苏宁金融信用体系区块链是什么,苏宁金融信用体系区块链分析
请查看相关英文文档
① A complete review of supply chain finance of 13 banks: from the five major commercial banks to city commercial banks with continuous innovation
In the traditional business development model, banks' supply chain finance business is highly dependent on the credit of core enterprises and is mainly offline. It consumes manpower and energy, and the business also faces bottlenecks that are difficult to scale up.
During the "Steel Trade Crisis" in 2012, many steel industry suppliers used multiple mortgages and pledges of goods to conduct fraudulent financing, which led to a spike in the NPL ratio of the banks involved, and has since then affected the supply chain. Chain Finance is timid.
Nowadays, the external environment of the market has quietly changed. In recent years, banks have paid more and more attention to the power of financial technology. Many banks have established directly affiliated financial technology companies, with increasingly mature intelligent warehousing and monitoring, electronic contract signing, New technologies such as blockchain are also gradually being applied to supply chain financial services, and banks' past weaknesses in risk control are being increasingly eliminated.
Coupled with the country’s strong policy support for supply chain finance business and the huge market financing gap in accounts receivable of domestic small and medium-sized enterprises, it is imperative for banks to “return to the battlefield of supply chain finance”. The new business model supported by online Internet, blockchain and other technologies is becoming a breakthrough tool for supply chain financial business.
So what are the specific changes in the layout of supply chain finance among banks today? Based on the annual report data released by various banks in 2018, Zhixin has summarized the industry development profiles of 5 large commercial banks, 4 representative joint-stock banks, two city commercial banks, and e-commerce private banks as follows:
▌ Industrial and Commercial Bank of China
The new changes in ICBC’s supply chain finance business are mainly reflected in its online small and micro financial service platform. There are three main products: “Online Loans” and “Online Supply Chain Financing”. ICBC also cooperated with the platform party China Enterprise Cloud Chain to innovate core digital accounts receivable confirmation credentials that can be transferred to multiple levels, further extending the credit of core enterprises to small and micro enterprises at the end of the supply chain.
In the first nine months of 2018 alone, ICBC has provided a total of more than 45 billion yuan in online supply chain financing to 1,300 upstream and downstream customers. As of the end of 2018, ICBC's total loans to small and micro enterprises reached 321.685 billion yuan, a year-on-year increase of 18.1%. The number of small and micro financial business centers also reached 258, comprehensively promoting the implementation of supply chain finance business.
▌Agricultural Bank of China
The Agricultural Bank of China’s efforts in supply chain finance are first reflected in system construction. In 2018, the Agricultural Bank of China Head Office established the “Inclusive Finance Division + Eight Backstage Centers” In line with the departmental structure, 37 first-tier branches and key second-tier branches have all established inclusive financial divisions, forming an inclusive financial service system driven by the two-wheel drive of “agriculture, rural areas and farmers + small and micro enterprises”.
In terms of promoting specific businesses, Agricultural Bank of China mainly provides full online financing services to upstream and downstream small and micro customers of core enterprises through the development of "data online lending" business. As of the end of 2018, Agricultural Bank of China has issued 23,000 loans to upstream and downstream small and micro enterprises of many core enterprises, with a total amount of 9.1 billion yuan. Recently, the Agricultural Bank of China has also cooperated with the platform party China Enterprise Yunyun Chain to launch a new supply chain product "Factoring e-Financing" to provide financing for core enterprises' upstream and downstream suppliers at all levels.
▌Bank of China
With its advantages in international trade finance, Bank of China launched a supply chain financing product "Rongyida" as early as 2007, which was established in 2009 The supply chain team has also officially launched its efforts in supply chain finance. During the seven-year period from 2009 to 2014, the amount of its supply chain finance business exceeded 74 billion yuan to 1 trillion yuan, with an average annual compound growth rate of 68%. At the end of 2011, Bank of China realized the implementation of the first online supply chain finance project by directly connecting the order information of platform financiers to the Bank of China system through "bank-enterprise docking". Subsequently, through this method, it has expanded to more than 300 companies such as JD.com and Suning. A company has issued more than 10 billion yuan in online financing.
The Bank of China's 2018 annual report also shows that it is participating in the construction and commissioning of the "Block Chain Forfeiting Trading Platform" and the "Digital Bill Trading Platform" and will continue to use "electronic Expand supply chain financial business in the direction of "innovation" + "globalization". As of the end of 2018, its inclusive finance small and micro enterprise loan balance was 304.2 billion yuan, an increase of 12.26% from the end of the previous year.
▌China Construction Bank
In 2018, China Construction Bank proposed a three-year strategic plan for the development of inclusive finance, and in terms of organizational construction, it achieved the first and second level of the inclusive finance division. With full branch coverage, a total of 288 small business centers have been established.
