区块链金融的实证分析是什么,区块链金融的实证分析报告

随着区块链技术的发展，金融行业正在经历一场巨大的变革，区块链金融正在成为一种新兴的金融模式。那么，区块链金融的实证分析是什么？

区块链金融的实证分析是指以实证的方式，利用统计学、计量经济学等学科的方法，对区块链金融的投资者、参与者、交易模式、技术等进行深入研究，从而提出有效的投资策略，并进行实证分析，以指导投资者获得最大化投资回报的过程。

实证分析的步骤

实证分析的步骤包括：首先，根据区块链金融的实际状况，分析其趋势及发展趋势；其次，对区块链金融的投资者、参与者、交易模式、技术等进行深入的研究，从而提出有效的投资策略；最后，利用统计学、计量经济学等学科的方法，对投资策略进行实证分析，以指导投资者获得最大化投资回报。

实证分析的价值

实证分析可以有效地帮助投资者更好地了解区块链金融的发展趋势，更好地把握投资机会，从而获得最大化的投资回报。此外，实证分析还可以帮助投资者更好地了解区块链金融的风险，从而有效地避免投资风险。

总之，区块链金融的实证分析是一种重要的投资策略，可以有效地帮助投资者更好地了解区块链金融的发展趋势和投资风险，从而获得最大化的投资回报。

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㈠ Re-understanding 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 their opinions more or less on related topics. Some insights. 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 trust consists of trust between people and between legal entities.Converted into trust between machines, between 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 Charitable charity organizations have put charity funds "on the chain" to form a more transparent and standardized charity 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 the characteristics of blockchain such as non-tampering, traceability, and multi-party consensus, the alliance can deal with counterfeitingIdentify and punish accordingly, such as "kicking" the fake members out of 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 allows 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 an inherent requirement of blockchain applications. In terms of specific implementation, everything must start from breaking down"Data islands" and "information asymmetry" began; on the other hand, the application practice of blockchain has in turn promoted cross-level, cross-department, cross-industry, cross-region, and cross-border data sharing and unprecedented cooperation.

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 the perspective of functional architecture, blockchain-based transactions are by no means just a change in the transaction process. Instead, they integrate various unique functions of the blockchain. 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 Ganzhou, Jiangxi Province, launched an international timber electronic trading platform based on blockchain.The whole process of timber trading will be managed on the chain, and the timber market will be provided with full industry chain services such as supervision of cloud warehouses, logistics, finance, and insurance;

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

l Weitang Town, Xiangcheng District, Suzhou released a blockchain-based pearl online trading platform, The core parameters and test reports of pearls will be uploaded to the chain for certification, and functions such as supply chain management, trade finance, smart contracts, payment settlement, and incentive mechanisms will also be added;

l Honeywell launches aircraft zero GoDirect Trade, an online trading platform for new and second-hand parts, provides 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 the blockchain in the real industry and financial industry are only the initial stage of the blockchain changing the traditional transaction method. "Token Economy"my)" 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 encrypted digital proofs of rights and interests, and can be circulated and exchanged, they are given the "token" function.

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 more efficiently meet urban heating needs;

l Ford is establishing "green miles" for commercial and municipal fleets using hybrid vehicles to help improve urban air quality;

l Weibin District, Xinxiang City, Henan Province, is building on the Merchants and enterprises issue certificates through the points system to establish a new business service platform;

l Chengdu released a blockchain-based community governance product "Chain Community", where residents can participate in volunteer services and other activities Obtain "Time Bank" points from the platform and exchange them for benefits and discounts provided by community merchants;

l Electric vehicle charging network working group of the global non-profit organization "Mobile Open Blockchain Initiative" ( EVGI) launches a global standard system for decentralized car charging technology, covering Tokenized Carbon Credit (TCC) scenarios;

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

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

The "token economy" gives asset attributes and tradable attributes to a wider range of data, and through cross- Mutual trust and circulation across domains and platforms can improve the operating efficiency of the entire social and economic system;

"Token economy" is a new process of value creation and realization, which does not necessarily use currency directly. Instead of being a trading medium, it is more embodied in the exchange, mutual benefit and reconfiguration of various elements and resources;

"Token economy" is often combined with an incentive mechanism, through the exchange of "good people and good deeds", The incentives of "good companies" and "good institutions" will effectively reshape the social value system and social credit system.

