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(I) Blockchain + payment, will it be the second half of the blockchain trend?

Blockchain is a revolution in production relations and a change in the financial market. In the world of blockchain, no one can take advantage of the price difference. In blockchain payment, customers settle directly with merchants. The merchant's money arrives instantly. This is the meaning of blockchain payment. Blockchain + payment makes payment fairer, more transparent and lower cost.
Many people believe that 2018 is the year of “national currency speculation”. Some people get rich overnight, while others vomit and swallow. Despite the continued downturn in the currency circle, the popularity of blockchain technology has never diminished, and many investors have turned their attention to various blockchain projects. Various companies are also setting up blockchain companies to intervene in this field. However, in fact, although more and more companies are deploying blockchain business, most businesses have made no significant progress and are basically still in the process of development. Unprofitable. Even due to the collapse of Bitcoin in November last year, there was a phenomenon that operations could not continue and layoffs were reduced.
Of course, in addition to the "blockchain craze", there are still many rational blockchain projects, especially in the cross-border payment field with a 2 trillion market, which contains huge development opportunities. Listed companies such as IBM, EDP, and BATJ have also been deploying blockchain + payment services for a long time. Taking EDP Company (Experimental
Data
Processor) as an example, as early as Bitcoin and blockchain Technology has been studied intensively since its birth.
Earlier, EDP was a leader in the field of electronic data, and had served many American online payment service providers, banks, financial institutions, etc., and also cooperated with some e-commerce websites. It is precisely because of EDP's rich experience in these fields that it is well aware that there are obstacles in the payment field that restrict the development of cross-border payments such as cost, efficiency, and processing speed. To this end, EDP has created a blockchain payment platform - EDT. What EDT wants to do is to provide real value to e-commerce platforms and consumers, so that everyone (currently, EDT's target market is mainly Chinese around the world) can really Use and are willing to use cryptocurrency for payment operations, not just limited to currency speculation and speculation.
In fact, many defects in the traditional payment field are due to the fact that traditional payment methods have many intermediate links and rely on third-party institutions. The entire payment system needs to pay corresponding fees, which greatly affects the effect of payment. The distributed network structure of the blockchain provides a mechanism to maintain consensus between buyers and sellers without contacting the central organization. The EDT blockchain payment platform can function as a super ledger. All transactions on the blockchain network The nodes jointly witness each transaction and conduct distributed records at the same time to ensure the completion of the transaction. In theory, seamless, fast, and convenient payment transactions can be achieved.

㈡ What is blockchain technology and how it changes business and financial models

BlockChain technology is a distributed ledger technology that allows multiple participants to jointly maintain a secure, transparent and immutable record on a decentralized network. Blockchain technology was originally designed for the digital currency Bitcoin, but is now widely used in many other fields.

The core features of blockchain technology include:

Decentralization: Blockchain has no central control agency, and data is distributed on various nodes in the network, which makes it decentralized. The centralization feature reduces the risk of single points of failure.

Transparency: Transaction records on the blockchain are public to all participants, and anyone can view these records. This helps increase trust and reduce the risk of fraud.

Immutable: Once a transaction is recorded on the blockchain, it cannot be easily modified or deleted. This guarantees data integrity and security.

Smart contracts: Transactions on the blockchain can be automatically executed to implement "smart contracts", which automatically execute corresponding operations when specific conditions are met. This helps simplify complex business processes and reduce costs.

Blockchain technology has had a profound impact on business and financial models, which is mainly reflected in the following aspects:

Reducing costs: Blockchain technology can reduce intermediary links and reduce costs. Transaction costs and operating costs. For example, by adopting blockchain for cross-border payments, remittance fees can be significantly reduced.

Improving efficiency: The automation and smart contract features of blockchain technology help improve the efficiency of business processes, reduce manual intervention, and reduce error rates.

Enhance trust: The transparency and non-tamperability of blockchain technology help to establish a reliable trust system, reduce the risk of fraud, and provide better protection for commercial activities.