Specifically speaking, at the business level, CCB has designed and developed a series of services including accounts receivable financing, gold and silver warehouses, focusing on the operation of the “three streams” of information flow, logistics and capital flow from corporate procurement, manufacturing, sales to end users. , chattel pledge financing, order financing, chattel pledge financing and more than ten supply chain financing products. When accepting business, CCB focuses on the real transaction background of the business, the high degree of embeddedness between the product and the enterprise's information flow, logistics and capital flow, and the need to provide structured and combined services. As of the end of 2018, CCB has issued a total of 538.5 billion yuan in online supply chain financing to 33,000 companies, with 1,184 online supply chain cooperation platforms. The balance of loans in the inclusive finance field was 631.017 billion yuan, an increase of 212.515 billion yuan from the previous year.
▌Bank of Communications
Bank of Communications carries out supply chain finance business mainly through the "Yuntong Supply Chain" platform, and mainly focuses on core enterprises in automobiles and other industries, through cooperation with large domestic Logistics companies carry out pledge supervision cooperationIn the form of cooperation and credit insurance cooperation with insurance companies, Bank of Communications has successively launched products such as "Quick Post", "Quick Collect" and "Quick Pay", creating a series of supply chains of the "Yuntong e-Chain" Financing Products.
As of the end of 2018, the Bank of Communications has expanded its domestic industrial chain network to more than 3,000 companies, and the financing balance of industrial chain financial products exceeded RMB 110 billion, an increase of 22.42% from the end of the previous year. The Bank’s blockchain technology has already In the field of automotive Internet of Things finance, the accounts receivable chain business is also advancing rapidly.
▌Ping An Bank
Ping An Bank (formerly Shenzhen Development Bank) is the first commercial bank in China to get involved in and advocate the development of supply chain finance business. In 2002, Shenzhen Development Bank became the first systemic bank in China. A bank that proposes and promotes supply chain finance and trade finance product portfolios. In 2005 alone, Shenzhen Development Bank's "1+N" supply chain finance model created a credit line of 250 billion yuan, and the non-performing loan rate that year was only 0.57%.
In the online layout, for core enterprises in the industry chain and their upstream customers, Ping An Bank launched the Supply Chain Accounts Receivable Service Platform (SAS Platform) in 2018 to provide online transfer of accounts receivable. , financing, management, settlement and other comprehensive financial services. The SAS platform comprehensively applies core technologies such as "Ping An Blockchain" and "Artificial Intelligence + Big Data" to implement intelligent verification and continuous monitoring of the authenticity of trade backgrounds. As of the end of 2018, the cumulative transaction volume of Ping An Bank's SAS platform has exceeded 10 billion yuan, providing services to 111 core enterprises and their upstream small, medium and micro enterprises.
▌ Shanghai Pudong Development Bank
Shanghai Pudong Development Bank first launched the "Enterprise Supply Chain Financing Solution" in 2007 to provide core enterprises with credit services, procurement services, inventory turnover, account collection, etc. Financing support. Since 2011, Shanghai Pudong Development Bank has been committed to building a unique supply chain financial platform, and has cooperated with many core enterprises and logistics companies such as China Mobile, Shenlong Automobile, and COSCO Logistics to achieve the integration of information flow, logistics and capital flow.
In terms of online layout, Shanghai Pudong Development Bank has launched products such as “Jingpu e-Account” and “Jingpu e-Commerce Loan” to attract customers in batches from core asset-side enterprises and provide them online. In the field of chain finance, innovative products such as "Government Procurement e-Loan" and "Bill Pool Instant Loan" have been launched, as well as products such as cloud fund supervision and e-enterprise banking comprehensive service platform. As of the end of 2018, Shanghai Pudong Development Bank served more than 31,300 technology-based corporate customers in the supply chain field, promoted 20 automotive supply chains, and served 864 upstream and downstream customers in the automotive industry.
▌ China CITIC Bank
China CITIC Bank’s supply chain finance business is mainly promoted by building three major platforms, four major value-added chains and five major characteristic networks. The three major platforms include logistics financing platform, industry cooperation platform and government support.Platform, the four major value-added chains include the creation of accounts receivable value-added chain, prepaid accounts value-added chain, logistics service value-added chain, and electronic service value-added chain. The five characteristic networks are automobile financial network, steel financial network, home appliance financial network, and telecommunications financial network. and petrochemical financial network, etc.
China CITIC Bank also successfully launched a full-process online supply chain finance platform innovative product "Chinese e-Chain - Payment and Circulation Integration" in October 2018, integrating CITIC Bank's business system with the core enterprise's supply chain finance platform Docking, with the help of multi-level circulation of standardized electronic "payment vouchers", it provides full-process, online financing to its upstream N-level suppliers. In 2018, CITIC Bank also launched the country's first blockchain forfaiting trading system and released a "blockchain + supply chain" pilot innovation project. As of the end of 2018, the business volume on its chain exceeded 10 billion yuan.
▌Zheshang Bank
Supply chain finance is an important strategic task for Zheshang Bank’s current development. Zheshang Bank began to study the application of blockchain technology in 2016, and in 2017 In August, we took the lead in putting into production the receivables chain platform developed based on blockchain technology. Focusing on supply chain finance, Zhejiang merchants innovate "pooling" and "online" financing business models, and continue to focus on the three pools (Yongjin bill pool, Yongjin asset pool, and Yongjin export pool). Business platform for business development.
