarios. Because the core essence of smart contracts is "to make the most just ruling even in the darkest environment."

The difference between Ethereum and Bitcoin is that Ethereum is Turing complete, and more types of contracts with more complex terms can be implemented through this platform. Of course, the cost of this is that the complex contract content makes it becomes more difficult to analyze. Typically, complexity is directly proportional to the probability of a vulnerability; the higher the complexity, the greater the probability of a vulnerability.

As for the concept "code is law" proposed by Ethereum, however, the code has attracted hacker attacks due to its own vulnerabilities, so it is not enough to form the authority of "law". Therefore, it needs the trust and endorsement of the government, lawyers, courts and other intermediary institutions. Compared with coordination, the current contract seems too rough.

2.4． Is there identity theft on the blockchain?

3% of social media accounts are fake, so can fake accounts be created on the blockchain? Can identities on the blockchain be stolen?

Blockchain can create a personal database for users whose data cannot be tampered with, but how to meet the user's "tampering" needs? This may be a paradox in the development of blockchain technology. Regarding user needs, we may need to start from the perspective of on-chain standards and authority management.

2.5． Can blockchains be connected to each other?

One blockchain records the data of an entity or user in one way, while another blockchain records the same data of the same entity or user in another way. In a fragmented system, multiple accounting books are not connected to each other, resulting in a world of "operational islands", orCalled "data island". Users need to register for multiple systems at the same time to conduct transactions with different people for different purposes.

In view of the value transfer needs of different chains, cross-chain technology is the key, which can effectively connect different alliance chains or private chains, and promote the outward expansion and connection of blockchains. The current mainstream cross-chain technologies include Notary schemes, Sidechains/relays, Hash-locking, Distributed private key control, etc.

2.6. How does the blockchain connect to off-chain databases?

If one party's data and documents are off-chain, and the other party's data and documents are on-chain, can the two parties interact? In the company's database, can half of the company's data on the blockchain interact with the other half of the data?

These challenges are well known and are being addressed. For example, the same queries and analysis can be run in on-chain and off-chain databases. The risk is that data brought from on-chain to off-chain is no longer immutable, and researchers recognize that data security and aggregating, transforming and optimizing on-chain and off-chain data sets are significant challenges.

2.7. Can blockchain facilitate money laundering?

Money laundering is a huge global problem, amounting to 1-2 trillion US dollars, accounting for approximately 2% - 5% of the total global GDP. Banks and authorities are fighting back, spending about $8 billion a year to combat corruption. Banks around the world require KYC verification.

Due to the anonymous nature of the blockchain, especially the emergence of anonymous coins, BTC has been criticized by many people as a tool for money laundering. However, the anonymity of BTC is only anonymity on the chain. The interaction between people and the chain, and the interaction between BTC and legal currency will leave traces, and it is not as "lawless" as many media have promoted. Each BTC transaction requires the transfer of a corresponding address, and the transaction records of the address can be queried. In addition, the exchange of BTC and legal currency is conducted off-chain and cannot escape supervision. If the actual identity of any party in the transaction is exposed, then all parties involved in the transaction will have difficulty escaping recourse.

2.8. Will the blockchain consume all the energy in the world?

BTC has an amazing energy demand. Operating Bitcoin for one year requires the energy consumption of Ireland for one year. Because BTC’s POW consensus mechanism requires miners to mine for transaction verification. There are concerns that as the network increases and the value of BTC rises, energy demand will grow rapidly. In fact, miners themselves have incentives to prevent this from happening, and the scalability of the blockchain is limited by availability, energy costs, and the miners' own financial resources. The current alternative is the POS consensus mechanism. The POS mechanism selects validators based on the number of currency holders.

In fact, it can be seen that except for a group of early cryptocurrencies led by BTC, most current blockchain projects have taken into account the shortcomings of POW and are constantly innovating consensus mechanisms., to avoid excessive consumption of energy. Therefore, blockchain is not enough to cause such a huge consumption of energy.

2.9． Will blockchain take our jobs?

Regarding blockchain, if people can trade directly with each other, what impact will blockchain have on intermediaries such as banks and lawyers? Blockchain is unlikely to be a job killer; it will, like any technology, change the nature of work by changing companies’ business and revenue models.

When artificial intelligence becomes popular, people will continue to ask questions like this. On the one hand, we enjoy the convenience that technology brings us, but on the other hand, we are worried that technology will replace us. The biggest challenge of blockchain is not the technology itself, but changing the traditional profit distribution model. Blockchain technology can remove certain intermediary links, break the monopoly of many resources by centralized institutions, and thus change the interest pattern. This is also the most revolutionary point of blockchain.

2.10． Is the United States lagging behind in the development of the blockchain industry?

Globally, the blockchain industry in the United States is still in its infancy. Deloitte surveyed 1,053 executives in financial services, healthcare, technology industries, telecommunications, manufacturing and other industries in 2018. According to the survey, only 14% of American respondents believe that blockchain is used in their production, compared with 49% in China, 48% in Mexico, 40% in the United Kingdom, and 36% in Canada. Plans are also lagging: 41% of U.S. companies plan to invest $1 million or more in blockchain, compared with 85% in China, 74% in Canada, 72% in the United Kingdom, and 65% in Mexico.

According to the "Blockchain China-U.S. Development White Paper" released by Silicon Valley Insight, North America is comparable to Asia in terms of the number of ICOs. In terms of financing amount, North America is far ahead with 7.85 billion. Therefore, the United States, as a major country in North America, is not lagging behind at all. On the contrary, it is still leading in many aspects.