Overall, the "Token Economy" will spawn new production factors, reshape production relations, and greatly liberate social productivity; the "Token Economy" represents the evolution of the "Information Internet" to the "Value Internet" , indicating the most exciting future of the digital economy; the "token economy" based on blockchain has begun to take shape, and has begun to bring continuous and visible changes to economic operations, social governance, and everyone's lifestyle. 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 human resources companies to online human resources platforms to basicIn the blockchain human resources market, 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 has been put into operation, automating the entire authenticity review process for registered users and saving 99% of trusted 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.

㈡ What are the prospects of blockchain finance?

1. In fact, the combination of blockchain technology and finance is not accidental. Simply put, blockchain is a distributed shared ledger and database that is decentralized, non-tamperable, and fullyFeatures such as leaving traces and being traceable. Finance is cooperation based on trust, and these characteristics of blockchain lay the foundation for creating trust. Blockchain technology is of great significance in solving problems in the financial field such as high credit risk, low capital utilization efficiency, and high payment processing costs.
2. In reality, Bitcoin is not equal to blockchain. Digital currency is just one of the applications of blockchain technology in the financial field. In the fields of supply chain finance, payment and clearing, trade finance, financial transactions and other fields, "blockchain +" has rich application scenarios and imagination space.
3. Industry insiders pointed out that although the application prospects of blockchain technology are broad, At present, there are only a small number of projects that have actually been implemented and produced social benefits. Blockchain technology is in the early stage of development and still needs to be viewed rationally. In the next step, blockchain technology should be used to explore digital economic model innovation and add impetus to the optimization of the business environment. , to provide support for promoting high-quality economic development.

㈢ Prospect analysis paper of blockchain in the financial field

Prospect analysis paper of blockchain in the financial field

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Blockchain technology was born in 2008, and its first application was Bitcoin. Blockchain technology uses a decentralized consensus mechanism to maintain a complete, distributed, and non-tamperable ledger database. Without the need to establish a trust relationship, participants in the blockchain can achieve a unified ledger system. In 2015, many mainstream financial institutions in Europe and the United States recognized the application prospects of this technology and explored the application of blockchain in the financial field. Technology. The International Monetary Fund pointed out in a report that "it has the potential to change finance." Some people believe that blockchain technology will change human society as profoundly as double-entry accounting and shareholding.

Blockchain will make it possible for all individuals to become important nodes in the allocation of financial resources. It will also promote the improvement of the existing financial system and financial rules, and build a shared and win-win financial development ecosystem. The emergence of blockchain technology is a revolution in human credit creation. It allows both parties to the transaction to carry out economic activities without the need for third-party credit intermediaries, thereby achieving low-cost value transfer. It can be said that blockchain technology is the Internet With the era of more efficient value exchange technology, the Internet has evolved from the information Internet that transmits information to the value Internet that transfers value. This is conducive to traditional financial institutions taking advantage of the opportunity to transform and Internetize endogenous business processes and application scenarios.

1. Characteristics and shortcomings of blockchain

(1) Main characteristics of blockchain

(1) Decentralization. In blockchain, there is no There is a centralized hardware or management organization, a distributed structure system and an open source protocol that allow all participants to participate in the recording and verification of data, and then send it to various nodes through distributed propagation. Each participating node is "self-centered" ”, rights and obligations are equal. Blockchain is not simply decentralized, but multi-centered or weakly centered. When the Internet of ThingsWhen the Internet makes it possible for all individuals to become central nodes, the central status of traditional financial intermediaries changes, transforming from monopolistic, resource-advantaged centers and strong intermediaries to open platforms, becoming differentiated among service-oriented multi-centers. center.

(2) To trust. From a trust perspective, blockchain uses a set of open and transparent mathematical algorithms based on consensus specifications and protocols to enable all nodes to automatically and securely exchange data in a trustless environment. Blockchain essentially solves the problem of trust through mathematical methods. All rules are expressed in the form of algorithmic programs. Participants do not need to know the credit level of the counterparty, and do not need transaction endorsement or guarantee verification from a third-party institution. They only need trust. A common algorithm creates credit, generates trust, and reaches consensus for participants through the algorithm.

