招行银行跨境支付区块链业务,招商银行区块链跨境支付

① Can blockchain change 10 cases of existing business

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

(1) Tracking Products in the global 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. Maersk and IBM have created a platform that integrates services such as liner, warehouse, freight forwarding, ports, customs, exporters, importers and trade finance banks into the trade ecosystem, on a data exchange platform running on the blockchain interoperate.

(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, every polling placeThe ID of each ballot will be recorded immediately.

(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. There is no need to store 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 masters 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 oftenIt is a double expenditure for 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. At present, the development of the blockchain industry is in a very early stage. In addition to the relatively mature decentralized governance of BTC, in the governance of public chains such as ETH and EOS, the founder development team plays a very core role and is the "rules" of the public chain. "Maker", although the entire ecosystem has achieved partial decentralization, the founders still play a pivotal role in the direction of strategic development. 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 isTuring-complete, 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 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.

Regarding 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 account books are not connected to each other, which will form a world of "operational islands", or "data islands". 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, it will be difficult for all participants in the transaction to escape 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 the early batch of cryptocurrencies headed by BTC, the vast majority of current blockchain projects have taken into account the disadvantages 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.

Based on Silicon Valley insightsJudging from the "White Paper on the Development of Blockchain in China and the United States" published by the China Securities Regulatory Commission, in terms of the number of ICOs, North America is comparable to Asia. In terms of the amount of financing, 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 With currency speculation booming, blockchain, as its underlying technology, 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 basis for building a new type of finance.Infrastructure has become 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 Transfer 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 deintermediation and open and transparent transactions. There is no third-party payment institution to join, which 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 features 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-spending problem and can avoid "t; One ticket sells many. For example, Shenzhen Blockchain Financial Services Co., Ltd. issues ticket chain products to provide ticket financing services based on blockchain to solve the ticket financing needs of small, medium and micro enterprises. Cooperative banks include Ganzhou Bank and Guiyang Bank , Suzhou Bank, Shizuishan Bank, Langfang Bank, Wuhai Bank, Jilin Jiutai Rural Commercial Bank, Yaodu Rural Commercial Bank, Shenzhen Rural Industrial Bank, Weifang Bank, Zhongyuan Bank, etc. In addition, Zheshang Bank, Jingdong 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 The pain points in the 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 existence to asset securitization With attributes such as proof of authenticity, non-tamperability, and consensus mechanism, it can monitor the true status of assets in real time and solve the problem of trust in underlying assets by all parties in the transaction chain. Various assets such as equity, bonds, bills, income certificates, warehouse receipts, etc. It can be integrated into the blockchain and become a digital asset on the chain, improving the efficiency of asset circulation and reducing costs. For example, in May 2017, Internet Finance and partners including Baiqian Leasing, Huaneng Trust, etc. jointly issued a blockchain The asset securitization ABS project supported by technology has an issuance scale of 424 million yuan.

Blockchain + Insurance

1. Insurance business

There is information asymmetry in the insurance industry and a lack of trust between customers and insurance institutions Problems such as: It is difficult for users to choose insurance products that suit them, and insurance institutions face the risk of insurance fraud.

The role of blockchain:

The decentralization, openness, transparency, and traceability of blockchain, Establish a good communication channel between insurance institutions and users; insurance subject information is managed uniformly on the blockchain and cannot be tampered with, helping insurance institutions avoid the risk of fraudulent insurance; at the same time, smart contracts can improve work efficiency and reduce costs. For example, France Insurance giant AXA is using the Ethereum public blockchain to provide automatic flight delay compensation for air passengers. If the flight is delayed for more than 2 hours, the "smart contract" insurance product will automatically pay the claim to the passenger.

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, making it difficult to accurately characterize the credit status of individuals or institutions; in addition, there are also issues about how to protect user privacy during the data collection process. .

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 can be achieved on the basis of effectively protecting user privacy. Sharing 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 conducting joint credit reporting and safe certificate deposits. Exploration.

As a basic technology, blockchain has distributedIt has great use value in industries that require automatic processing, point-to-point transactions, and rapid establishment of trust relationships. Its core is to solve the problem of credit and realize point-to-point transfer 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.

② How blockchain technology is applied to the banking industry

The biggest feature of blockchain technology is decentralization, and this feature will reduce a lot of costs for the banking industry.

