区块链金融在跨界支付中优势和风险有哪些,区块链金融在跨界支付中优势和风险的关系

⑴ How can blockchain cover other industries besides finance?

Blockchain is one of the most challenging innovations in the field of financial technology (Fintech) because it Blockchain has fundamentally subverted the inherent logic, operating model and business scope of traditional finance, breaking through the limitations of countless conventions and entering into a series of new application fields that were previously unreachable.
Blockchain is called a disruptive technology that will reconstruct the key underlying infrastructure of Internet finance and even the entire financial industry. Its value in the financial field is waiting for people to discover. Specific applications are as follows:
1. Applications in the banking industry
Wallet and payment are the first areas where blockchain technology has been involved, but this is also the traditional business scope of the banking industry. What changes can the arrival of blockchain technology bring?
Cross-border payment - application case:
Circle Circle, founded in October 2013, aims to make Bitcoin "simple and easy to operate, similar to Gmail (Google Mail), Skype (Microsoft's Internet phone) and other customers service tools like that” and the company quickly received a large amount of financing. In mid-2014, it received an investment of US$27 million, becoming one of the most well-funded companies in the field of digital cryptocurrency.
In 2015, Goldman Sachs and IDG Capital Partners led the investment, raising $50 million in funding for Circle. In June 2016, Circle received US$60 million in investment led by Chinese investors, and announced that it had established an independent company in China, Circle China, established a local team, and reached strategic cooperation with Internet and Everbright.
Circle utilizes Bitcoin blockchain transactions to provide instant and free fund transfers around the world. Circle hopes to use Bitcoin as a free Internet payment network to enable the smooth flow of national legal currencies around the world without any hindrance. By partnering with overseas companies like IDG, Circle can provide financial services to users using legal currencies in various countries.
Despite the complex regulatory structures of payment systems in various countries, cooperation between these countries has made progress. In April 2016, Circle received the first electronic currency license issued by the British Financial Conduct Authority (FCA), which attracted widespread attention in the industry. Subsequently, Circle announced the establishment of a partnership with Barclays Bank and officially entered the British market. Since then, British consumers can enjoy services such as fast transfer payments and Bitcoin buying and selling like American consumers.
In order to make it more convenient for users, Circle cooperates with Apple. In the iOS 10 system, Apple’s iMessage supports users to use Circle’s Bitcoin payment system. Circle CEO Jeremy Allaire said:
"iMessage will benefit consumers by allowing payment services to be accessed. It is difficult to install a separate APP for payment, and transfer payments with friends also need to go through a complicated setup process, but direct access to iMessage services It’s a lot simpler.”
On September 13, 2016, Circle announced that users can pay anyone in the world through iMessage.
The advantages of blockchain in cross-border payments: low cost, real-time transactions, and high security.
Smart Bills—Application Case:
Complex Beauty Blockchain Bill Project Bills and blockchain technology can be well combined. After adopting the decentralized distributed ledger of blockchain, it has changed the current situation. Some system storage and transmission structures have established a more secure operating mode to solve the problem of counterfeit bills.
The process of the bill from its creation to its demise is completely reflected through the timestamp. Its history can be traced, which makes this model have a new continuous endorsement mechanism and truly reflects the transfer process of the rights of the bill.
The domestic Hangzhou Complex Beauty Blockchain Research Center has also initially developed an open source project for a blockchain lending bill exchange based on Ethereum, which integrates multiple segments such as finance, catering, business management, and express delivery tracking. The concept of applying blockchain technology in the field. As shown in the figure, the open source project of the Complex American Blockchain Network Lending Exchange is an online lending exchange that applies blockchain technology and can complete online transactions claiming to be 150,000 per second with no handling fees.
Blockchain-based bill business has four advantages:
From the perspective of moral hazard, "one vote sells more" in paper bills and the payment and endorsement in electronic bills are not synchronized from time to time. However, due to the non-tamperable timestamp and the publicity of the entire network, the blockchain will not cause any defaults once the transaction is made, regardless of whether it is a paper ticket or an electronic ticket.
From the perspective of operational risks, since the electronic bill system is operated in a centralized manner, once there is a problem with the central server, it will have catastrophic consequences for the entire market. At the same time, the access to corporate online banking will transfer more risks to Regarding the bank’s own network security issues, the entire chain of risks will become longer and longer. With the help of distributed high fault tolerance and asymmetric encryption algorithms in the blockchain, the risk caused by human operations will be almost zero.
From the perspective of credit risk, the collection and assessment of the credit of all participants can be achieved with the help of blockchain data, and real-time control can be carried out.
From the perspective of market risk, a large number of asset mismatches in the intermediary market not only lead to their own losses, but also tie up the interests of banks. The programmability of the blockchain can not only effectively control the balance of the assets and liabilities of participants , and can also rely on the characteristics of data transparency to promote the authenticity of the entire market transaction price response to capital demand, thereby forming a more realistic price index, which is conducive to controlling market risks.
Bank settlement—Application case: VISA
Bank settlement refers to receipt and payment through fund transfer in bank accountsThis behavior means that the bank accepts the customer's entrustment for collection and payment, transfers the money from the deposit account of the paying unit, and transfers it to the deposit account of the receiving unit, thereby completing the settlement of claims and debts between customers or the allocation of funds. In this process, banks serve as both a medium for commodity exchange and an intermediary for clearing funds in social and economic activities.
Unlike domestic banks, which mainly rely on the difference between deposits and loans to make profits, half of the profits of multinational banks come from intermediary settlement business. For them, if they open up new business areas and reasonably reduce settlement costs, it is directly related to their fundamentals. .
VISA is the world's largest credit card company. There is no doubt that the rise of digital cryptocurrency will inevitably have an impact on its credit card payment business. However, VISA has not always been resistant to electronic currency and blockchain, but has adopted an open attitude.