(3) Timestamp. Blocks are generated by packaging data and code within a period of time. The header of the next block contains the index information of the previous block, and a chain is formed by connecting the end to the end. The blocks that record the complete history and the chain that can be completely verified form a timestamp that can trace the complete history. It can provide retrieval and search functions for each piece of data, and can use the blockchain structure to trace the source, one by one. verify. Therefore, the blockchain is timestamped when generated, forming a database that cannot be tampered with or forged. Modifications to the database on a single node are invalid unless more than 51% of the nodes in the system can be controlled at the same time, so the data reliability of the blockchain is very high.

(4) Asymmetric encryption. The blockchain uses an asymmetric encryption algorithm, that is, a "key pair" is used in the encryption and decryption process. The two keys in the "key pair" have asymmetric characteristics. In the application scenario of blockchain, on the one hand, the key is the public key visible to all participants. Participants can use the public key to encrypt a piece of authenticity information, and only the owner of the information can use the private key to decrypt it. On the other hand, the private key is used to sign the information, and the signature is verified by the corresponding public key to ensure that the information was sent by the real holder. Asymmetric encryption minimizes friction boundaries in value exchange, enables transparent data anonymity, and protects personal privacy.

(5) Smart contract: Since the blockchain can realize point-to-point value transfer, corresponding programming scripts can be embedded during transfer. This smart contract method is used to handle some unforeseen transaction patterns and ensure Blockchain can continue to be effective. This kind of programmable script is essentially a list of many instructions to achieve pertinence and conditionality in value exchange and to achieve specific uses of value. Therefore, any value exchange activity based on the blockchain can achieve hard control over its use, direction and various restrictions through intelligent programming, eliminating the cost of soft constraints by law or contract.

(2) Main problems of blockchain

(1) High energy consumption problem. There is an impossible triangle in the traditional currency and banking system, that is, it is impossible to achieve decentralization, low energy consumption and high security at the same time. There is also an impossible triangle in the construction of blockchain.Can triangle. For example, in the actual application of Bitcoin, its development has brought about the rapid expansion of computer hardware, and the main costs in the "mining" process have shifted to hardware costs and electricity costs. Therefore, after applying blockchain technology to achieve equity cost benefits, maximizing its technical efficacy has become an urgent problem to be solved.

(2) Storage space problem. Since the blockchain records every transaction information from the initial information in the system, and each node has to download, store and update data blocks in real time, if the data of each node is completely synchronized, the network pressure will be great, and each node will The storage space capacity requirements of each node may become a key issue restricting its development.

(3) The problem of stress resistance. The system built based on the blockchain follows the barrel theory and must take into account the worst processing speed and network environment among all network nodes. Therefore, if the blockchain technology is promoted to a large-scale transaction environment, its overall stress resistance It remains to be verified. If the transaction volume generated per second exceeds the design capacity of the system (the weakest node), transactions will automatically enter the queue and be queued, resulting in a poor user experience.

2. Application of blockchain in the financial field

(1) Financial infrastructure

Blockchain may serve as the infrastructure of the Internet in many fields. All show broad application prospects. In the financial industry, blockchain technology will first affect financial infrastructure such as payment systems, securities settlement systems, and transaction databases. Later, the technology will also expand to general financial services, such as credit systems, "anti-money laundering," etc. This is because, based on the characteristics of blockchain technology, it will first enter the infrastructure field with high trust requirements and high cost of traditional trust mechanisms. In the past, infrastructure was a public product, but new technologies and new systems of blockchain make it more It is possible for multiple people to participate in the provision of public goods. The future of Internet finance will use Internet technologies such as blockchain to transform the core production systems of traditional financial institutions and build financial enterprises on the Internet.

The current information Internet can be collectively referred to as the TCP/IP model, and HTTP is the most important application protocol in the application layer. In the Internet of Value, blockchain is a point-to-point transmission protocol in the application layer. Its value is the same as that of the HTTP protocol in the information Internet. The huge potential and prospect of blockchain is that it can reconstruct the infrastructure and core production systems of the traditional financial industry, not just at the application level such as APPs. This is because, at the network level, the blockchain is based on the IP communication protocol and the distributed network; at the data level, the blockchain database system is brand new and is significantly better than the existing one. There is a database for the financial system; at the application level, blockchain-based registration, settlement, clearing systems, smart contracts, and the Internet of Things can greatly improve efficiency. Financial activities on the blockchain are programmable finance. .