Innovative business models: Blockchain technology has spawned many new business models, such as decentralized finance (DeFi), digital asset trading, supply chain finance, etc. These new business models have brought disruptive changes to existing industries.

In short, blockchain technology, as an emerging technical means, is gradually changing the landscape of business and finance. With the continuous development of technology and the in-depth promotion of applications, blockchain is expected to have a more extensive and far-reaching impact in the future

㈢ How blockchain empowers the transaction end

Blockchain The application of chain technology on the transaction side can be empowered from the following aspects:

Decentralized transaction model: Through blockchain technology, both parties to the transaction can directly conduct P2P transactions, eliminating the need for traditional transactions to go through Cumbersome procedures and high fees from intermediaries (such as banks, stock exchanges, etc.). This decentralized trading model can reduce transaction costs and improve transaction efficiency and security.

Transparent transaction information: Transactions on the blockchain can save all transaction information in the public ledger and be available for query at any time, which greatly improves the transparency of transactions and the fairness of competition. Both buyers and sellers can clearly knowThe other party’s identity, credit rating, asset status and other relevant information can avoid unnecessary risks of deception.

Smart contract execution: Blockchain with this technology can also use smart contracts to achieve automatic condition triggering, simplify transaction processes, save time, improve transaction efficiency, and eliminate the risk of third-party intervention. For example, in the field of digital currency, smart contracts can automatically execute transactions and complete settlement based on specific conditions.

Cross-border payment: Blockchain technology can also help shorten the time of cross-border payment, reduce exchange rates and transaction fees, thereby speeding up payment settlement and logistics transportation processes. Through the decentralization, transparency and intelligence of blockchain technology, buyers and sellers can complete the process of fund payment and confirmation in a shorter period of time.

In summary, blockchain technology’s empowerment on the transaction side can help reduce costs, improve efficiency, enhance security and credibility, thereby better serving transaction participants and promoting transactions. healthy development of the market.

㈣ What are the applications of blockchain

Briefly introduce the application of blockchain technology in the financial field

1. Area Application of Blockchain Technology in the Banking Industry

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

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

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

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

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

Another characteristic of blockchain technology is thatTo de-risk, banks can build their own blockchain, which can ensure that the transaction information and transaction records of bank customers are true and valid and will not be arbitrarily tampered with. Banks can effectively identify customer information and understand their customers. Various aspects of the situation can be used to identify abnormal transactions of customers to prevent being deceived by customers. It can also promptly detect criminal activities such as illegal money laundering and transfer of funds, thereby reducing the bank's supervision costs.

2. Application of blockchain technology in the insurance industry

Blockchain technology also has incomparable advantages in the insurance industry. From the perspective of data management, the application of blockchain technology by insurance companies can effectively improve risk management and control capabilities, including the risk supervision of insurance companies and the risk management of policyholders.

The application of blockchain technology in the insurance industry can strengthen the internal risk supervision of insurance companies. Blockchain technology can record the daily operating processes of insurance companies on nodes, and can achieve in-process control over the company's capital flow, investment status, compensation payments and other businesses, and improve the company's risk management and control capabilities.

In addition, blockchain technology is safe, reliable, and cannot be tampered with at will, ensuring that the information obtained by the policy holder is true and effective, thereby enhancing the policy holder's risk management capabilities.

3. Application of blockchain technology in the securities industry

The application of blockchain technology in the securities industry can increase the flexibility of securities issuance. Companies issuing securities can use smart contracts , by setting the method and time of securities issuance, securities can even be issued 24 hours a day under the most ideal condition.

Under the operation of smart contracts, automatic matching of buyers and sellers is realized, and settlement and clearing steps are automatically completed through the distributed digital registration system. The transaction records on the blockchain will not be changed arbitrarily, so the entered information actually has a publicity effect, so there will be no dispute in the stock exchange's ownership confirmation.