The first is the pool financing platform. In 2018, it signed contracts with 22,290 customers, a year-on-year increase of 43.58%. The asset balance in the pool was 350.679 billion yuan, and the cumulative number of accounts receivable entered into the pool was 100,800. The amount is approximately 72.9 billion yuan. The specific product "Zhizhendai" signed contracts with 1,645 customers in 2018, a year-on-year increase of 26.25%, and the financing balance was 50.125 billion yuan, a year-on-year increase of 44.68%.
The second is the Yiqiyin platform for core corporate financial services. In 2018, a total of 234 Yiqiyin platforms were launched, an increase of 172.09% from the end of the previous year. The platform’s cumulative financing was 36.785 billion yuan, an increase of 485.28% from the end of the previous year. %.
The third is the accounts receivable chain platform. By the end of 2018, Zheshang Bank had launched 1,410 accounts receivable chain platforms, an increase of nearly 12 times year-on-year, and the cumulative amount issued was 122.878 billion yuan, an increase of nearly 4 times year-on-year.
▌Shanghai Bank
The Bank of Shanghai released the "Uplink e-Chain" online supply chain financial service platform in October 2018, and established a new supply chain finance department in April this year. , expand and cover the business model to all aspects of core enterprise procurement, production, sales, etc., and at the same time use big data to start building the enterprise's credit model.
"Upstream e-Chain" is based on the online supply chain financial service platform, covering 3 major categories and a total of 15 products. By sharing data with core enterprises to build a platform, it can master the required information flow, capital flow and Logistics, forming closed-loop management. At the same time, Bank of Shanghai passed the agreement with Jiangsu RunCooperate with software and introduce blockchain technology to realize the divisible and combinable payment of core enterprise credit, thereby extending the core enterprise's credit to second-, third- and fourth-tier suppliers. In 2018, the Bank of Shanghai realized supply chain finance loans of 52.487 billion yuan, a year-on-year increase of 117.22%. At the 2018 Bank of Shanghai Annual Meeting, this figure is expected to increase to 100 billion yuan by 2020.
▌Bank of Beijing
Bank of Beijing plans to provide "e-commerce and finance" comprehensive service solutions for the trading market. With the help of the credit of the commodity trading platform, it provides full-process financial services to platform traders. Create an innovative online business model of "supply chain finance + capital depository". At the specific product level, the online supply chain product of "Jingxin Chain" was launched to extend the credit of core enterprises to upstream multi-level suppliers and realize the split and transfer of accounts receivable claims. As of the end of 2018, the balance of Bank of Beijing's small and micro enterprise loans was 425.6 billion yuan, a year-on-year increase of 19%.
In addition, other e-commerce private banks such as WeBank, Suning Bank, MYBank, etc. have also made plans in supply chain finance business. WeBank is currently expanding its supply chain finance business based on blockchain technology. In addition to its own way of expanding core enterprises, WeBank has also proposed a "bank-bank cooperation" model in which WeBank provides grassroots technology and cooperates with city commercial banks to develop business.
Suning Bank successfully launched the domestic letter of credit information transmission system (BCLC system) based on blockchain in September 2017, and pioneered the "Internet of Things + Blockchain" movable asset in September 2018. Pledge financing was the first of its kind. Based on the coal inventory of a certain company, Suning Bank gave the financier a credit line for movable property pledge and successfully realized the loan. At the same time, its blockchain + Internet of Things automobile and finance platform, and blockchain + Internet of Things 3C commodity supervision platform have also been put on the release schedule.
As banks continue to deepen their development in supply chain finance business, this business will not only serve the real economy, but also bring new profit growth points to the business side and the addition of financial technology. It will also continue to promote the update and evolution of market business models and form a virtuous business ecological cycle.
② How to interpret Suning’s blockchain white paper
“The unique credit mechanism constructed by blockchain technology is very promising,” Vice Chairman of Suning Technology Group President Qiao Xinliang told reporters. On July 20, 2018, Suning Technology Research Institute, Suning Financial Research Institute and Suning Cloud released the "Suning Blockchain White Paper", which explained in detail the advantages of blockchain in retail, logistics, technology, finance, cultural and creative industries, etc. Suning Application scenarios in the fields of industry and public services have pointed out the development route for the many industries that blockchain technology can serve in the future. At the same time, it provides a practical summary based on in-depth research on the use of blockchain in the smart retail ecosystem, implementation scenarios, and solutions, focusing on specific solutions for each scenario.
“Large companies, especially companies with many industrial layouts, have advantages in the application of new technologies such as blockchain. Because these companies have the business infrastructure and data operation capabilities to promote technology utilization, they can be more Effectively promote business aggregation and accelerate implementation," said Liu Xiaofan.
Content source Sina Finance
③ What changes can blockchain bring to data sharing
What changes can blockchain bring to data sharing
Currently, sharing text and photos on social networking sites, as well as sharing each other's joys, sorrows, and joys, has become an important part of public life.
With the progress of the times, sharing is gradually entering the real society. A series of shared economic models such as shared bicycles, shared umbrellas, shared power banks, and shared cars have emerged, bringing great convenience to human life. .