《Harnessing Blockchain for American Business and Prosperity》

http://forex.hexun.com/2018-06-17/193222543.html

https://jiahao..com/s? id=1606478434369770769&wfr=spider&for=pc

Introduction to Tianjige: Tianjige (LD Research) was established on July 2, 2018. It is a company dedicated to exploring the unknown of science and technology, taking human development as the driving force, and taking "BASE Research for Solving Real" Problems" as the purpose of the research institute.

This article comes from Babbitt

Related questions and answers: What are the uses of blockchain technology in the business field?

What are the uses of blockchain technology in the business field?

In recent years, due to the virtual digital The popularity of currency speculation, as its underlying technologyBlockchain has also begun to receive widespread attention. Blockchain has the characteristics of decentralization, trustlessness, collective maintenance, and reliable storage. It is currently widely used in the field of virtual currency.

Since the birth of Bitcoin, more than 1,600 virtual currencies have appeared in the world, and a huge industrial chain ecosystem has been formed around the generation, storage, and trading of virtual currencies. But overall, the industry is still in its infancy and is still far away from the real value use area. The core of the blockchain economy lies in the reconstruction of business logic and organizational forms, so it is necessary to obtain practical examples in multiple industries to demonstrate its value. This article will explore the business models used by blockchain in various industries from the perspective of combining blockchain with industry needs.

First of all, the core of blockchain is to solve the problem of credit:

Credit is the foundation of all commercial activities and finance. The United States has implemented trusted identification since 2011, while China has implemented a real-name system to achieve supervised information dissemination. The significance of blockchain is that it has established decentralized trust from a technical level for the first time and realized a completely distributed credit system.

Secondly, blockchain solves the problem of value exchange:

Traditional networks can achieve point-to-point transmission of information, but cannot achieve point-to-point transmission of value. Because information is allowed to be copied, and value must be authentic and unique, it is necessary to rely on a centralized organization to achieve value transfer. Blockchain perfectly solves this problem and provides a method to realize point-to-point transfer of value. During the value transfer process, accounting is realized by the network without relying on a centralized institution. Therefore, blockchain is expected to become the infrastructure for building new finance and the cornerstone of the future value Internet.

The use of blockchain

There are currently two main modes of blockchain use:

1) Native blockchain use: directly based on decentralized blockchain technology to realize value Transmission and transaction use, such as digital currency;

2) "Blockchain +" model: combine traditional scenarios with the underlying protocol of the blockchain to improve efficiency and reduce costs. It is expected that the use of blockchain in various industries will be dominated by the second model.

Blockchain has five core attributes, namely: transaction attributes (value attributes), certificate attributes, trust attributes, intelligence attributes, and traceability attributes. The above core attributes are combined with the needs of the industry to solve the industry's pain points and become the business model used by blockchain in various industries.

Blockchain + Bank

1. Cross-border payment

Cross-border payment is a pain point that has long plagued the banking industry. Traditional cross-border payment methods include two major categories: one is online payment, including electronic account payment and international credit card payment, which is suitable for small retail amounts; the other is the bank remittance model, which is suitable for large-amount transactions; both have payment cycles Long, high fees, low transaction transparency and other issues. Especially in recent years, with the rise of cross-border e-commerce, convenient, fast, safe and low-cost cross-border payment has become an urgent need for the industry.

The role of blockchain:

The characteristics of blockchain are disintermediation and open and transparent transactions.The participation of third-party payment institutions shortens the payment cycle, reduces fees, and increases transaction transparency. For example, in December 2017, China Merchants Bank teamed up with Wing Lung Bank and Wing Lung Shenzhen Branch to successfully implement cross-border RMB remittances between the three parties using blockchain technology. Its clearing process is safe, efficient and fast, greatly improving customer experience.

2. Supply chain finance

The pain points in this field are the long financing cycle and high costs. Centered on the core enterprise system of the supply chain, it is difficult for third-party credit enhancement institutions to authenticate the authenticity of various relevant vouchers in the supply chain, resulting in long manual review times and high financing costs.

The role of blockchain:

Blockchain introduces consensus mechanism, existence proof, non-tampering, traceability and other characteristics into supply chain finance, and does not require third-party credit enhancement agencies to authenticate various relevant credentials in the supply chain. authenticity, thereby reducing financing costs and shortening the financing cycle. For example, in April 2017, the listed company Yijian and IBM China Research jointly launched the blockchain supply chain financial service system "Yijian Block". The system focuses on pharmaceutical scenarios and currently has more than 30 pharmaceutical distribution companies. Successfully registered in the "Yijian Block", as of the end of July, the number of transactions had been close to 8,000, and the total investment amount exceeded 100 million yuan.

3. Digital Bills

The pain point of the digital bill industry lies in the long-term problems of "false bills" and "one vote selling many", which have brought risks to the bill financing business of the banking industry.

The role of blockchain:

The existence proof and non-tampering characteristics of blockchain effectively solve the problem of false digital bills; at the same time, blockchain solves the double-spend problem and avoids "one vote". Sell ​​more". For example, Shenzhen Blockchain Financial Services Co., Ltd. issues bill chain products to provide bill financing services based on blockchain to solve the bill financing needs of small, medium and micro enterprises. Cooperative banks include Ganzhou Bank, Guiyang Bank, Suzhou Bank, Shizuishan Bank, Langfang Bank, Wuhai Bank, Jilin Jiutai Rural Commercial Bank, Yaodu Rural Commercial Bank, Shenzhen Rural Industry Bank, Weifang Bank, Zhongyuan Bank, etc. In addition, Zheshang Bank, JD Finance, Hang Seng Electronics, HNA, etc. are also verifying blockchain digital bill services.

