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『一』What are the application fields of blockchain technology?
Due to the digital currency first produced by blockchain technology, it has had a huge impact on the financial field, research and application Blockchain technology has become an important task in today’s financial field. In essence, blockchain technology is still a technical means and tool. Its application in the financial field and its application in the real economy are both parallel. They have their own relative independence, but they also have certain differences. Cross-over, that is to say, the promotion effect on the real economy is indirect. 1. Regardless of finance or entity, one of the foundations of transactions between supply and demand is trust. The current banks, enterprises, enterprises, people, etc. all use currency as a link. The right to issue currency lies with the state and the right to operate it lies with banks. With the further popularization and widespread application of blockchain technology, in the future, enterprises and enterprises, or individuals and individuals, can self-organize the issuance of digital currencies (digital credit). The status of banks will change from the current monopoly to a market with equal competition. Therefore, the widespread application of blockchain technology in the financial field has an indirect impact on the real economy. 2. Blockchain technology is the bridge between reality (entity) and virtuality. Through blockchain technology, the real world can be recreated, reconstructed and redefined in the virtual world. For example, real banknotes are digital currencies in the virtual world, real stock transactions are digital stock transactions in the virtual world, and real import and export trade are digital settlements, digital customs clearance, digital documents, bills, etc. in the virtual world. It greatly improves the efficiency of business processes and saves transaction costs. At present, all transactions are inseparable from banks. Banks play the role of central hubs in transactions. Banks' application of blockchain technology will definitely improve the efficiency of their settlement and indirectly promote the efficiency of the real economy. However, this impact will gradually weaken in the future. Because the biggest feature of blockchain technology is decentralization, its distributed accounting system is a centerless network system. 3. The application of blockchain technology is actually to valorize and credit the information currently flowing on the Internet, and to reorganize and restructure the information in the Internet (use value, exchange value, cultural value) through the blockchain. The formation of the Internet of Value is of great significance and will bring revolutionary promotion to both the financial industry and the real economy.
『二』 When will the national standard for blockchain technology be completed
my country has begun to establish a national standard for blockchain to promote the construction of the blockchain standard system from a top-level design. It is expected that the national standard for blockchain technology will be completed soon. It will be completed by the end of 2019.
In this regard, Zhao Wu, founder of Beijing Huashun Xin'an Technology Co., Ltd., also said that although blockchain has disruptive technological potential, we must realize that blockchain The chain is still in its infancy and is far from reaching the stage where it can disrupt the world.
Yu Kequn emphasized that an independent and controllable blockchain network is not technically controlled by others, but can also promote the healthy development of the blockchain. Security is the future life of the blockchain, and only its own security can bring blockchain technology to fruition. This requires meWhile we are developing blockchain technology, we must pay equal attention to developing its security attributes, and even develop it ahead of time.
In this regard, Li Ming also said that an important part of the standard is the standard of information security, which also shows the importance of security for blockchain technology. He also pointed out that the formulation of blockchain standards does not mean that it will rapidly promote the development of the industry, but rather gives certain guidance to the industry. Previously, China had suffered a lot in terms of international intellectual property rights and standards. In terms of blockchain, China has now formed more than 200 patents in international blockchain, and has even stood at the forefront of the world's technology. Therefore, we also need to firmly grasp our right to speak.
Content source: Xinhuanet
『三』What do CCB top+ stand for
1. T is driven by technology, using technology and data as dual elements to achieve Two wheel drive. China Construction Bank focuses its financial technology on ABCDMIX.
Among them, A is artificial intelligence, B is blockchain, C is cloud computing, D is big data, M is mobile Internet, and I is Internet of Things. X refers to some technologies that are not yet commercially available, such as 5G and quantum computing. These are the technologies that CCB mainly relies on to implement its financial technology strategy. Under the premise that the essence of financial technology is finance, China Construction Bank actively applies or tries these technologies in various business scenarios. According to Jin Panshi, CCB will continue to explore the application of new technologies in banking business and drive financial innovation with the power of science and technology. At the same time, CCB will also increase investment in technology research and actively reserve technical strength. This is among the TOP+ T.
Two, O, is the opening of capabilities and the practice of the concept of openness and sharing.
CCB will open its functions and data capabilities including traditional commercial banking, leasing, insurance, funds and other group businesses to the whole society in the form of services. In July this year, China Construction Bank launched a public cloud platform. The platform will open all application functions such as safe elderly care, comprehensive party and mass services, secure services such as avatar recognition, and infrastructure services to the outside world, pushing technical services to the society and providing services to peers, customers, and partners. In August this year, China Construction Bank also launched an open banking platform. The platform can publish CCB's existing core financial services, such as account opening, investment and financing, and account calculation, in the form of standard SDKs and APIs, providing standardized access for third-party partners, customers, and head offices and branches. It is reported that the first batch of CCB’s open banking has been implemented. According to the plan, all banking service functions will be open to the public in February next year.
Three, P, stands for platform ecology.
As for customer marketing, CCB’s main business management is to build an ecosystem, build a platform, and then connect the platform to the platform to jointly build a user ecosystem. Traditional financial service platforms for deposits, loans, and remittances have been unable to keep up with changes in people's lifestyles such as food, clothing, housing, and transportation, and traditional financial services are no longer able to meet the needs of the public. In order for financial services to be embedded in specific scenarios to serve society, the solution given by China Construction Bank is to build its own financial service platformIn addition, we also need to build a platform for partners.