As a distributed shared ledger, blockchain technology seems to be inherently inseparable from sharing, and industry insiders continue to claim that this technology can bring revolutionary progress to sharing.
So, what is the difference between blockchain-based sharing and Internet-based sharing? This article takes data sharing as an example to answer this question.
Blockchain shares more than just data
Data sharing is an innate need of human beings. For example, talking about life ideals in a cafe, writing text, etc., these are all An important way for ordinary people to communicate information with others.
The emergence of the Internet has broken the geographical and time limitations of data sharing. It allows different people to communicate instantly in different locations on the earth. The emergence of email, online instant messaging and other technologies has greatly improved the efficiency of information transmission. efficiency.
In addition, the Internet can collect massive amounts of data, providing a larger capacity than paper archives, allowing users to obtain rich information in a short period of time.
So, how is all this different under blockchain technology?
In fact, blockchain technology is not concerned with the sharing of data, but the sharing of data control permissions. The permissions here mainly refer to the power to modify and increase data. It mainly contains two meanings:< br />One is who can modify the data
The other is how to modify it.
In the Internet model, data reading, writing, editing and deletion are generally accompanied by identity authentication operations. Only specific people can modify the data. In the blockchain model, especially the public chain system Under this system, anyone can participate in reading and writing data, and a trustless system is built in the form of a distributed ledger. The various organizations or individuals participating in reading and writing can not trust each other, but can store the final status of the data in the system. Reach a consensus.
To put it simply, the essential difference between blockchain-based sharing and Internet-based sharing is that blockchain shares not just data, but the control of data. So, how exactly does blockchain handle data control?
Blockchain controls data through rulesAccording to
Before the emergence of blockchain technology, Internet data was usually controlled by a single entity. Since the website operator has complete control over the central server, these organizations can edit and process the data at will. Although organizations also need to complete data modification and other behaviors under certain laws and agreements, because they are the party that controls the resources, it is difficult for individual users to enjoy complete control.
To give a simple example, a user uploads a photo to the website platform and hopes that friends can see the photo. Excluding some illegal elements, who has the final control over this photo?
Obviously, from the user's point of view, this photo belongs to them, but in fact, these social networking sites are the real controllers. They can modify it at will, but users have nothing to do.
In other words, under the existing Internet system, as long as you have the right to operate the website platform, you can completely control the data on the platform.
Under the blockchain system, data is not controlled by any authoritative party, and its authority is controlled by rules. The main goal of these rules is to stipulate what kind of information is valid, and also stipulates How participants should provide feedback on it.
These rules are usually pre-defined and participants joining the blockchain network must abide by the rules. Of course, technically speaking, participants can ignore certain rules and construct invalid data based on their own interests. However, due to the existence of the blockchain consensus mechanism, other participants can exclude these invalid data from the network based on predefined rules.
For example, in the blockchain blacklist sharing platform system launched by Suning Financial, there are many such rules-no data can be queried without points, only the organization has the authority to modify the data of this organization, etc. Once an institution performs an operation outside the rules, these operations will be regarded as invalid transactions and are prohibited from occurring.
In general, blockchain regulates data writing behavior based on a technical rule system, while the Internet controls data through power and resources. This is the foundation of blockchain-style sharing and Internet-style sharing. sexual distinction.
Blockchain rules are jointly maintained by participants
Although there are some rules in the Internet environment, because the rules are completely maintained by the power parties, it is difficult to avoid black-box operations and other behaviors. In the blockchain system, the rules are jointly maintained by all participants, and each participant will independently verify the data according to the rules.
In this process, we cannot assume that all participants can fully comply with the rules. Therefore, each participant will independently verify the data it receives and determine whether it violates the rules. If the verification data is valid, then the participant will accept the data and forward it to others, otherwise, it will be rejected directly.
Within the blockchain network, new data can be considered valid data and added to the final blockchain shared ledger only when relevant participants agree.
Depending on how the blockchain is constructed, there are big differences in how data is confirmed. For example, in a public chain, most participants need to agree on the validity of the data, while in a consortium chain or private chain, Only a few participants need to agree.
In this method, the participants themselves are the managers, which is the core expression of blockchain decentralization: no institution is superior to others and has complete control authority over the data.
Blockchain is a form of permission sharing, allowing each participant to serve as a data provider, verifier and user at the same time, jointly maintaining the security and validity of blockchain data.
Since the popularity of blockchain, blockchain for everything seems to have become the advertising slogan of the industry, especially some data sharing applications are considered to be excellent examples of blockchain.
In fact, the emergence of the Internet has solved the problem of data sharing to a certain extent. Blockchain realizes the sharing of permissions. This is the most revolutionary change that blockchain has brought to the industry.
④ What is "blockchain"
Blockchain technology is a technology that jointly maintains reliable databases through decentralization and elimination of trust. Four keywords can be used to describe blockchain technology: trust reduction, decentralization, collective maintenance and reliable database.
When we talk about the concept of "blockchain", Bitcoin is definitely a topic that will not be ignored. In recent years, Bitcoin has begun to enter the public eye, especially in 2017, which has continued to skyrocket throughout the year, making many people aware of this emerging thing.