Blockchain + Securities

1. Asset Securitization

Asset securitization uses future income as a guarantee to obtain current financing. The pain points in this field are: there are many participating entities, many operating links, low transaction transparency, information asymmetry, and the authenticity of the underlying assets cannot be guaranteed.

The role of blockchain:

Blockchain introduces attributes such as existence proof, non-tamperability, and consensus mechanism for asset securitization. It can monitor the true situation of assets in real time and solve the problem of the underlying issues of institutions in the transaction chain. Asset trust issues. Various assets such as equity, bonds, bills, income certificates, warehouse receipts, etc. can be integrated into the blockchain and become digital assets on the chain, improving asset circulation efficiency and reducing costs. For example, in May 2017, Internet Finance, together with partners including Baiqian Leasing and Huaneng Trust, jointly issued an asset securitization ABS project supported by blockchain technology.Reaching 424 million yuan.

Blockchain + Insurance

1. Insurance Business

The insurance industry has problems such as information asymmetry and lack of trust between customers and insurance institutions: it is difficult for users to choose insurance products that suit them, while insurance institutions Face the risk of insurance fraud.

The role of blockchain:

The decentralized, open, transparent, and traceable characteristics of blockchain establish a good communication channel between insurance institutions and users; insurance subject information is managed uniformly on the blockchain , cannot be tampered with, helping insurance institutions avoid the risk of insurance fraud; at the same time, smart contracts can improve work efficiency and reduce costs. For example, French insurance giant AXA is using the Ethereum public blockchain to provide automated flight delay compensation for air travelers. If the flight is delayed for more than 2 hours, the "smart contract" insurance product will automatically pay claims to passengers.

2. Credit information management

The pain point in this field is that credit information agencies have limited data collection channels and a lack of data sharing, which makes it difficult to accurately characterize the credit status of individuals or institutions; in addition, there are also problems in how to guarantee the data collection process. User privacy issues.

The role of blockchain:

Blockchain has the characteristics of trustlessness, consensus, and non-tampering. At the technical level, it ensures that limited and controllable credit data sharing can be achieved on the basis of effectively protecting user privacy. And verification. For example, Ping An's blockchain credit reporting business is now online. In addition, domestic startups such as Shanghai Juzhen, LinkEye, Bubi Blockchain, etc. are also exploring joint credit reporting and safe certificate storage.

As a basic technology, blockchain has great use value in many industries with distributed processing, peer-to-peer transactions, and rapid establishment of trust relationships. Its core is to solve the problem of credit and realize Point-to-point delivery of value. Therefore, it is considered to be the cornerstone of the future value Internet.

The core of the blockchain business model is to use the innovative attributes introduced by the blockchain and combine it with traditional industry uses to realize the reconstruction of business logic in order to create new usage scenarios, or improve efficiency and reduce costs.

It is expected that the use of blockchain will first start in the pan-financial field that has high requirements for credit, efficiency, and security: the financial industry pays more attention to efficiency and security, and blockchain has a high degree of matching with its pain points, and can be used for Systematically solve trust issues, efficiency issues, default risks, etc. that exist in all aspects of financial services; blockchain’s attributes such as “transaction, certificate storage, and traceability” are more likely to generate value in the financial industry. At the same time, the market space in the financial industry is huge, and small progress can bring huge benefits.

Blockchain will also extend to all areas of social life: Blockchain solves problems such as the management, transaction, and transfer of digital assets, and therefore will play an important role in the wave of asset digitization, such as supply chain management, data Applications such as services, asset management, public services, and the Internet of Things are gradually being implemented in various fields, and "blockchain+" is becoming a reality.

3. Du Xiaoman Financial Blockchain ABS won the Harvard Business Review Annual Excellence in Practice Award

On December 18, 2019, at the "YUE Management" award ceremony held at the China Center of the Wharton School of the University of Pennsylvania, Du Xiaoman Financial won the "Excellent Practice" in 2019 by Harvard Business Review for its blockchain ABS case. prize".

As the "China Management Oscar" event, the first "YUE Management" Excellent Practice and Practitioner Project launched case collection in August 2019. After half a year of collection and selection, 12 financial professionals were invited Heavyweight experts and top scholars from first-class business schools at home and abroad served as judges to select 10 outstanding practitioners. This time, Du Xiaoman Finance won the award, which also shows its strength in the blockchain field.

ABS stands for asset securitization, or asset-backed securities, which discount cash equity that can be continuously obtained in the future. Compared with the traditional loan model, ABS does not need to rely on fixed assets as collateral and is a powerful tool to solve the financing difficulties of small and medium-sized enterprises. However, there are also industry pain points such as underlying asset fraud and multi-party information asymmetry.

It is understood that Duxiaoman Financial Blockchain ABS solves the problem of trust in the authenticity of the underlying assets of all parties to the transaction. Its blockchain technology combines financial brain, artificial intelligence and other technologies in practice, using The alliance chain implements the full life cycle management of ABS, ensuring node information security through permission management and asymmetric encryption; using distributed storage solutions to achieve decentralization; and then providing a set of standard underlying frameworks to enable the preparation of smart contracts for all parties.