(2) Digital Currency

From the perspectives of security and cost, banknotes are replaced by new technologies andProduct substitution is the general trend. The establishment of digital currency issuance and circulation systems is very necessary for financial infrastructure construction and economic development. Following the idea of ​​integrating traditional currency and digital currency, the issuance, circulation and trading of digital currency should be led by the central bank, reflecting convenience and security, and achieving a balance between protecting privacy, maintaining social order, and combating illegal and criminal activities. It is conducive to the effective operation and transmission of monetary policy. It is necessary to retain the control of monetary sovereignty. Digital currency is freely convertible and controllable.

The success of blockchain technology on Bitcoin proves the feasibility of programmable digital currency. Research from the Bank of England suggests that central banks could consider issuing blockchain-based digital currencies, which could increase financial stability. The technical routes of digital currency can be divided into two types: account-based and non-account-based. They can also be used in layers to try to coexist. The characteristic of blockchain technology is distributed bookkeeping, which is not account-based and cannot be tampered with. If the digital currency focuses on protecting personal privacy, this technology can be used. However, the current blockchain occupies too many computing resources and storage resources and cannot cope with the current scale of transactions. This problem needs to be solved before it can be promoted and applied.

(3) Self-finance

From the perspective of services and non-monetary creation, modern finance is realized through intermediaries. In the Internet era, it is possible to achieve direct finance in the true sense of disintermediation. However, this possibility is not complete. The main reason is that the current Internet finance is based on the original finance and cannot be jumped out. Blockchain technology provides a possibility. Blockchain can be divided into public blockchain and private blockchain. Public blockchains are like Bitcoin. Once the protocol is approved, it becomes an integral part of the blockchain. Private blockchains still need to be permissioned, and blockchain technology in banking systems requires auditing of each participant. Private blockchain is very similar to a form of self-finance, and public blockchain is more similar to the support and guarantee for the bottom layer of private blockchain. When blockchain technology is widely used and third-party financial management technology is generally available, self-financing based on blockchain technology will become completely possible.

3. Blockchain Application and Financial Supervision

Blockchain technology is currently the only tool that can be used to record and prove transaction consistency and company financial accuracy without the need for a third party. Therefore, it can meet the requirements of potential regulators and the public for audit effectiveness, accuracy and timeliness, and has broad application prospects in the financial field. However, its development is still restricted by the current system. On the one hand, blockchain has had an impact on the current system because its decentralized and autonomous characteristics dilute concepts such as the state and supervision. For example, digital currencies represented by Bitcoin challenge the country's right to issue currency and regulate monetary policy, causing monetary authorities to take a conservative attitude towards the development of digital currencies. On the other hand, regulatory authorities also lack full understanding and expectations of this new technology, and the establishment of laws and systems willThere will be a serious lag, resulting in the lack of necessary institutional regulations and legal protection for blockchain applications, increasing the risks for market entities.

Once blockchain financial technology is widely deployed in the financial industry, the de-financial nature of supervision will occur, and supervisory functions, supervisory methods and supervisory means will be redefined. For example, if securities lending, repurchases, and margin trading can be traded through the blockchain, regulatory authorities can consider using the information from this public ledger to monitor systemic risks in the market, which is not only efficient but also reliable. From a macro-financial perspective, after the emergence of the financial era, the currency creation and transmission mechanism and the credit creation pattern will change. From a micro-finance perspective, with the further development of blockchain technology, finance and business have become difficult to distinguish, and will transcend the meaning of separate and mixed industry supervision. The reform of the financial supervision system needs to be discussed from this perspective.

The "decentralization" brought about by blockchain technology still requires centralized departments to provide regulatory and guarantee support. Regulators can proactively embrace new technologies in Internet finance. U.S. Securities and Exchange Commission member Kara Stein believes that regulators need to be in a leading position, taking advantage of the advantages of blockchain technology and quickly responding to its potential weaknesses. For example, blockchain technology hopes to break privileges and human manipulation and allow computer algorithms to achieve "free credit notarization." But in practice, due to the lack of supervision, digital currency transactions such as Bitcoin face high risks of speculation and money laundering. Therefore, the application of blockchain technology requires regulatory authorities to formulate relevant standards and specifications to ensure that financial innovative products are used appropriately. At the same time, it is necessary to improve the protection of consumer rights and interests, strengthen education on the protection of financial consumer rights and interests, and improve consumers' awareness of risk prevention.