Blockchain is actually the underlying technology of Bitcoin. Bitcoin exists because people on the Internet who don’t know each other can move and trade digital currency through the Bitcoin network. And this is driven by blockchain technology. All Bitcoin transactions are recorded on the blockchain ledger. To a certain extent, in the application of Bitcoin, the blockchain plays the role of the underlying database of the bank transaction system. Both are for "keeping accounts". Although it is not very prudent to refer to the blockchain directly as a "database", for the sake of ease of understanding, let's temporarily call it a decentralized, shared and encrypted database. If described in professional terms, blockchain is a distributed ledger technology.
Blockchain can usually be divided into the following types:
1. Public blockchain. Anyone can access data on a public blockchain, and anyone can issue transactions waiting to be written to the blockchain. Participants in the consensus process (corresponding to miners in Bitcoin at the time) maintain the security of the database through cryptography and built-in economic incentives.
2. Collaborative blockchain. The nodes participating in the blockchain are pre-selected, and there are likely to be good network connections between the nodes. Other consensus algorithms other than proof of work can be used on such a blockchain. For example, a blockchain has been established among a hundred financial institutions. It is stipulated that more than two-thirds of the institutions must agree to reach a consensus.knowledge. The data on such a blockchain can be either public or shared internally by these node participants.
3. Private blockchain. The participating nodes are only individual users, and the access and use of data are subject to strict permission management. Most of the internally used blockchain technologies announced by some financial institutions recently are vague and may fall into this range.
The blockchain is a public ledger. There is no centralized hardware or management organization. Anyone can automatically verify the authenticity of the ledger and easily discover whether the ledger has been tampered with by others.
In a word, the blockchain is a public ledger that can be verified by everyone.
The concept of being verifiable by everyone is crucial to blockchain.
Bitcoin uses the blockchain to record all transactions, so anyone knows the number of Bitcoins on each account.
So, as a publicly verifiable ledger, what are some use cases for blockchain?
In fact, there are many use cases that can be thought of. Blockchain is suitable for any data that can be recorded on a public ledger. Here are 4 examples:
1. Decentralized domain name server, namely domain currency. The domain name server is actually a ledger that records domain names.
2. Trustless public key encryption, such as https that discards unreliable certification authorities.
3. Ownership records, truthfully record the items and their corresponding owners.
4. Contracts and performance guarantees, the account book truthfully records the parties to the contract and saves the contract text.
But don’t forget that blockchain also has a very important component.
The ledger recorded using blockchain technology will always be updated. New data such as transactions, domain name inputs, records and contracts will be converted into hash values of the same length by the hash algorithm and saved. However, hashing algorithms are not only not free but also very expensive.
Therefore, the ledger itself needs to have a recognition system to recognize the person who enters the block hash value.
In Bitcoin, this system is called mining and is rooted in the Bitcoin protocol. Bitcoin miners use a hash algorithm to convert transactions waiting for verification into hash values, and charge a certain amount of Bitcoin as a service fee.
Therefore, for non-monetary use cases, blockchain needs to find a way to bear the high cost of hashing algorithms.
I would like to remind everyone that my answer mainly focuses on the possible use cases of blockchain technology, and does not cover all aspects of blockchain, such as why hashing algorithms are so expensive. I'm sure you can find a lot of detailed information about Bitcoin and other blockchain applications online.
Supplement
AlthoughWhile blockchain technology has many advantages, there are still some less-than-desirable use cases. For example, there is no way to convert Bitcoin into any national currency; a ledger with billions of data entries would take up space and be impractical.
Bitcoin has shown the world that blockchain technology is feasible in principle, and people are also trying to solve these increasingly prominent problems, such as technological transformation of Bitcoin or the introduction of a completely Different blockchain technologies. I think the following two methods are worth trying: one is to split the ledger according to certain standards such as the payer address, and the other is to introduce a main blockchain to verify the sub-blockchain. Blockchain technology is ever-changing and dazzling, and it’s unknown whether someone is already making such an attempt. But Bitcoin is still the world's first currency blockchain, what others call a cryptocurrency.
Whether in the technology circle or the financial circle, blockchain has become the hottest word, no one. Blockchain has core advantages such as decentralization and trustlessness, and can perfectly solve problems such as information asymmetry, high transaction costs, and trust of strangers in the development of the sharing economy, making "individual economy" possible. Based on this, blockchain technology is considered to be the core technology that has the greatest potential to trigger the fifth wave of disruptive revolution after steam engines, electricity, information and Internet technology.
In this context, a blockchain craze was born in society, and everyone praised it overwhelmingly. Dialectics tells us that everything has flaws, and only by seeing the pros and cons of things can we make rational decisions. Therefore, in this article, Xue Hongyan (Hong Yanweiyu), a senior researcher at Suning Financial Research Institute, focuses on pouring some cold water on the blockchain.
| What is Blockchain
Blockchain, English Blockchain, has a rather mysterious technological flavor in its name, and can be simply broken down into "data blocks" and "links". Each data block contains all the information exchange data of the system within a certain period of time, and is encrypted using cryptographic methods; the link means that each block has a link relationship with the next block, thus forming a blockchain.