In May 2017, Du Xiaoman Financial, Baiqian Leasing, Huaneng Trust and other partners jointly issued the first domestic ABS (asset securitization) project supported by blockchain technology, with an issuance scale of 424 million yuan. , this is the first project in China that uses blockchain technology as the underlying technical support to realize ABS "real assets"; in August of the same year, Du Xiaoman Financial released the "Network-Chang'an Xinsheng-Tianfeng 2017 First Phase Asset Support Project" The plan's approval by the Shanghai Stock Exchange means that China's first exchange-based asset securitization product based on blockchain technology has been launched, and it is also the product with the lowest interest rate in the current period.

With the continuous iteration and upgrade of the blockchain ABS business, Duxiaoman Finance has received academic recognition for two consecutive years in 2018 and 2019. In July 2018, Du Xiaoman Financial Blockchain ABS was selected into the case library of Peking University Guanghua School of Management, becoming the school’s first classroom teaching case based on blockchain technology.

At the previously held Fourth China New Finance Summit Forum, Du Xiaoman Financial CEO Zhu Guang clearly stated that the important task of financial technology in 2020 is to empower small and micro enterprises and help the real economy. . As mentioned above, the birth of ABS is to help small and medium-sized enterprises solve the problem of financing difficulties.Blockchain technology empowers finance, allowing the financial industry to serve the real economy with higher efficiency and lower cost, and achieve inclusive finance.

4. What are the application examples of blockchain technology

Application of blockchain technology in voting
Kuaishang is the first to apply blockchain technology nationwide In the field of voting, it effectively solves the problem of trust in voting data, provides the most authentic and effective data to activists, protects the rights and interests of real voting users, and at the same time makes blockchain technology "people-friendly" so that ordinary people can quickly perceive and enjoy it in the field of life services. The convenience brought by blockchain technology.
The application of blockchain technology in digital asset registration
The Golden Master Digital Asset Service Platform is the first to use blockchain technology. This technology is a global distributed ledger technology that is traceable and non-transitory. Tamper-proof and unforgeable properties. The digital assets of the platform come from regulated digital asset issuers, and the value of the assets is determined through the open market to avoid overestimation or underestimation of value.
The application of blockchain technology in the financial industry
Ant Financial’s independently controllable financial-grade commercial blockchain platform has been deployed globally in multiple institutions and countries in multiple social and commercial application scenarios. Ant Blockchain Chain platform transactions support second-level confirmation, and the consensus mechanism uses an efficient parallel consensus algorithm to ensure the high performance of the blockchain platform. Ant Blockchain has already had multiple production-level applications, applying leading technology to people's livelihood and business. , finance and other fields.

5. Baidu Finance’s layout and ambitions in blockchain

But having these professional abilities is not enough. Xiao Wei feels that another “3 condition".

"First, your language must be C++ or GO; second, you have some understanding of distributed computing, cryptography and P2P network programming; third, we hope you have some knowledge of economics The principles are understood.”

Why do we need economic principles?

“In addition to technology, Bitcoin also has an economic game theory problem.” Xiao Wei said that constantly increasing the cost of doing evil and increasing rewards for workload, thereby restraining evil through economics. , inspire good.

This is probably a classic case in game theory.

“So, in addition to technology, blockchain network design also requires an understanding of economic principles. We call it ecological construction.” Xiao Wei said.

03 Blockchain Belief

In 2017, Xiao Wei officially came into contact with the blockchain and immediately became a believer.

“Just like you can’t ask Christians whether God exists, it’s difficult to answer why they believe in blockchain.” Xiao Wei said, “My understanding of faith is that when you encounter setbacks, When encountering any challenges, I firmly believe that they can be overcome."

Especially in the nascent stage of blockchain, technology exploration will definitely encounter many challenges, "resources, implementation, technology and supervision. It’s difficult, but as long as you firmly believe that ‘this is good’, you can persevere,” Xiao Wei said.

Xiao Wei firmly believes that blockchain technology will be helpful to future society.

He has several judgments.

First, blockchain technology will not become obsolete immediately. It will have "golden and silver decades".

“2018~2028 is a good opportunity for the blockchain industry.” Xiao Wei believes that there may be a golden period of vigorous development like the Internet in 2000 and the mobile era in 2008: Talent level and the company's market value.

“So our suggestion is, if you miss mobile and AI, don’t miss blockchain.” Xiao Wei would suggest programmers to do blockchain. “My positioning for the current team is, three In the next year, the minimum annual salary can reach one million."

Secondly, there is indeed a serious bubble in the current blockchain field, just like the Internet back then.

There was a very strange phenomenon in 1999, which was to change the domain name. As long as the company domain name was changed to ".COM" or "**Online", the stock would rise.

This wave of name changes has also been perfectly replicated in the blockchain field. A-share listed companies have established "blockchain laboratories" one after another, and stock prices have risen in response; the American soft drink company "Long Island Iced Tea" announced a name change As a "long blockchain", the stock price soared 500%.

Therefore, it is understandable that there is a certain bubble in the blockchain industry.

Third, blockchain technology and Internet technology are equivalent.

What is the relationship between blockchain and the Internet?

“The Internet is a way to obtain information, and blockchain is a way to value trust.” Xiao Wei believes that the biggest change of blockchain is the improvement of efficiency.

This efficiency is not technical performance, but enterprise efficiency.

For example, in the past point-to-point consumption, because the two parties could not trust each other, there were so many intermediate links for the purpose of "increasing trust."

If peer-to-peer can be trusted directly, the entire business model will undergo tremendous changes.

“The biggest change of blockchain is to solve the trust problem and make your trust extremely simple. The entire intermediate link is constantly being compressed.” Xiao Wei believes.

The subversive power of blockchain was born from this.

On the one hand, blockchain brings efficiency improvements and promotes changes in the entire industry.