In October 2015, VISA and DocuSign jointly launched a "proof of concept" project using the Bitcoin blockchain to record and store car rental data. The project combines DocuSign’s digital transaction management (DTM) platform and electronic signature solutions with VISA’s secure payment technology. It allows consumers to configure rental, insurance and other daily purchases in the car, such as parking fees and tolls, and users can pay directly with VISA cards.
Peripheral applications do not satisfy VISA. In the same year, VISA cooperated with Coinbase to launch the first Bitcoin debit card that can be used in the United States. On November 30, at the UnBound conference in London, the VISA European Innovation Laboratory demonstrated a "proof of concept" remittance application through which people can remit money on the Bitcoin blockchain.
In September 2016, VISA launched Interbit, an inter-bank settlement and payment system based on blockchain technology in cooperation with digital payment startup BTL Group, to evaluate whether blockchain technology can facilitate international transfers between banks. Reduce costs, settlement time and credit risk.
A series of major actions in the past two years can be seen: VISA has begun to realize the value of blockchain technology and is working hard to make blockchain technology a powerful tool to expand its sphere of influence.
The advantages of blockchain in bank settlement: safe, convenient and intelligent.
In addition to using blockchain technology to transform existing businesses, major banks around the world have also launched their own encrypted digital currency plans to reduce their operating costs.
Advantages of blockchain in banking digital currency: reducing costs.
2. Securities investment market application
Securities trading - application case: Linq
The securities trading market is an important application field of blockchain. The application of blockchain technology can not only speed up clearing and settlement, but also reduce the number of books that financial institutions need to maintain and ensure more accurate audit trails.
Nasdaq (NASDAQ) is the earliest pioneer in the securities exchange market. In the second half of 2015, it launched Linq, a trading platform based on Bitcoin trading technology for trading of primary market companies. As shown in the figure below, Linq can record equity transactions before a company's IPO. It can track corporate equity transactions, shareholder and investor information, etc., and is very valuable for asset analysis in the private equity market.
Fredrik Voss, head of blockchain strategy at Nasdaq, is convinced that the high efficiency provided by blockchain technology will greatly enhance Linq’s advantages as a private equity trading platform. . So far, there is no technology that can truly keep people away from paper work, and blockchain technology will make it a big step forward, significantly reducing the possibility of errors compared to manual processing.
The advantages of blockchain in securities transactions: speed up settlement, simplify accounts, and facilitate tracking and auditing.
Equity Crowdfunding - Application Case: Xiaoyi
Funding has always been a gap between creative ideas and entrepreneurship, and it was this gap that gave birth to the world's first crowdfunding platform - Kickstarter. The way Kickstarter works is a typical platform business model. The users of the platform are on one side people who are eager to create and create, and on the other side are people who have some funds and are willing to fund new ideas. Both parties share the same desire. They all hope that new ideas will become reality and achieve continuous promotion.
Crowdfunding platforms based on blockchain technology can raise funds by creating their own digital cryptocurrency or digital assets, and by distributing their own "digital equity" to early backers, investors receive support for startups. Certificate of shares.
Blockchain crowdfunding platforms usually have a three-layer structure:
The lowest layer is the blockchain network, which builds a decentralized distributed ledger;
The middle layer is business logic Combined with the blockchain, we jointly establish an account center, equity registration, equity certificates, equity transactions, equity management and other functions;
The top layer provides services to customers of various crowdfunding platforms.
In China, Xiaoyi is the first company to use blockchain technology to register company equity. Although this is an innovation, it is not easy to achieve compliance with Chinese laws and connect with the physical world in terms of underlying logic and various details. After in-depth research and analysis of my country’s current legal environment, Xiaoyi has the potential to become a practical blockchain application.
Xiaoyi is a blockchain protocol based on blockchain technology that registers, issues, manages, and trades various equity shares through a peer-to-peer network. In the early stage, the equity of unlisted companies will be used as the entry point to provide digital share incentive solutions for startups and equity management solutions for equity crowdfunding companies. In the future, it will transition to tradable equity, that is, "blockchain IPO", which will gradually become blurred. Unlisted companies and listed companiescompany boundaries.
The advantages of blockchain in equity crowdfunding: transcending time and space constraints, optimizing crowdfunding organization, and rational distribution of equity and interests.
3. Application in Insurance Industry
Policy Sales—Application Case: Bubi Aviation Accident Insurance
Traditional aviation accident insurance has always had problems such as insurance fraud and price hikes by intermediaries. As the saying goes, "the wool comes from the sheep", it is ultimately passed on to consumers. Blockchain technology can provide effective means to solve these problems.
On July 29, 2016, Bubi Blockchain cooperated with Sunshine Insurance to launch the "Blockchain + Aviation Accident Insurance Card", which is the first domestically placed mainstream financial assets on the blockchain. circulation.
Most aviation accident insurance will only make claims when an aircraft accident occurs, so in most cases it is not easy to detect when customers buy fake insurance. In order to prevent the purchase of "fake insurance policies", Bubi Blockchain relies on its multi-party data sharing characteristics to trace the entire process of card slips from the source to the customer. All parties can not only check the authenticity of the card slips, but also ensure that the card slips are authentic. The authenticity of the order can also facilitate subsequent processes, such as claims settlement, etc.
In order to prevent middlemen from raising prices and passing them on to consumers, aviation accident insurance cards are set up on the Bubi blockchain. Without middlemen, the price of insurance cards will drop significantly. According to data, this product can be purchased for 60 yuan per copy and can be used by 20 people. Each time, you can get aviation accident protection of up to 2 million yuan, which is equivalent to spending 3 yuan each time to get 2 million yuan of protection.
The advantages of blockchain in the insurance industry: authenticity and transparency, information security, traceability, clear claims process, and low cost.