It is generally believed that blockchain has two major characteristics: decentralization and trustlessness. A brief introduction is as follows:
Since each block contains all the information exchange data of the system within a specific period of time, Therefore, each block is equal, and the damage of a single block does not affect the security of the entire system, so the blockchain has decentralized characteristics.
Similarly, since each block contains all the information of the system, the authenticity of the information can be cross-verified. Only by breaking through more than 51% of the nodes can the information be tampered with. In a large enough blockchain system , the cost is extremely high, it can be considered that the information in the blockchain is true, so the blockchain has the characteristics of trustlessness.
MostPeople's understanding of blockchain began with Bitcoin. The relationship between the two is that blockchain is the underlying technology and concept, and Bitcoin is only the most popular application of blockchain at present.
Maybe the above is not popular enough. Finally, let me summarize, what do you think the blockchain is? Is it a disruptive new technology? NO! According to Xue Hongyan (Hong Yanweiyu), a senior researcher at Suning Financial Research Institute, blockchain is not so much a new technology as it is a new ideological concept. The information encryption and other technologies included in the blockchain have been around for a long time, and it is more of a conceptual innovation. This is also the reason why the blockchain has a huge impact. New technologies will be surpassed sooner or later, ranging from one or two years to four to five years; only innovative ideas have enough energy to affect all aspects of the economy and society.
| Blockchain is expected to change the underlying rules of the financial system
In applications in the financial field, blockchain will change the transaction process and record keeping methods, thus significantly reducing transaction costs. It has significantly improved efficiency and is considered to have a broad market environment in digital currency, cross-border payment and clearing, bill trading, securities issuance and trading, property rights transactions, customer credit reporting, anti-fraud, and anti-money laundering.
Such a good technology is naturally sought after by everyone. Like many traditional financial people, Hong Yanweiyu resisted it at first, thinking that this thing was not that great, and did not do any research specifically. Later, as the research on financial technology gradually deepened, it was discovered that blockchain was an obstacle that could not be bypassed, because whether it was robo-advisory, big data risk control or online lending, they were only technological innovations at the financial business level and risk control level. It has not penetrated the bottom layer of the financial system. What is the underlying layer of the financial system? Naturally, it is payment and settlement, transaction rules and system interaction. What the blockchain changes is precisely the underlying rules.
Therefore, throughout the world, financial institutions are the most active in researching blockchain. If nothing else, they are really afraid. After the decentralization and trustless features of the blockchain are fully utilized, what else will the intermediaries of financial institutions do? It is estimated that this is also the first feeling of many people who have a preliminary understanding of blockchain.
In this article, Hong Yanweiyu focuses on pouring cold water on this view.
| Subverting the financial system, blockchain still faces two mountains
Marxist dialectics tells us that everything has two sides. The more prominent the advantages, the more obvious the flaws. It’s just the perspective. Just different. The two major problems with blockchain subverting the financial system lie precisely in the two major advantages of decentralization and trustlessness.
First, let’s talk about decentralization. First, we need to clarify a truth. Does centralization necessarily mean low efficiency? Of course not. Within a specific scope, the concentration of resources brought about by centralization can greatly improve efficiency. This is also the reason why human beings evolve from individuals to villages to tribes and then to countries in the process of evolution. Take UnionPay as an example. UnionPay is the clearing and settlement center for the domestic banking industry.After the UnionPay is established, each bank only needs to connect with UnionPay to realize transactions with all banks. What about decentralization? Without UnionPay, each bank needs to connect with all counterparties. Which one is more efficient? Therefore, there is no need to beat centralization to death with a stick. The decentralization feature of blockchain is destined to only play a role in specific fields (that is, fields that are not suitable for centralization). How can it subvert everything?
Furthermore, it is a matter of trust. There is nothing wrong with detrusting itself, but the technical logic behind it is deeply flawed. Blockchain relies on universal accounting to achieve trustlessness, that is, all transaction information is retained in each block for system cross-verification to identify authenticity. Here comes the problem. Each block retains all transaction information. There is no problem on a small blockchain. However, as more and more information is added, it will inevitably lead to an explosive growth of transaction information and will also bring information. Dramatic increase in storage costs. At the same time, the greater the amount of information, the longer cross-validation takes and the lower the efficiency. Therefore, the blockchain solves the trust problem, but it brings about rising costs and declining efficiency.
Nothing in the world is perfect, and the same is true for blockchain.
As a conclusion, Hongyanweiyu wants to clarify that blockchain, as a conceptual innovation, does have great value and can also have a disruptive impact in specific fields. However, the current one-sided thinking about blockchain is problematic. Eastern wisdom tells us that "the most brilliant and the golden mean", in the face of anything, it is wisest to maintain the golden mean.