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㈣ Application of blockchain in the financial field

1. Application and development of blockchain

Some Internet, Internet start-ups and traditional finance The industry has begun to try and apply blockchain in some projects

2. Domestic financial institutions are testing the waters of blockchain

Various financial institutions are testing the waters one after another, and they are basically in the conceptual experimental stage and have not yet Large-scale commercial use.

3. Panoramic view of blockchain application in the financial field

4. Ghostwriting

5. Digital bills

Bills are an important financial product in the financial market. They have dual functions of payment and financing. They are of high value and bear bank credit or commercial credit. Once a bill is issued, its face amount, date, etc.Important information cannot be changed. Bills also have circulation attributes and can be accepted, endorsed, discounted, rediscounted, collected and other transactions within a specific life cycle. Once the transaction is completed, the transaction cannot be revoked. There are two characteristics in the circulation of bills: First, the circulation of bills mainly occurs through bank acceptance bills, and the number and circulation of commercial acceptance bills are small; second, each bank independently conducts credit granting and risk control on the bill business, and a single bank's Risk control results may affect other participants in the bill market transaction chain.

The experimental production system of the digital bill trading platform uses SDC (Smart Draft Chain) blockchain technology to protect privacy through cryptographic algorithms such as homomorphic encryption and zero-knowledge proof. The Byzantine Fault Tolerance Protocol (PBFT) performs consensus and uses a see-through mechanism to provide data monitoring.

The experimental production system includes four subsystems: stock exchange, bank, enterprise and monitoring: the stock exchange subsystem is responsible for managing the blockchain and monitoring the digital bill business; the bank subsystem has Digital bills have business functions such as acceptance and receipt, discount signing, rediscounting, and collection and repayment; the enterprise subsystem has business functions such as issuance, acceptance, endorsement, discounting, and prompt payment of digital bills; the monitoring subsystem monitors the status of the blockchain in real time and business happenings

6.

㈤ Is there any professional analysis on the prospects of blockchain?

Since 2018, the blockchain industry has been booming develop. Blockchain-related exploration and application are no longer limited to the underlying platform. Internet giants and financial giants have pointed out the strengthening of the application of blockchain in the fields of finance, public welfare, commodity traceability, etc., especially in the financial field, using blockchain technology as a The implementation of core applications is accelerated.
The blockchain industry is in a stage of rapid development
my country’s blockchain industry is currently in a stage of rapid development. According to the "In-depth Analysis Report on Business Model Innovation and Investment Opportunities in the Blockchain Industry" released by the Qianzhan Industry Research Institute, as of the end of March 2018, the number of blockchain companies in my country with blockchain business as their main business reached 456 From upstream hardware manufacturing, platform services, and security services, to downstream industrial technology application services, to industry investment and financing, media, and talent services to ensure industrial development, companies in various fields are basically complete.
Judging from the classification of application scenarios of the TOP20 companies on the ranking list, except for 13 companies that focus on blockchain infrastructure and platform construction such as underlying platforms and blockchain hardware, the application scenarios of blockchain have gradually enriched. Judging from the distribution of industry subdivisions, there are 7 industry application companies, mainly Internet companies (Alibaba, JD.com, Tencent) applied to public welfare and product traceability, as well as innovations in the evolution of financial companies (Ping An, China Merchants Bank, Bank of China) Fintech applications,Such as supply chain finance, bills and transaction clearing.
Since blockchain can make information non-tamperable and eliminate the possibility of data falsification from the root, the financial industry, especially those with higher requirements for real data, will embrace blockchain more actively.
Analysis of blockchain development trends
1. Blockchain has become the forefront of global technology development, opening up a new track for international competition;
2. The blockchain field has become a new hot spot for innovation and entrepreneurship , the integration of technology and sales will expand new application space;
3. Blockchain will be widely implemented in the real economy in the next three years and become an important support for the construction of Digital China;
4. Blockchain creation The new platform economy opens a new era of sharing economy;
5. Blockchain accelerates the process of "credible digitalization" and drives finance to "shift from virtuality to reality" to serve the real economy;
6. Blockchain supervision and The standard system will be further improved and the foundation for industrial development will continue to be solidified.
In addition, as an emerging technology, there are still many technical difficulties when applying blockchain in the actual production environment of the financial industry, such as throughput, scalability, consensus mechanism, privacy and security, and reliability. Management etc.
Technological innovations such as blockchain are of great significance to the financial industry and are expected to accelerate the process of "credible digitalization" and continue to drive finance "from virtuality to reality."