Speed ​​​​is very important for the entire enterprise. In the past, it might take ten days to standardize a business line project, but with the addition of blockchain, the time for trust communication and collaboration has been greatly reduced.

Xiao Wei gave the example of high-speed rail: the speed of high-speed rail has increased from 80km/h to 300km/h, and Zhejiang Province has begun to establish a "one-hour economic circle." "If it is faster, it can even affect housing prices. This is not subversion. ".

On the other hand, in the new business ecosystem under the blockchain, the impact of brands will be very large.

“Brand is largely an endorsement of quality,” Xiao Wei believes. “Blockchain’sAppearance can be done, take off the brand, and still ensure quality. ”

This is also the core competitiveness of new retail and new manufacturing.

For example, when we buy a certain brand of gold jewelry, what we value is actually the craftsmanship behind the brand. If we can By directly establishing "trust" with the gold shop and craftsmen behind it, this brand is no longer needed as an endorsement.

"When the entire trust changes, the entire production relationship changes. "Xiao Wei believes.

"Marx said that productivity determines production relations, but now that productivity has become richer, what we need more is not the improvement of productivity, but the redistribution of production relations. Xiao Wei believes that only when the ceiling of production relations is ‘arched upward’ can productivity continue to move forward. ”

“And every reallocation of resources brought about by changes in production relations is an opportunity to make wealth. Some people will rise and some will fall. "Xiao Wei said that this is also the fundamental reason why the currency circle is so crazy.

However, Xiao Wei does not believe that blockchain can replace the "classical Internet."

"Classical does not It must be worse than modern ones. This is true for classical music and classical economics. In many technical fields, classical, modern and postmodern are in a parallel relationship. ”

“The reason why words like ‘classical Internet’ appear is because many people in the blockchain circle do not understand what blockchain is, and they do not know why blockchain can change the world. "Xiao Wei believes.

As a centralized "giant", will the network be subverted by the blockchain?

Xiao Wei believes that the network will not be subverted.

< p> “Search is different from business, and it is also different from brands. The most important thing about search is that it is easy to use, and there is no need for brand endorsement. "

" Among BATJ, the network is the one least likely to be subverted by the blockchain. ” Xiao Wei said.

6. What are the practical application cases of blockchain in China?

The most widely used application of blockchain is still in the field of financial technology, such as digital asset trading. . As an underlying technology, blockchain is the technical implementation method of Bitcoin. The rapid application of blockchain technology also requires virtual currency. In the past, an economic scenario that required many people to trust each other and cooperate extensively in a large area, It can only be solved through a centralized approach, which is very inefficient. The emergence of blockchain technology solves this problem and eliminates this center. An important reason for eliminating this center is that virtual currency provides endogenous support for the blockchain. The economic incentive mechanism gives people the motivation to join the economic activities transformed by blockchain. Of course, blockchain will have more extensive and mature applications in more fields in the future. For example, in November last year, the State Grid submitted a project called " Regarding the patent application for "Blockchain Power Transaction Control Methods and Devices", this year's Xi'an City Wall International Marathon also used blockchain technology for the first time in the world to register all information such as athletes' race data and winning links on the blockchain to make it traceable. , non-tamperable technical characteristics, opening up the connection between various eventsInformation channels effectively ensure the reliability of competition results.

7. Re-understand the blockchain: Enlightenments brought by more than 1,550 application cases

Author: Ran Wei

(This article is excerpted from "2021 Global Blockchain Application Market Report")

When we talk about blockchain, anyone who knows something about blockchain can express themselves more or less on related topics. opinion. For example: from the perspective of technical system, blockchain is a new application of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm; from the perspective of functional attributes, blockchain is decentralized, non-tamperable, and full-process. Features such as leaving traces, traceability, collective maintenance, openness and transparency.

Looking back at the history of blockchain, there is no way around Bitcoin. On January 3, 2009, the Bitcoin genesis block with serial number 0 was born. A few days later, on January 9, 2009, Bitcoin block number 1 was born. When two blocks are connected, the blockchain is "born."

The inventor of Bitcoin, whose pseudonym is "Satoshi Nakamoto", may find it difficult to imagine: In the past 12 years, with Bitcoin as the center, a huge "cryptocurrency family" has spread all over the world. The financial market set off a "big wave" that continues to this day. During this period, innovation and risks related to cryptocurrency are intertwined, progress and bubbles coexist, and pursuit and criticism coexist, and it drives government departments of various countries to continuously improve the monetary and financial systems, social governance and supervision systems.

At the same time, the blockchain that accompanies Bitcoin is also evolving rapidly, and has long gone beyond the scope of "Bitcoin's underlying technology" and has been applied to every corner of social and economic development.

So, what mechanism does blockchain work through? What are its advantages compared to traditional technologies and models? What is its application effect? In the "2021 Global Blockchain Application Market Report" jointly released by Capital Lab and Yuanwang Think Tank, we tried to provide a certain basis for the above issues through research on more than 1,550 application cases around the world in 2020 and the first quarter of 2021. Empirical answer. At the same time, based on the study of these cases, we can establish a new understanding of blockchain: blockchain is trust, blockchain is sharing, blockchain is transaction, blockchain is substitution, and blockchain is efficiency.

In the Bitcoin creation paper "Bitcoin: A Peer-to-Peer Electronic Currency System", "Satoshi Nakamoto" repeatedly emphasized that Bitcoin has the characteristics of not relying on a "trusted third party". That is the characteristic of “decentralization”.