First of all, decentralization means that intermediaries are no longer needed to establish a trust mechanism between banking systems, saving intermediary costs.

Secondly, the development of digital currency will make it possible to realize real-time digital transactions in banks. For example, in bill transactions, bank bill transactions have always relied on a third party to realize the transfer of valuable certificates. Even electronic bill transactions require interactive authentication through information from the central bank's ECDS system. Blockchain technology can realize point-to-point transfer of value and no longer requires centralized system control. This not only speeds up the speed of ticket transfer, but more importantly, it can reduce errors caused by human factors and reduce processes. Naturally, it will reduce the bank's demand for personnel and save the bank's labor costs.

Finally, it will also have an impact on clearing and settlement. The bank's clearing and settlement business has always been completed by central clearing, which is inefficient. Settlement through blockchain technology will greatly improve the efficiency of banks.

Blockchain technology also plays a major role in banks’ cross-border payment services. Today, when global trade is highly developed, cross-border payments are becoming more and more frequent, and banks often act as third-party services in cross-border trade, such as electronic transfers, asset custody, etc. However, cross-border payments generally take about 2 days to arrive, which is very inefficient and reduces the utilization of funds in transit. In blockchain technology, both parties of cross-border payments can be completed in a point-to-point manner, achieving all-weather payment.Payments are made to accounts in real time, thereby speeding up the speed of clearing and settlement, thereby improving the efficiency of bank processing business.

Another feature of blockchain technology is de-risking. Banks can build their own blockchain, which can ensure that bank customers’ transaction information and transaction records are true and valid and will not be compromised. Without any tampering, the bank can effectively identify the customer's information, understand all aspects of the customer's situation, identify the customer's abnormal transactions, prevent being deceived by the customer, thereby reducing the bank's supervision costs.

③ Which blockchain coins are used to connect banks in China

Ping An Bank of China stated that blockchain will be the focus of Ping An’s future expansion. Executive Vice President Chen Xinying revealed that Ping An already has a team Explore the application of blockchain technology in seven or eight scenarios. China Merchants Bank mainly applies blockchain technology to the direct clearing system, which is a system used internally by China Merchants Bank for cross-border clearing. The decentralized system allows clearing to be initiated between branches of China Merchants Bank, and the security is also improved. Be protected. Postal Savings Bank of China, in its asset custody business, uses blockchain technology to reduce transaction costs and reduce intermediate links. China Zheshang Bank has released the first blockchain-based mobile digital money order platform, which provides businesses and individuals with the functions of issuing, transferring, buying and selling, and cashing mobile digital money orders on mobile clients.

④ What does blockchain mean and what are its applications in cross-border payments

Why is it said that the Internet era is coming to an end and the blockchain era is coming?

Once the blockchain develops, more innovations will burst out. Since the birth of Bitcoin, the first product of the blockchain, many innovations have been born. For example, small-amount cross-border payments, recording transfers between currencies, recording various stocks, registering house property rights, recording program codes, etc.

The steam age liberated social productivity, the electrical age revitalized social collaboration capabilities, and the Internet The era has connected the world together, and the blockchain era will allow us to truly achieve freedom.

⑤ How to apply blockchain in cross-border payments

The blockchain cross-border payment application model actually uses the blockchain network to integrate traditional financial institutions, foreign exchange market makers, Liquidity providers, etc. join the payment network and build a payment gateway. Through the payment gateway, the flow of digital assets on the blockchain can be connected with the legal currency in reality, so that the legal currency can be converted into digital assets on the blockchain to facilitate subsequent payment transfers. Through the network connector in the blockchain payment network, traditional market makers, remittance banks, remittance banks and other institutions can be connected, eliminating intermediate transaction links and realizing point-to-point fast and low-cost payments.

⑥ What is the CMB Pratt & Whitney Award?

The CMB Pratt & Whitney Award is the China Financial Innovation Award.