In addition, blockchain technology makes the securities trading process more open and transparent. Through blockchain technology, the securities industry does not need a central organization to operate and manage, nor does it require investment banks to underwrite, to achieve true peer-to-peer transactions, reduce illegal activities such as black-box operations and insider trading in securities transactions, and realize the control of securities. Effective supervision of the industry.

4. Blockchain technology and financial infrastructure

Blockchain technology uses a decentralized mechanism to exchange value, which will lead to a modern world characterized by centralization. Some financial infrastructures have undergone earth-shaking changes.

Assets such as collateral, pledges, and stocks, bonds, and derivatives usually require a trustworthy central organization to register or keep them, but blockchain can record and save these in a new way. Product data will have an impact on the registration system for these products.

Blockchain can receive and respond to information and value through smart contracts, automatically complete the transfer of value, and automatically complete transactions, clearing and settlement, which will impactExisting financial infrastructure such as large-value trading systems, central securities depositories, securities settlement and over-the-counter derivatives trading.

5. Application of blockchain technology in supply chain

The application of blockchain technology in supply chain first provides credit guarantee, and the blockchain records Commodity circulation information, etc., can prove the authenticity and reliability of commodities and their circulation, thereby enabling a comprehensive evaluation of the utility of enterprises on the chain, and becoming an effective guarantee for corporate bank loan credit, financing credit, and transaction credit. .

First of all, the blockchain can time-stamp all the transaction data in the supply chain and cannot be tampered with at will. Even if the transaction data of a certain node can be tampered with, it cannot cover the sky with one hand, so the area Blockchain solves banks' concerns about corporate information being tampered with. For some small businesses, as long as they have good credit, the possibility of borrowing from banks will be greatly increased.

Secondly, through effective integration, the information between upstream and downstream enterprises recorded in the blockchain can not only provide support for enterprises in production, sales and other links, but also provide downstream enterprises with the ability to analyze customer preferences. , so that targeted services can be developed.

㈤ What impact will blockchain have on future finance

1. Blockchain in the field of payment: reconciliation and settlement between financial institutions, especially cross-border financial institutions The cost is relatively high and involves a lot of manual processes; the application of blockchain technology can reduce the cost of reconciliation and dispute resolution between financial institutions, significantly improve the efficiency of the payment field, and make it easier for financial institutions to process small-amount cross-border payment services. , conducive to the realization of inclusive financial services.
2. In the field of clearing and settlement: different financial institutions have different infrastructure structures and business processes, involving many manual processes, which greatly increases business costs and is prone to errors. Applying blockchain technology, combined with the on-chain assets mentioned in the second point, can complete point-to-point real-time clearing and settlement, thereby reducing value transfer costs, shortening time, improving efficiency, and both parties to the transaction can obtain good privacy protection.
3. Asset management field: Equity, bonds, bills and other assets are managed by different intermediaries, which increases the transaction cost of assets and brings about the problem of certificate forgery. Apply blockchain technology to digitize such assets and turn them into digital assets on the chain. With the irreversible, non-tamperable, and public characteristics of the blockchain, it can improve the efficiency of asset transactions and reduce asset management costs.
Because the characteristics of the blockchain are irreversible and non-tamperable, it makes information confidential and secure, point-to-point transaction transmission, decentralization, and reliable traceability of information; thereby reducing intermediate costs and improving efficiency, it is not only used for accounting and auditing , and can also be applied to all walks of life. Now we can also see the collaborative operation model of blockchain from behind the operation of all walks of life. Therefore, blockchain will definitely change human life extensively and profoundly. Therefore, The entire life service will enter the blockchain era. In this Internet development process, blockchain + real industry, blockchain e-commerce, blockchain societyBlockchain technology can be applied to group operations.

㈥ Does anyone know where blockchain can be applied?

There are many applications of blockchain. Although it cannot be adapted to all application scenarios, the market There are many practical applications on the Internet, such as Weisan Cloud, one of which is one of them. Their blockchain points system has many application scenarios such as e-commerce and content payment, and has been certified by many merchants.