⑵ What does blockchain mean and what are its applications in cross-border payments

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

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

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

⑶ 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 also reduced the breadth of supervision.and depth gradually expanded, leading to a sharp increase in regulatory costs for the entire financial system. 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. Not only can it achieve real-time settlement and clearing, but there has been no accounting error.
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.

⑷ What is blockchain finance? What does blockchain finance mean?

Blockchain finance is actually the application of blockchain technology in the financial field.

Blockchain is an underlying technology based on Bitcoin, and its essence is a decentralized trust mechanism. Collectively maintain a sustainable growing database through sharing among distributed nodes to achieve information security and accuracy. The application of this technology can solve the trust and security issues in transactions. Blockchain technology has become an optional direction for the future upgrading of the financial industry. Through the block chain, both parties to the transaction can carry out economic activities without resorting to third-party credit intermediaries. activities, thereby reducing the cost at which assets can be moved around the world.

(4) Further reading on the advantages and risks of blockchain finance in cross-border payments:

Since 2016, major financial giants have also taken notice of the trend. , have launched blockchain innovation projects to explore the possibility of applying blockchain technology in various financial scenarios. In particular, Puyin Group took the lead in pioneering the “blockchain+” standard digital currency. Standardized digital currency is an asset that has been completed by a third-party organization through the process of identification, evaluation, ownership confirmation, insurance, etc., and is written into the blockchain through rigorous digital algorithms to form a standard corresponding relationship between the asset and the digital currency, which is called a standard system. Digital currency.