On May 28, 2019, it won the "Best Financial Innovation" in the "2019 China Financial Innovation Awards" held by "The Banker" prize"; At the same time, the "Practice of Inclusive Technology Empowerment and Create a New Model Innovation Case for Small and Micro Services" submitted by the Retail Credit Department won the "Top Ten Private Enterprise Financial Service Innovation Award", "Retail Online Loan "Flash Loan", " "Innovative Case" won the "Top Ten Consumer Finance Innovation Award";

The "Innovation Case of Investment Banking Market Transaction (Matchmaking) Business" submitted by the Investment Banking Department won the "Top Ten Investment Bank Innovation Award"; Offshore Finance The "Cross-border Payment Blockchain Project Innovation Case" submitted by the Center & Transaction Banking Department won the "Top Ten Blockchain Application Innovation Award"; the "Blockchain Industry Internet Collaboration Platform Innovation Case" submitted by the Transaction Banking Department won the "Top Ten "Blockchain Application Innovation Award";

The "Smart Parking" Innovation Case submitted by the company's financial headquarters won the "Top Ten Financial Technology Innovation Award", and the "Public Wealth Management Innovation Case" won the "Top Ten Wealth Management Innovation Award".

(6) Extended reading on China Merchants Bank’s cross-border payment blockchain

China Merchants Bank creates a new model of inclusive financial services - fintech empowers and helps small and micro enterprises.

The 2018 Sixth China Small and Medium Enterprises Investment and Financing Fair and the 2018 China Inclusive Finance Exhibition were held at the National Convention Center in Beijing. This event was jointly sponsored by the China Banking Association and the China Small and Medium Enterprises Association. The development of small and micro enterprises is related to the national economy and people's livelihood. As China Merchants Bank, which actively promotes the development of inclusive finance, it also made an appearance at this exhibition to fully demonstrate the products and services of inclusive finance of China Merchants Bank to small and micro enterprises and the public.

China Merchants Bank implements the "Fintech Bank" strategy, promotes the full-process application of the Internet, big data and artificial intelligence technology in small and micro services, and explores solutions to the "large number of transactions, small amount, and low efficiency" of small and micro businesses " and "information asymmetry and high risks". Through a series of major innovative measures such as establishing a retail credit factory to implement centralized review and approval, a new model of fast and efficient inclusive financial services has been built.

⑦ What time does China Merchants Bank system clearing start and what time does it end?

The end-of-day processing period is the clearing time, which is the time when the banking system settles savings business every day. The clearing period of China Merchants Bank system is normally between 0:00 and 2:00 in the morning. The length of time varies, but it usually doesn't last long. Try again after a few minutes.
Extended information:
China Merchants Bank’s “chain” connection for cross-border clearing:
The continued popularity of blockchain has led the financial industry to actively research and apply blockchain technology, which has been used in many fields. Realized the implementation of blockchain applications. China Merchants Bank, which is positioned as a "fintech bank", demonstrated its determination to deploy blockchain with the world's first inter-bank cross-border RMB clearing business based on blockchain technology. "China Merchants Bank hopes to continuously transform itself through financial innovation in the field of blockchain, focus on the origin of transactions, gradually improve financial service capabilities, and realize the social role of financial service experts." said Hou Tingwei, head of the blockchain team of China Merchants Bank.
Cross-border clearing business on the “chain”:
The application prospects of blockchain technology in the financial field are widely optimistic, especially in the field of cross-border payment and settlement, it is the best in terms of practicality and adaptability, and is known as "the most perfect cross-border payment solution" , its clearing process is safe, efficient and fast, which can greatly improve customer experience.
On December 18, 2017, China Merchants Bank, as the clearing agent, completed the transfer of RMB positions from Hong Kong Wing Lung Bank to Wing Lung Bank Shenzhen Branch. On December 20, the three parties completed the cross-border RMB remittance business with China Merchants Haitong Trading Co., Ltd. as the remitter and Haitong (Shenzhen) Trading Co., Ltd. in the Qianhai Shekou Free Trade Zone as the payee. The successful launch of the business marks the further application of blockchain technology in the bank, and the participation of three-party institutions means that the plan already has the basis for promotion and cooperation among peers.
Using the "distributed accounting" characteristics of blockchain technology, fund settlement information arrives synchronously "on the chain", is shared by all, and updated in real time, achieving a qualitative leap in settlement efficiency. Blockchain cross-border clearing technology focuses on the efficient and safe transmission of information and complements traditional payment channels, thus avoiding the legality and regulatory issues faced by blockchain electronic currencies.