(Text/Xue Hongyan, senior researcher at Suning Financial Research Institute; WeChat public account: Hongyan Weiyu)
As early as a few years ago, the word "mining" came with Bitcoin is well known for its popularity. Many people know about Bitcoin first and then the blockchain, and they even don’t know about the blockchain yet. By definition, blockchain is a series of data blocks generated using cryptographic methods. Each data block contains information about a Bitcoin network transaction, which is used to verify the validity (anti-counterfeiting) and generation of its information. Next block.
I am not a computer technology expert. The following introduction to blockchain comes from reading and comments from expert friends and is for reference only.
If you want to use one word to explain blockchain, it is: distributed accounting.
To understand what this word means, you need to first understand that traditional accounting has a center. For example, in a bank, when you withdraw money from a bank deposit or lend money to others through the bank, the bank is the center, and all these transactions are based on the bank's credit. What if the bank cheats? Or is it more serious, is the country cheating? The Kuomintang's indiscriminate issuance of gold yuan coupons at the end of its rule in mainland China, as well as the hyperinflation in Weimar Germany and Zimbabwe, which made the currency less valuable than toilet paper, are very famous examples.
Golden Dollar Coupon
This is the problem that blockchain is aimed at. They believe that decentralized accounting is non-modifiable and non-repudiable. How to achieve decentralized accounting? The basic idea is that all users store all transaction records, making it very difficult to illegally modify the ledger through mathematical methods. In this way, the reliability of the ledger is guaranteed.
Specifically, all users exhaustively enumerate random number variables, and the first user to obtain a specific required hash function value (Hash) will have the right to record this round of transactions and obtain the corresponding Bitcoins award. It is transmitted in the form of data blocks, and the data blocks are connected into a chain by appending at the end, so it is called a block chain.
After listening to the introduction, you may feel that this idea is interesting, but it is not as exciting or revolutionary as advertised. Your feeling is right. In fact, the basic logic of blockchain has some unavoidable problems.
For example, the current size of the complete Bitcoin public ledger has exceeded 150 G, and is rapidly increasing at a rate of tens of G per year - just to support 5 million users and 30 million transactions per year. If its processing volume is one day comparable to that of Alipay, the size of the Bitcoin ledger will increase by more than 500 terabytes per year. This is equivalent to backing up the Alipay server's storage data on all users' personal computers. Do you think this is a good idea?
For another example, in the traditional banking system, if you lose your password, it is no big deal. Just report it to the system in time, and your wealth will not disappear. But in the blockchain system, if you lose your password, it will be a huge trouble, and your currency will not be recovered. Not happy? Is it surprising?
Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithms. The so-called consensus mechanism is a mathematical algorithm to establish trust and obtain rights and interests between different nodes in the blockchain system
In layman’s terms, it is to play mahjong. Four people can take turns to be the banker, and each other can shoot four people. They all have their own ledger records, but if you want to modify the ledger, you must have more than 50% of the modification rights, so the cost of cheating on the ledger is very high.
In the future, blockchain will be used more in finance to combat money laundering and fraud, because all information can be traced, and in culture it can be used for copyright protection, etc.
< /p>
I have seen a lot of people’s explanations of blockchain in official terms, and some may not even be clear to the person explaining it. I will explain blockchain in vernacular below to ensure that everyone can read it. Gotta understand.
What is blockchain? Let me give an analogy. In 50 years, you can buy an electric fan from the supermarket. This electric fan will automatically mine coins for you when it is blowing., you can mine coins automatically while using an electric fan. When your electric fan breaks down, you can use the mined coins to repair the electric fan. Of course, you can also use the mined coins to buy a new electric fan. Many people think wrongly! Wouldn’t the profits of merchants be less? Let me tell you about a certain brand. When the products of this brand are sold to you, the products themselves may even be sold to you at a loss. However, once the number of users becomes large and the users become more sticky, they can be paid through membership fees or service fees. Such small fees or other ways to make profits. Just like this, the mined coins can be purchased and repaired. Although the merchant's profit may be reduced, the merchant has gained more users and greater user stickiness. By this time, it only takes a minute for the merchant to make money.
And the electric fan you bought is equivalent to winding it up for you. What is winding up? If you put your electric fan on the street now, and 10 people come to snatch it, you have no way to prove that the ownership of this electric fan is yours. Once you put it on the chain, it is equivalent to being tied to you. Once it’s settled, you can prove it.
Therefore, the essence of blockchain is to help make people’s lives more convenient. It is equivalent to upgrading on the basis of the Internet, making it safer and more convenient. This is blockchain! It's that simple.
The security of the blockchain is reflected in its irreversibility and the data cannot be tampered with. We all know that in today's society, any data can be modified and conquered by hackers, but the data in the blockchain is impossible to change. Once generated, it cannot be modified unless all users in the blockchain work together. Agree to modify the data, but this is unlikely to happen.
At present, the blockchain is still very immature, just like the Internet bubble burst in 2000. When the bubble bursts, a truly valuable blockchain Internet will be hatched. company.
The wheel of history will not go backwards. Many people are unwilling to accept blockchain. Just like telling you that you can shop online 20 years ago, this is the same ridiculous thing. Time will eventually prove it. .
1. The main function of blockchain is to store information. Any information that needs to be saved can be written to the blockchain and read from it, so it is a database.