In order to realize the great leap forward development of blockchain finance, in order to promote the new development of China's economy, accelerate the circulation of global assets, and realize the dream of rejuvenation that generations of people have been striving for, Puyin Group will Puyin Blockchain Finance Guiyang Strategy Release Ceremony was held in Guizhou on the 9th. At the meeting, the digital circulation of assets through blockchain, the blockchain financial transaction model, and the relationship between blockchain services and social public goods will be discussed.to discuss the implementation of industry applications.

⑸ What are the advantages of blockchain

The advantages of blockchain are mainly reflected in the following points:
1. Decentralization
Due to the use of distributed There is no centralized hardware or management organization for accounting and storage. The rights and obligations of any node are equal. The data blocks in the system are jointly maintained by nodes with maintenance functions in the entire system.
2. Openness
The system is open. In addition to the private information of the transaction parties being encrypted, the blockchain data is open to everyone, and anyone can query the blockchain through the public interface. Data and development related applications, so the entire system information is highly transparent.
3. Autonomy
The blockchain adopts consensus-based specifications and protocols (such as a set of open and transparent algorithms) to enable all nodes in the entire system to exchange data freely and securely in a trustless environment. , so that trust in "people" is changed to trust in machines, and any human intervention has no effect.
4. Information cannot be tampered
Once the information is verified and added to the blockchain, it will be stored permanently. Unless more than 51% of the nodes in the system can be controlled at the same time, otherwise the database will not be modified on a single node. Modifications are invalid, so the data stability and reliability of the blockchain are extremely high.
5. Anonymity
Since the exchange between nodes follows a fixed algorithm, the data interaction does not require trust (the program rules in the blockchain will judge whether the activity is valid by itself), so the counterparty does not need to Making the other party trust you by disclosing your identity is very helpful for the accumulation of credit.

As above, there are many applications of blockchain now, and it has been applied to various fields, such as GSN in social banking. GSN can effectively reduce financial risks by applying blockchain technology to finance. Because the credit management level of participating market entities will be improved due to the application of blockchain technology, on the other hand, it will also be conducive to the construction and improvement of the entire social credit system.

Secondly, GSN can transform traditional credit management based on experience and system design into a blockchain management model supported by heavy technical means. By introducing GSN, this advanced information management technology, it will help improve credit management. The technological content improves the accuracy and rigor of management.

Finally, GSN can effectively reduce the current high cost of social credit, open up the information islands between credit information, and effectively prevent the loss, leakage or tampering of social credit information. Blockchain has a wider range of application scenarios in building a social credit trust system and promoting digital inclusive credit reporting.

⑹ Is blockchain useful? What impact and prospects does blockchain have?