㈥ Why should blockchain technology be used in the financial field, and what are the substantial benefits?

The main advantages of blockchain technology in the financial field are disintermediation and great reduction. cost.

First of all, the financial industry currently needs to conduct layer-by-layer audits to control financial risks to prevent single points of failure and systemic risks, but this also results in high internal costs. And due to the increasing number of regulatory regulations, especially the 2008 financial crisis, the threshold for financial control has continued to rise, and the war on terrorism has led to the scope of anti-money laundering and counter-terrorism financing, which has gradually expanded the breadth and depth of supervision, resulting in the entire financial The regulatory costs of the system have increased dramatically. In this case, blockchain technology can greatly reduce costs for the entire financial system through tamper-proof and highly transparent methods.
According to a report released by Santander, Spain’s largest bank, if all banks around the world use blockchain technology internally around 2020, they will save approximately US$20 billion in costs per year. Such data is enough to illustrate the tremendous changes and breakthroughs that "blockchain" has brought to the traditional financial field.

In addition, due to historical reasons, traditional financial institutions rely on central clearing houses for settlement and clearing, and the resulting problem is low efficiency. Traditional cross-border settlements go through institutions like SWIFT, so cross-border wire transfers are often calculated on a daily basis. However, when Bitcoin uses blockchain technology, it has been running perfectly for seven years without a centralized operating organization. It can not only achieve real-time settlement and liquidation, but also not have any accounts appear.mistake.
So, if all financial systems can achieve decentralized real-time settlement and clearing, it will not only greatly improve global financial efficiency, but also change the pattern of global finance.

㈦ Four questions reveal the true identity of blockchain: What kind of technology is it?