2. Anyone can set up a server, join the blockchain network and become a node. In the world of blockchain, there is no central node. Every node is equal and stores the entire database. You can write/read data to any node, because all nodes will eventually be synchronized to ensure that the blockchain is consistent.
3. Everyone works on the same blockchain, everyone publicly shares the current state of the blockchain, and everyoneAgreeing to the rules for new data submission and tampering with the blockchain is computationally intractable.
If we assume that the database is a ledger, reading and writing the database is an accounting behavior:
Anyone can verify this public ledger, but there is no single The user can control it. Participants in the blockchain system will jointly maintain the update of the ledger: it can only be modified according to strict rules and consensus, and there is a very exquisite design behind this.
(1) Accounting, the system will find the person with the fastest and best accounting within a period of time, let this person do the accounting, and then broadcast the information on this page of the account book to everyone else on the entire network. node, which is equivalent to changing the database record; (consensus mechanism, cryptography)
(2) Verification, other valid nodes in the entire network check the correctness of the block accounting, and stamp the time Stamp to confirm that the block is legal; (timestamp, mathematics)
(3) Form a single chain, that is, compete for the next block after the previous legal block; (smart contract, encryption technology)
p>(4) Storage, the account book is stored in blocks. As transactions increase, new data blocks will be appended to the existing chain to form a chain structure; (distributed structure, information technology) < /p>
(5) Backup, every participating trader is a node of the block network, and each node has a complete backup of the public account book, which is a distributed ledger.
Features
1. The blockchain has no administrator and is completely centerless. It is precisely because it cannot be managed that the blockchain cannot be controlled. Without an administrator, everyone can write data into it. In order to ensure the trustworthiness of the data: the technology of blockchain makes it impossible to tamper with the data once it is written.
2. Close to zero trust cost.
The cycle time required for Internet companies to build their credit is extremely long. For example, Taobao often takes several years to build its credit. In the blockchain, everyone trusts the code, algorithm and rules, so the cost of trust is extremely low.
3. The marginal cost of constructing and trading assets approaches zero.
If traditional assets are to be used for trading, they need to rely heavily on third parties, such as investment banks, banks, securities firms, etc., for packaging and endorsement, and the fees and thresholds are extremely high. With blockchain, these will not be a problem, and the cost is extremely low.
The value transfer attribute of the blockchain also naturally solves the payment problem, and has the genes to support global payments.
Blockchain, simply put, is the underlying technology that supports ICO (virtual currency). The popular Bitcoin is an application of ICO. In other words, the connotation of blockchain is richer, and its main features are:
1. Blockchain is equivalent to digital trust, and transactions are doubleParty can independently enter into digital contracts, and the company providing blockchain services is equivalent to a digital trust company;
2. The purpose and characteristics of blockchain are “3 eliminations” - elimination of intermediaries, elimination of currency, Remove sovereignty; Yes
3. Bitcoin is an application of blockchain, Bitcoin is a cryptocurrency, and all blockchains apply digital encryption technology;
4 , "3 go" characteristics are aimed at the financial industry, and blockchain is only needed in financial fields that require high-frequency transactions;
5. Large platforms with a user base are more suitable for applying blockchain, and small companies participate has little value, so Zuckerberg’s 2018 New Year’s resolution includes researching digital cryptocurrencies. Kodak also launched a digital currency, sending its stock price soaring.
Furthermore, when it comes to Bitcoin, it can be cashed out and exchanged into the currencies of most countries. Users can use Bitcoin to purchase some virtual items, and they can also use Bitcoin to purchase real-life items. In this sense, Bitcoin is similar to the world's currency, close to gold.
Peter Thiel, co-founder of PayPal and an early investor in Facebook, believes that Bitcoin is "undervalued" by people and compares it to gold. He said: "If one day Bitcoin becomes the online equivalent of gold, then it will have room for appreciation."
But on January 3, the "People's Daily" published an article saying, "Whether it is from The increase can still be seen from the value of the currency itself. There is a bubble in the price of Bitcoin. This is an issue that needs no discussion." Data show that in the past 2017, Bitcoin has skyrocketed and plummeted: within a year, the price skyrocketed about 20 times, and in one day It fell more than 40% within the period.
Indeed, Bitcoin has risks. However, blockchain with richer connotations obviously still has greater room for development.
Last night, screenshots of Xu Xiaoping, founder of ZhenFund, encouraging the embrace of the blockchain revolution in an internal group were posted online. In his view, the blockchain revolution has indeed arrived. “I strongly encourage everyone internally to embrace the blockchain revolution and learn blockchain technology. This is my understanding after long-term observation and thinking. I feel responsible to tell our entrepreneurs. I don’t want my understanding of blockchain The views have been misunderstood as views on ICO."
However, in the context of Internet companies and investment institutions collectively entering the market, the government will definitely take measures.
Recently, the U.S. Securities and Exchange Commission (SEC) has expressed concerns about this and shelved the proposal of two U.S. companies to launch a Bitcoin exchange-traded fund (ETF).
In fact, this is only a matter of time. Because the "three-go" feature of blockchain is inherently contradictory to government centralization.