I believe everyone is no longer unfamiliar with the emerging technology of blockchain, because this is the current The most popular Jochun topic, many big guys from different industries are talking about itIn analyzing its role and prospects, today we also do an analysis of the blockchain on whether the blockchain is useful and what the impact and prospects of the blockchain are. We hope it can help everyone.
Is blockchain useful?
1. Banking: As a digital, secure and interference-proof account, blockchain realizes the core function of the banking industry: a safe storage and transfer center of value. In other words, in the next few years, a wave of companies based on blockchain technology may affect the banking industry.
2. Payment and transfer: Blockchain technology can avoid complicated systems and create a more direct payment process between the payer and the payee. Whether it is a domestic transfer or a cross-border transfer, this method has its advantages. Low price, fast, and no intermediate handling fees.
3. Network security: Although the blockchain system is public, its verification, sending and other data exchange processes use advanced encryption technology. This technology not only ensures the correct source of data, but also ensures that the data is not intercepted during the process. If blockchain technology is more widely used, the probability of being attacked by hackers may also decrease, so people believe that blockchain systems are more stable than traditional systems. One of the reasons why blockchain systems can reduce traditional network security risks is that they eliminate the need for middlemen.
4. Election: Everyone's vote "can never be modified or deleted by us - programmers, school administrators or students."
5. Smart contract: Smart contracts are actually on another object. A computer program that performs functions on the go. Like ordinary computer programs, smart contracts are also an "if-then" function, but blockchain technology enables the automatic filling of these "contracts" without manual intervention. Such contracts may eventually replace the legal merger industry's core business of drafting and managing contracts in both commercial and civil areas.
6. Stock trading: For many years, companies have been trying to simplify the process of buying, selling and trading stocks. Emerging blockchain technology startups believe they can go beyond the past, automating the entire process, improving security and efficiency.
What impact and prospects does blockchain have?
1. The dual impact of bringing wealth and risk:
The difference between blockchain technology and traditional Internet technology is that it chooses the high-risk financial industry as the entry point, but the financial field is full of Areas with many obstacles. Such direct entry has a dual impact: on the one hand, it can bring wealth effects to entrepreneurs relatively quickly; on the other hand, various risks will also come directly and violently.
2. Improve efficiency and reduce costs:
For physical finance, blockchain can maintain the fidelity in the process of transmitting information, such as personal credit information and other data, thereby avoiding many transaction costs and enabling large-scale Improve efficiency, this is the positive meaning it brings.
3. Control financial risks early and small:
Blockchain is cooperating with the innovation of digital currency to prevent over-insurance in the insurance industry, over-lending in bank mutual funds loans, and supply chain finance.It is suitable for many industries and fields by combining financial aspects and promoting electronic identity recognition. In terms of financial security, many companies have also cooperated with regulatory authorities to build regulatory technology systems to help regulatory authorities monitor and provide early warning for the risks of Internet financial companies, so as to control financial risks early and at an early stage.
4. The owner of the data should be the user himself:
Blockchain is a technology worthy of attention, and it has relevant layouts in its own business and investment. Bitcoin and other electronic currencies are applications based on blockchain technology. They have certain currency functions and have certain use value. However, the main problem now is that the gap between the use value and the transaction price is too big. . ICO is a financing business model.
5. The darkest stage contains the most opportunities:
The darkest stage often contains the most opportunities. The application of blockchain is far more than just monetary and financial. For example, big data can be applied to the entire medical industry in the future. health field. If medical records and diagnosis data are shared to all different medical systems through the big data blockchain, the efficiency of treating diseases and saving lives can be greatly improved.
The editor believes that the correct development prospect of blockchain is to "talk less about financial innovation, focus more on financial security, focus more on inclusive finance, and do more on medical care, health, and environmental protection."
The above is the blockchain brought to you by the editor. Is it useful? What impact and prospects does blockchain have? of the entire content.

⑺ What is blockchain technology and how does it change business and financial models

Blockchain technology is a distributed ledger technology that allows Multiple participants work together on a decentralized network to maintain a secure, transparent and immutable record. 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: blocksThe automation and smart contract features of chain 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