Four questions reveal the true identity of blockchain: What kind of technology is it? What can be changed?
Do you have the feeling that all explanations of blockchain always make people feel confused and confused? Even Yang Kaisheng, the former president of the Industrial and Commercial Bank of China, who has studied blockchain for many years, bluntly stated at the Tsinghua University Blockchain Application and Investment Forum that blockchain is becoming increasingly incomprehensible, and the more it is talked about, the more mysterious it becomes.
Actually, blockchain is just a technology, not as omnipotent and mysterious as the legend says. Abandoning the buzzing technical terms and obscure professional terms, we try to uncover the true identity of blockchain hidden behind the veil through these four questions.
1Q
What kind of technology is blockchain?
Blockchain is a very important patch in the history of the development of the Internet
What exactly is blockchain?
The "China Blockchain Technology and Application Development White Paper 2016" issued under the guidance of the Ministry of Industry and Information Technology explains: Broadly speaking, blockchain technology uses block chain data structures to verify and store data, and uses distributed node consensus algorithms. A new distributed infrastructure and computing paradigm that generates and updates data, uses cryptography to ensure the security of data transmission and access, and uses smart contracts composed of automated script codes to program and operate data.
In the book "Link to the Future", the author writes more simply and clearly, "In a nutshell, blockchain is a technology that can significantly reduce the cost of credit in commercial society. Blockchain as a Once the data in a distributed account book is recorded, it will be saved forever and cannot be changed."
The weak centralization and non-tampering properties of blockchain have always been the most valued by blockchain enthusiasts Two major characteristics. According to industry insiders, this will solve the trust problem to a great extent.
“If you say that blockchain can subvert everything, I think it’s too much.” Liu Siyu, founder of Top Found, believes that blockchain is a very important patch in the history of the development of the Internet. The Internet solves the problem of efficiency, and blockchain can solve the problem of fairness to a certain extent.
In his view, the Facebook data theft incident has drawn people's attention to data security. If data and credit assets are put on the chain, no unauthorized centralized organization will be able to obtain the data. , users will have the right to control their own data, and data security will be properly guaranteed.
Not only that, industry insiders believe that the fair future of blockchain may also be reflected in Token. Previously, this term was translated into "token", which is a virtual currency such as Bitcoin, but now the circle Insiders prefer to translate this word as "incentive mechanism."
“When Token is no longer a currency for speculation, but a reward mechanism for users on blockchain applications, then it will become a good solution to the fairness problem.” An industry insider said , Token is inevitably generated during the operation of blockchain technology. How to use it in the most reasonable manner is an issue that needs to be considered in future supervision and application projects.
However, can this kind of accounting-sharing technology really improve efficiency?
Further research is needed, at least for now. As Yang Kaisheng said, Bitcoin transaction settlement is completed seven or eight times per second, which is too slow. "Frankly speaking, in today's bank operation and management, this is difficult for banks to accept, and it is also unbearable for the majority of customers and the public."
In fact, there are already blocks that are better than Bitcoin With the emergence of chain processing methods, the industry generally believes that digital currencies such as Ethereum and EOS are superior to Bitcoin in terms of settlement capabilities and application development.
Tang Ling, founder and CEO of Zhigui Technology, predicted at the "Node·Symbiosis GBA Global Blockchain Technology Application Conference" that the next generation blockchain system should be a multi-chain, multi-economic model architecture. Cross-chain interaction ultimately requires a trusted database and a trusted data source.
2Q
What exactly can blockchain change?
At least many people believe that blockchain will restructure the financial system
Speaking of blockchain, everyone seems to be talking about how blockchain can change the world and is an important force leading the world's future technological development. But what exactly can blockchain change? Perhaps many important business formats will be restructured.
At least many people believe that blockchain will reconstruct the financial system of the current world. In fact, blockchain technology was born in finance, and it can solve the problem of integrity in financial transactions.
Financial people like to use bills as an example. In the past few years, it is not uncommon to hear that bills deposited in banks have been turned into newspapers, and bills worth hundreds of millions of dollars have disappeared. If you take advantage of the non-tamperable and traceable properties of blockchain, then such absurd things will not happen.
Industry insiders believe that blockchain finance can implement contract principles and solve trust issues through technical methods. Through consensus protocols and programmable smart contracts, mutual trust and credit can be established, commercial terms agreed upon by all parties to the transaction can be formulated and executed, legal rules and regulatory control nodes can be introduced to ensure that value exchange complies with contract principles and legal norms, and avoids Unpredictable trading risks.
Industry insiders generally believe that blockchain uses technological trust to enhance commercial credit and is conducive to maintaining financial integrity. It will have an impact on many aspects such as payment, credit reporting, currency form, etc.
In addition to finance, industry insiders generally believe that blockchain may also play a role in insurance, medical care, education, real estate, even judicial activities, charity and other aspects to establish a more transparent and secure network system.
3 Questions
How far has the blockchain developed?
Still early dayslevel of development, but some companies are using the guise of blockchain to promote themselves
“No matter what angle you look at it, blockchain can produce great value in the future, which is why everyone is actively researching it. ." Li Feng, the person in charge of the online financial blockchain, said that the current research and application of blockchain technology are only in the experimental stage, and the current blockchain technology does have great shortcomings.
According to Li Feng, from the perspective of the technical level of the industry, there is still a lot of room for improvement in terms of the performance of blockchain technology, its integration with business, and its underlying technology algorithms. Today, the infrastructure for blockchain is still not complete, and blockchain still has a long way to go before it can be widely used.
In fact, looking at the layout of the three Internet giants BAT on the blockchain, some applications have begun to be gradually implemented. But most are still in the research and development stage.
Since 2016, Alibaba has been trying to use blockchain technology in charity tracking, cross-border food supply chain, medical and other fields. And last year, it established the "BASIC" strategy and opened up blockchain technology. This year, Alibaba also launched the luxury goods platform Luxury Pavilion. The raw material production process, circulation process, and marketing process of goods are all written into the blockchain.
Tencent Cloud released a blockchain TBaaS white paper in early April this year, establishing blockchain services based on Tencent Cloud. At the same time, Tencent also established a joint laboratory with the Bank of China last year, and the two parties will conduct comprehensive cooperation based on blockchain, big data and other aspects.
It is worth noting that research on blockchain technology is still ongoing. The industry generally believes that blockchain technology is still at an early stage of development, but there are indeed some companies that are hyping themselves under the guise of blockchain.
4Q
What opportunities can blockchain bring?
This feast will obviously no longer belong to speculators
In February this year, the "People's Daily" article on blockchain ignited the country's enthusiasm for blockchain technology. Dou Jiali, a researcher at Peking University Guanghua Financial Technology Laboratory, wrote in the People's Daily that the birth of blockchain will significantly reduce the cost of value transmission and once again greatly liberate productivity. We should seize the opportunity of blockchain.
At the 2018 Boao Sina Finance Night·Zhenghe Island Night Talk, Xunlei Group CEO Chen Lei said that the innovation of blockchain has changed the social organizational structure and given China an opportunity to surpass the United States and Western countries. "In the development process of the electronics industry, communications industry, and Internet industry, China started later than the United States and Western countries. Blockchain is really a very important opportunity, because China started almost at the same time as the Western world."
And Wu Ying, chairman of Zhongze Jiameng Investment Fund, believes that the opportunities brought by blockchain are beyond the imagination of many people and are dozens, hundreds or even thousands of times greater than those in the early days of the Internet.
In Wu Ying’s view, capital should support those “real entrepreneurs”. In the field of blockchain, the so-called real entrepreneurs are not onlyThey are people who "want to do things for a long time", and more importantly, they are "technical people". He believes that blockchain is very suitable for people who really understand Internet technology to start a business. They start from making products and start from the lowest technology, and they can indeed build a new blockchain technology platform.
However, this feast will obviously no longer belong to speculators: for ordinary investors, the blockchain concept may no longer be an easy place to make money. Wu Xiaobo, a well-known financial commentator, predicts that the retail blockchain craze will become the biggest investment joke of the year. He believes that the financial derivatives of investment opportunities seem to give everyone the opportunity to share the dividends of technological change, but in fact, it is more of a trap for speculators.
In other words, only by returning to technology itself and developing technology instead of using self-deception can we truly apply technology to the world and maximize its value in serving people. Only then can we bring tangible benefits to the further development of China's economy. Effective beneficial effects.