On the other hand, the underlying technology of Bitcoin, the blockchain, is precisely designed for "trust." In other words, reshaping "trust" in the digital era is the most basic function of the blockchain, but this isThis kind of trust has been transformed from trust between people and legal entities to trust between machines and machines, between blocks and blocks, and between nodes. Interestingly, the subsequent “smart contract” function has further strengthened this trust through its integration with the blockchain.

Identity coding and authentication are the first steps to achieve the above-mentioned trust mechanism, and the distributed identity (Decentralized Identity, DID) system is the core of it. With DID applications, everyone from individuals to organizations to IoT devices, from physical items to virtual products, can be given digital "identities" and achieve trusted interactions. It is precisely because of this that blockchain-based certificate storage, empowerment, verification, circulation, and transactions can be realized, and only then can blockchain be implemented in various industries.

Application cases from around the world show that new trust mechanisms provide new rules and motivation for social and economic operations:

l China is comprehensively promoting blockchain electronic certificates Applications such as "one fish, one code", "one fruit, one code", "one tea, one code" and other applications are driving the global Anti-counterfeiting traceability of agricultural products and upgrading of food safety systems;

l Through the combination of blockchain, big data and artificial intelligence, the credit "portrait" of an enterprise is more accurate and can be obtained faster and more accurately. Lower-cost financing services;

l Public welfare organizations have put charity funds "on the chain" to form a more transparent and standardized public welfare tracking and management system;

l Relevant cities in China have launched a blockchain-based gas cylinder product traceability management system, and the credibility of the source of gas cylinder file information and the level of gas cylinder safety management have been greatly improved;

l Germany is developing its distributed energy resources Assets establishes a digital registration system based on identity authentication to promote the development and trading of renewable energy and cope with the arrival of the digital energy era...

Among the three types of blockchains (public chain, alliance chain, private chain), alliance chain has been the most widely used. In addition to considerations of technical performance, operational efficiency, operability, expected results, etc., this is mainly because all parties in the alliance already have a certain foundation of trust. This also shows from another perspective that in blockchain applications beyond cryptocurrencies such as Bitcoin, "multi-centralization" rather than complete "decentralization" is a more realistic option.

In addition, it is undeniable that unlike the proof-of-work mechanism that Bitcoin “mining” relies on, the blockchain cannot completely ensure the integrity of the on-chain data from the source in the actual application process. Authenticity. In other words, a certain alliance member or node may provide false data intentionally or unintentionally. However, with the help of blockchain, it cannot be tampered with and canWith features such as traceability and multi-party consensus, the alliance can identify counterfeiting behavior and impose corresponding penalties, such as "kicking" the counterfeiting members from the node. Therefore, in a sense, blockchain-based trust largely establishes alliance members’ awe for the authenticity of data and deters data fraud.

If "trust" is the foundation of blockchain applications, data sharing is the core of blockchain applications. Without data sharing, there will be no cooperation, and the practical application of blockchain will be impossible.

l The State Administration of Foreign Exchange's "Cross-border Financial Blockchain Service Platform" pilot has been fully launched, promoting foreign trade exports through information exchange between foreign exchange bureaus, taxation, banks and enterprise-related market entities. Business development;

l The "Insurance/Claims Alliance Chain" jointly established by 11 insurance companies in Taiwan has been put into operation, and each company has achieved "single application and common documents" on this platform;

l Blockchain platforms such as Contour and TradeLens are reshaping the global supply chain and providing impetus for the digital transformation of international trade through data collaboration among enterprises, financial institutions, shipping companies, terminals, customs and other institutions... .

l In China, through data collaboration, various government departments have realized "one data, one source, one source for multiple uses, one network, and full network operation";

l Through The "Judicial Chain" platform enables all types of electronic evidence to be seamlessly connected with judicial institutions such as notarization, arbitration, judicial appraisal, and courts, which improves the efficiency of the judicial system while reducing costs;

l Targeting grassroots nationwide The court's "cross-domain collaboration mechanism for trial auxiliary matters" can realize "cross-domain service and cross-domain evidence collection" between courts in different regions, effectively improving the efficiency of trial auxiliary matters and trial quality and efficiency, and reducing judicial operation costs... ….

l China's "Guangdong-Hong Kong-Macao Greater Bay Area Combination Port" project was officially launched, which can support the interconnection and interoperability of trade parties among the five major customs jurisdictions of the Greater Bay Area and become the first connected port in the Greater Bay Area , customs, logistics, enterprise, finance and other trade processes, interconnected and shared blockchain network;

l Japan's KDDI Telecom, Hitachi, Kansai Electric Power, Sekisui Construction and other large enterprises have established blocks Chain Alliance NEXCHAIN ​​to form a cross-industry real estate information sharing and management model and promote cross-industry innovation;

l The French Renault Group completed the test of its blockchain project "XCEED" for zero Sharing compliance information between component suppliers and automakers and simplifying compliance certification….

Although the above application cases in finance, government affairs and various industries are only a few typical cases, they are enough to illustrate that: on the one hand, data sharing is the application of blockchainIntrinsic requirements. In terms of specific implementation, everything must start from breaking "data islands" and "information asymmetry"; on the other hand, the application practice of blockchain has in turn promoted cross-level, cross-department, cross-industry, cross-region, and cross- Data sharing and unprecedented cooperation across national borders.

It can also be seen from the above cases that based on the transparency, security, trustworthiness and other characteristics of the blockchain, data sharing allows cooperation that originally seemed impossible to be achieved, and more Open innovation results; data sharing can effectively improve the operating efficiency of business systems, financial systems and social governance systems; various organizations promote their own organizational changes and process changes while sharing and cooperating with external institutions.