⑻ Where can I find a more detailed explanation of blockchain applications

Blockchain applications include mathematical currency, payment and settlement, digital bills, proof of rights, and bank credit reporting
Each application is explained in detail as follows:
1. Digital currency
Currently, blockchain technology is the most widespread. The most successful application is digital currency represented by Bitcoin. Digital currency has developed rapidly in recent years. Due to the characteristics of decentralized credit and frequent transactions, it has a high transaction value and can maintain a relatively stable price through the development of hedging financial derivatives as a quasi-super-sovereign currency. Digital currency has established digital currency transaction credit backed by sovereign currency. The greater the transaction volume and the more frequent transactions, the stronger the digital currency transaction credit foundation. Once the blockchain credit system is implemented globally, digital currency will become a gold-like global payment credit.
2. Payment and settlement
At this stage, settlement and payment of commercial trade transactions all rely on banks. This traditional method of conducting transactions through intermediaries requires the account opening bank, counterparty bank, central bank, and overseas bank. In this process, each institution has its own accounting system, needs to establish an agency relationship with each other, and needs a credit line; each transaction needs to be recorded in its own bank, and must also be cleared and reconciled with the counterparty, resulting in Transactions are slow and costly. Compared with the traditional payment system, blockchain payment is carried out directly by both parties to the transaction without involving intermediaries. Even if part of the network is paralyzed, it will not affect the operation of the entire system. If a universal distributed inter-bank financial transaction protocol is built based on blockchain technology to provide users with cross-border, real-time payment and clearing services in any currency, cross-border payments will become convenient and low-cost.
Take cross-border exchange as an example. If I open an account in a small bank in my country and transfer money to another small bank abroad, the transfer process under the traditional SWIFT system requires the following steps: First, I send money to the small bank to which I belong. Banks submit applications; second, small banks submit applications to large banks in the same country that have signed exchange terms; third, large banks wire transfers to overseas cooperative banks; fourth, cooperative banks remit funds to small overseas banks. Currently, this process takes 10 minutes depending on the country.It can vary from 1 hour to 2 days. If you use blockchain-based settlement technology and place an order at a market maker while remitting RMB, a trading bank participating in the system in the world will receive the order, and the two parties will shake hands to complete the exchange. The average payment confirmation speed will be in a few seconds. Within seconds.
3. Digital bills
Digital bills are a brand-new bill presentation form developed by combining blockchain technology with bill attributes, regulations, and markets. It is completely consistent with the technical architecture of the existing electronic bill system. different. The core advantages of digital bills are mainly reflected in: First, the disintermediation of the value transfer of bills. In traditional bill transactions, bill intermediaries often use information differences to match. After point-to-point transactions are realized with the help of blockchain, bill intermediaries will lose their intermediary functions and reposition their identities. The second is to effectively prevent bill market risks. Due to the blockchain's non-tamperable timestamps and the fact that it is open to the entire network, once a transaction is made, there will be no default, thus avoiding the problems of "one vote selling more" for paper tickets and out-of-sync payment and endorsement of electronic tickets. Third, the system construction and data storage do not require a central server, eliminating the development costs of central applications and access systems, reducing the maintenance and optimization costs of the system under the traditional model, and reducing the risks caused by system centralization. The fourth is to standardize market order and reduce regulatory costs. The non-tamperable timestamp formed by the continuous connection of blockchain data greatly reduces the cost of regulatory review. The completely transparent data management system provides a trustworthy traceability path, and shared constraints can be established in the chain for regulatory rules through programming. code to achieve full coverage and hard control of regulatory policies.
4. Proof of Rights and Interests
Every node participating in the maintenance of the blockchain can obtain a complete data record. Using the characteristics of the blockchain's reliability and collective maintenance, the rights of the owners of rights and interests can be confirmed. For the need to store permanent records, blockchain is an ideal solution for scenarios such as land ownership and equity transactions. Among them, proof of equity is the field with the most applications currently. Equity owners can prove their ownership of the equity with their private keys. When the equity is transferred, it is transferred to the next owner through the blockchain system. The property rights are clear and the records are clear. The entire process does not require the involvement of a third party.
During a keynote address at the 2015 European Financial Journalism Awards for Excellence in Trading Technology in London, Nasdaq CEO Bob Greifeld announced that the exchange intends to use blockchain technology to manage its proxy voting system. Proxy voting is an important and time-consuming operation used by a listed exchange. The application of blockchain technology can allow shareholders to vote without having to attend the company's annual meeting. People can vote using their mobile phones, and Always keep voting records. Blockchain technology is regarded as an advanced technology in the field of equity trading that can ensure transparent transactions in a shorter time.
5. Bank Credit Reference
At present, when developing commercial bank credit business, whether it is for enterprises or individuals, the most basic consideration is the financial credit of the borrower itself. Each bank uploads the repayment status of each borrower toWhen inquiries need to be made by the central bank's credit reporting center, the reference can be downloaded from the central bank's credit reporting center with the customer's authorization. There are problems such as incomplete information, inaccurate data, low usage efficiency, and high usage costs. In this field, the advantage of blockchain is that it relies on program algorithms to automatically record massive information and store it on every computer in the blockchain network. The information is transparent, difficult to tamper with, and has low cost of use. Commercial banks store and share customers' credit status in their own institutions in an encrypted form. When applying for a loan, customers do not have to go to the central bank to apply for a credit check, that is, decentralization. The lending institution can retrieve the corresponding information data from the blockchain. Complete all credit reporting work.
In short, blockchain has become one of the hot spots of innovation in the financial industry. However, as a new technology, blockchain also has considerable risks. The current settlement system based on blockchain technology is very sensitive to regulatory risks. If participants are worried about the uncertainty of regulatory policies, it may cause the payment system to collapse due to instability. In addition, since its operating rights are controlled by developers, the obvious technical disadvantage is that if the operator itself controls more than 51% of the computing power of the entire network, it can achieve double payment, leading to a breakdown of trust. This is also an important issue that needs to be solved during the application of blockchain technology.

⑼ What exactly is blockchain? Decrypt the concept of blockchain