㈧ Times have changed, what is the core of the blockchain economy?

Since the birth of Bitcoin, more than 1,600 virtual currencies have appeared around the world. Currency has formed a huge industrial chain ecosystem around the generation, storage, and transactions of virtual currencies. But overall, the industry is still in its infancy and is still far from the real value application area.

The core of the blockchain economy lies in the reconstruction of business logic and organizational form, so it is necessary to obtain application examples in multiple industries to demonstrate its value. This article will explore the business models of blockchain applications 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 realize point-to-point transmission of information, but cannot realize 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.

Application of blockchain

Currently, there are two main modes of blockchain application:

1) Native type Blockchain applications: directly based on decentralized blockchain technology, realizing applications such as value transfer and transactions, 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 application 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 a business model for blockchain applications 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 retail small 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 with the rise of cross-border e-commerce in recent years, 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 costs, 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, without the need for a third-party credit enhancement agency Identify the authenticity of various relevant vouchers in the supply chain, 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-standing problems of "false bills" and "one vote selling more than one", which have brought challenges to the bill financing business of the banking industry. risk.

The role of blockchain:

The existence proof and non-tampering characteristics of blockchain, effectively solves the problem of false digital bills; at the same time, the blockchain solves the double-spend problem and avoids "one ticket selling more than one". 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, which can monitor the true situation of assets in real time and solve the problem of It solves the problem of trust of all parties in the transaction chain in the underlying assets. 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 and partners including Baiqian Leasing and Huaneng Trust jointly issued an asset securitization ABS project supported by blockchain technology, with an issuance scale of 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: Users It is difficult to choose an insurance product that suits you, and 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 matter Information is managed uniformly on the blockchain and 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 lack of data sharing, making it difficult to accurately characterize the credit status of individuals or institutions; in addition, There is also the issue of how to protect user privacy during the data collection process.

The role of the blockchain:

The blockchain has the characteristics of trustlessness, consensus, and non-tamperability, and is guaranteed at the technical levelThis enables limited and controllable credit data sharing and verification on the basis of effectively protecting user privacy. 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 deposits.

As a basic technology, blockchain has great application value in many industries with distributed processing, peer-to-peer transactions, and rapid establishment of trust relationships. Its core is to solve the credit problem and realize the point-to-point transmission 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 applications to realize the reconstruction of business logic in order to create new application scenarios or improve efficiency. cut costs.

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 Applications such as chain management, data services, asset management, public services, and the Internet of Things are gradually being implemented in various fields, and "blockchain+" is becoming a reality.