Based on trust and sharing, "transaction" is the most intuitive and deepest manifestation of the value of blockchain applications. Currently, blockchain is opening a new chapter in the transformation of transaction models in various industries around the world.

From a functional architecture point of view, blockchain-based transactions are by no means just a change in the transaction process, but integrate the unique functions of the blockchain, which are the key to anti-counterfeiting traceability, supply and demand docking, and warehousing. Integrated integration of blockchain applications such as logistics, payment/settlement, supply chain financing, insurance, and network security.

From the perspective of application form, blockchain-based transactions transcend the traditional concept of product or service transactions and represent the realization of the value of a wider range of data in circulation.

From the perspective of application scenarios, transactions based on blockchain involve the upgrading of the physical industry, the digital advancement of the financial industry, and the innovative application of the "token economy".

In the physical industry, take the application of agricultural blockchain as an example: on the one hand, supply chain traceability based on blockchain has become an important barrier to food safety; but on the other hand, for growers or For farmers, the supply chain traceability function is far from enough. How to help them expand the sales of agricultural products and obtain more income as much as possible is the "hard truth" for blockchain technology to continue to promote agricultural development. In other industries, the same applies.

Against the above background, new trading platforms in the global physical industry continue to emerge:

l The Indian government uses blockchain platforms to help farmers in remote areas sell agricultural products to reduce the While eliminating intermediate fees, obtain higher income;

l The Swiss company Cerealia builds a blockchain-based agricultural product trading and financing platform to promote the export of agricultural products in emerging market countries around the world;

l The world's largest independent refined sugar producer, Al Khaleej Sugar Company of the United Arab Emirates, launched DigitalSugar.io, a blockchain-based sugar product trading platform, to realize spot-based international raw sugar trading;

l Jiangxi Ganzhou goes onlineThe international timber electronic trading platform based on blockchain manages the entire process of timber transactions and will provide the timber market with full industry chain services such as cloud warehouse supervision, logistics, finance, and insurance;

l Shandong Province launched the Shandong Internet Traditional Chinese Medicine Trading Platform, which will realize online integrated services of quality control, transaction, payment, settlement and supervision through blockchain and other technologies;

l Weitang, Xiangcheng District, Suzhou The town has released a blockchain-based pearl online trading platform, which will store the core parameters and test reports of pearls on the chain, and will also add functions such as supply chain management, trade finance, smart contracts, payment settlement, and incentive mechanisms;
< br /> l Honeywell launched GoDirect Trade, an online trading platform for new and second-hand aircraft parts, providing a valuable reference for large manufacturers on how to apply blockchain to parts trading and circulation...

In the financial industry, blockchain is promoting the digital advancement of financial transaction business in aspects such as securities trading, asset securitization, trade financing, and cross-border settlement:

l The Australian National Stock Exchange has launched ClearPay, a digital securities trading platform based on distributed ledger technology, which can provide multi-currency, real-time DVP settlement on the same day and will replace the original exchange settlement system;

l Switzerland The company Finka has launched a related securitization token investment platform based on livestock from organic pastures in Bolivia to promote the development of the local livestock industry;

l The American company Securitize has established a Japanese real estate investment platform based on digital securities , aiming to revitalize idle real estate in rural Japan and enhance the vitality of the rural economy;

l China Postal Savings Bank and China Construction Bank completed the first cross-blockchain platform forfaiting transaction, Hua Xia Bank Kunming Branch’s first Realize forfaiting resale business in the secondary market;

l Nanjing Iron and Steel completed blockchain-based iron ore transactions with Rio Tinto of Australia and Vale of Brazil respectively;
< br /> l Baosteel Co., Ltd. and Australia's Rio Tinto completed the first blockchain-based RMB cross-border settlement transaction...

Of course, while blockchain promotes the advancement of financial transaction business, dark sides such as hype, scams, money laundering, and cyber attacks related to blockchain and cryptocurrency continue to follow. How to continue to promote financial innovation while also carrying out efficient risk prevention and control and effectively cracking down on illegal crimes is an important issue that requires long-term response. From a global perspective, China has responded with clear attitudes, strict measures, and effective measures in this regard.

The transaction changes realized by blockchain in the real industry and financial industry are only the initial stage of blockchain changing traditional transaction methods.Duan, "Token Economy" is the higher level of the "transaction" function of the blockchain.

Under the framework of the "token economy", from electronic certificates to skill certificates, from credit records to public welfare activity participation records, from social media tracks to carbon emission reduction actions, when various data become When an encrypted digital proof of rights is circulated and exchangeable, it is given the function of "token".

Regardless of the investment/speculation craze of "Non-Fungible Token (NFT)", we can already see many early applications of "token economy" around the world:

l The HotCity project supported by the Austrian government uses a crowdsourcing model combined with blockchain and gamification tokens to encourage residents to submit heating waste heat hotspots to meet urban heating needs more efficiently; < br />
l Ford establishes "Green Miles" for commercial and municipal fleets using hybrid vehicles to help improve urban air quality;

l Weibin District, Xinxiang City, Henan Province, in its In the blockchain industrial park project, tokens are issued based on the points system for merchants and enterprises to establish a new commercial service platform;

l Chengdu released a blockchain-based community governance product "Chain Community", Residents can earn "time bank" points on the platform through volunteer services and other activities, and exchange them for benefits and discounts provided by community merchants;

l Global non-profit organization "Mobile Open Blockchain Plan" The Electric Vehicle Charging Network Working Group (EVGI) launches a global standard system for decentralized vehicle charging technology, covering the Tokenized Carbon Credit (TCC) scenario;

l Blockchain reward platform MiL. k cooperates with a Korean retailer to provide blockchain-based points management services to its members. Members can convert existing points into local MLK tokens through the MiL.k platform, or exchange them into other third-party points...

As can be seen from the above cases and more, the "token economy" has several distinctive features:

The "token economy" gives assets to a wider range of data Attributes and tradable attributes, and through cross-domain and cross-platform mutual trust and circulation, can improve the operating efficiency of the entire social and economic system;

"Token economy" is a new value creation and The realization process does not necessarily use currency directly as the medium of exchange, but is more reflected in the exchange, mutual benefit and reallocation of various elements and resources;

"Token economy" is often combined with incentive mechanisms. Together, by motivating “good people and good deeds”, “good companies” and “good institutions”, we will effectively reshape the social value system andSocial credit system.

Generally speaking, the "token economy" will spawn new production factors, reshape production relations, and greatly liberate social productivity; the "token economy" represents the direction of the "information Internet" The evolution of the "Internet of Value" indicates the most exciting future of the digital economy; the "token economy" based on the blockchain has begun to take shape and has begun to bring changes to economic operations, social governance, and everyone's lifestyle. Continuously visible change. All types of institutions and individuals should be mentally and physically prepared for this change.

Like other new technologies, in the process of application and popularization, blockchain continues to produce substitution effects in terms of platforms, media, models, methods, etc.: physical documents are replaced by electronic documents, and credit records are replaced by electronic documents. Tokens are replaced, manual review is replaced by data verification, and the city management platform is replaced by the "city brain"...

Such substitutions have become the norm:

l Argentina’s central bank has begun a proof-of-concept for a new blockchain clearing system, which may replace the existing clearing system;< br />
l Korea Minting and Security Printing Corporation (KOMSCO) expanded its blockchain digital gift certificate business to replace paper gift certificates and achieved record revenue despite a sharp decline in the issuance of banknotes and coins. Improvement;

l Courts across China have begun to use blockchain electronic seals to replace traditional paper seals in the enforcement of real estate seizures;

l The Shanghai court system is using artificial intelligence , the adoption of new technologies such as blockchain, and explore the use of digital court trial records to replace manual court trial transcripts;

l The Japanese company SUSMED launched a "Clinical Data Monitoring System Demonstration Using Blockchain Technology" pilot, indicating that the drug Or the necessary monitoring process in clinical trials of medical equipment can be replaced by a blockchain system;

l Alipay and Wukong Car Rental have cooperated to launch a "face-swiping" car rental service, which uses blockchain technology and credit-free security mode, tourists can rent a car by simply "swiping their face" and return the vehicle through mobile phone operations;

l Under the new crown epidemic, local governments in China have intensively launched "non-face-to-face" vehicles that combine blockchain technology ", no contact, zero errands" government service has replaced the traditional offline service method, providing a strong guarantee for the smooth progress of remote bidding, "cloud" customs clearance, financial support, resumption of work and production, etc. during the epidemic... .

In addition, we can also see that through the use of blockchain technology, various enterprise-level services are also realizing substitution and evolution: from paper contracts to electronic contracts, to program-based, Blockchain contracts that can automatically execute smart contracts. Blockchain is pushing contract signing into the era of "chain signing"; from offline peopleFrom human resources companies to online human resources platforms to blockchain-based human resources markets, global human resources services have experienced continuous changes from the 1.0 era to the 2.0 era and then to the 3.0 era.

Generally speaking, when the blockchain "invades" various industries, it will "mercilessly" delete all unnecessary links and processes, all unnecessary manual operations, and accelerate the The era of paperless, unmanned and automated is coming.

In the process of our analysis of more than 1,550 blockchain application cases around the world, words like "improve", "accelerate", "shorten", "lower", "reduce", "save", " Words such as "save" appear frequently in front of our eyes. These words show that the improvement of efficiency is the common pursuit of all parties involved in blockchain applications and is also the most direct result of the substitution effect of blockchain.

Numerous application practices are contributing to this:

l Kenyan company Shamba Records provides blockchain traceability, transaction and financing services to farmers in the country, currently covering more than 6,000 Small farmers and helped them increase their income by at least 40%;

l TradeWaltz, a blockchain trading platform invested by NTT DATA, Mitsubishi and other companies, completed a trial run, and the results showed that the platform can reduce traditional 50% of the workload of the trade process;

l Walmart Canada has significantly reduced invoice disputes with carriers by 97% through the application of the DL Freight blockchain platform;

l The State Grid Corporation of China’s power transaction certificate traceability inquiry platform was put into operation, automating the entire authenticity review process for registered users and saving 99% of the trustworthy manual review time;

l COSCO Shipping Lines and Shandong Port Group Qingdao Port have cooperated to launch a blockchain paperless import and delivery model, which can save customers nearly 24 hours on average per container;

l Taizhou, Zhejiang uses "materials" The "Internet + Blockchain" recycling system solves the problem of marine pollution control. Compared with traditional processing methods, this recycling system can save 94% of labor costs and 84% of operating costs...

In summary, through the joint action of trust mechanism, sharing mechanism and transaction mechanism, blockchain has formed an obvious substitution effect, improved the operational efficiency of finance, government affairs and various industries, and will Continue to create systemic change. This change is reshaping the relationship between people and machines, people and society, and people and the environment, and clearly points to three ultimate goals: efficiency, well-being, and environmental protection.