Four. + is to cultivate a culture that encourages and supports innovation, supports the group's continuous innovation, and achieves sustainable development for the future.
On April 18, China Construction Bank invested 1.6 billion to establish CCB Technology Company, establishing a fully market-oriented financial technology innovation enterprise. In accordance with the financial technology strategic plan for the next five years, CCB will establish a technological governance system and a business and technological innovation research mechanism that are efficient and collaborative to support innovation, and will increase the services of technological innovation resources to provide guarantee for the implementation of the financial technology strategy. CCB will also continue to promote its financial technology strategy, using innovative financial products and services, open financial platforms, shared platforms, and empowered financial development models to enhance the power of financial supply and achieve steady experience and innovative development.
『四』 A complete review of supply chain finance of 13 banks: continuous innovation from the five major commercial banks to city commercial banks
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 comprehensive 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,There are more than ten supply chain financing products including order financing and chattel pledge financing. 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 cooperation and carry out credit insurance cooperation with insurance companies. Bank of Communications has successively launched products such as "Kuiyi Tie", "Kuai Yishou" and "Kuai Yipay", creating the "Yuntong e-Chain" A series of supply 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 acquire customers in batches from core asset-side enterprises, and launched “Government Procurement” in the field of online supply chain finance. Innovative products such as "e-loan" and "bill pool instant loan", as well as products such as cloud fund supervision and e-bank 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, peer 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 major characteristic networks are automobile finance. Internet, steel financial network, home appliance financial network, 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. As of the end of 2018, Zhejiang BusinessBanks have implemented 1,410 accounts receivable chain platforms, an increase of nearly 12 times year-on-year, and the cumulative amount issued is 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 cooperates with Jiangsu Runhe Software to introduce blockchain technology to realize the divisible and combinable payment of core enterprise credit, thereby extending the credit of core enterprises 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 healthy industry.service ecological cycle.
『Wu』 China Construction Bank issues blockchain bonds on Ethereum, do you understand?
I don’t understand, Let me share with you an excerpt: China Construction Bank (CCB), one of China’s “big four” financial institutions, plans to raise up to $3 billion by selling bonds. Individuals and institutions can use Bitcoin and U.S. dollars to trade. .
SCMP reported that China Construction Bank will sell US$3 billion worth of debt through Bitcoin, which will be traded on Bursa Malaysia.
Over the past few months, as global certainty and inflation loomed, seasoned investors and tech entrepreneurs such as hedge fund managers Paul Tudor Jones and MicroStrategy CEO Michael Saylor has shown growing interest in the Bitcoin space.
Bank of China’s Bitcoin Game
China Construction Bank, also known for being the world’s second-largest bank, is selling a cheap digital bond that buyers can invest up to $100. The security rolls over every three months and pays annualized interest on Libor plus 50 basis points.
For legal purposes, the bonds will be issued and arranged through the CCB branch in Labuan, Malaysia. The town has become a tax haven for Southeast Asian businesses due to its favorable regulations and policies.
The digital bond will be listed on the Fuso Exchange, which will also facilitate trading of cryptocurrencies. It also accepts Bitcoin as payment for all purchases, then instantly converts it to USD.
Zhang Chongzhong, CEO of Fuso Group, noted:
“Bonds are essentially like three-month time deposit products, paying holders much higher fees than most U.S. dollar Bank Deposit Rates. These securities may be purchased by investors around the world, except tax residents of the United States and China and people and entities of Iran and North Korea.
Chief Operating and Financial Strategist, China Construction Bank Malaysia Branch Steven Wong added that the company was not breaking any laws by accepting Bitcoin payments. He said: “We are accepting bank deposits, which is our core business. "
Wong added that the bank considered the bond issuance both a pilot project and an innovative issuance. However, he also cautioned against rumors. "The bank does not engage in Bitcoin or cryptocurrency transactions," Wong said. ”
Haven’t heard of it? Of course I don’t understand. Is Ethereum about to take off?
Does China Construction Bank have a blockchain patent?
Not only is China Construction Bank preparing to issue bonds in Ethereum, it has also issued bonds in Bitcoin before.This means that people who sell things don’t care what channel they use to sell them.
I believe that China Construction Bank is not the first bank, nor will it be the last bank to issue bonds in the virtual currency market.
Among them, there are several points that can be interpreted:
1. Why does China Construction Bank choose to issue blockchain bonds in Bitcoin and Ethereum? Woolen cloth?
The reason is simple. There are more people playing these two varieties of Bitcoin blockchain. Issuing bonds in these two currencies can obtain the target groups of these two currencies.
This is like: you take a basket of eggs to sell. There are already many egg sellers in the town. In order to sell your eggs, you go to the countryside and find a place with many people to sell them.
Its purpose is very simple, just to sell eggs. It has nothing to do with the village, the focus is on the eggs.
In the same way, China Construction Bank issued bonds on Bitcoin and Ethereum just to sell the bonds.
2. Why doesn’t CCB issue bonds in other currencies?
There are very few people playing other currencies. CCB is also worried that if it sells bonds in other currencies, it will most likely return to zero. Therefore, in order to eliminate risks, if you choose to issue bonds on the Bitcoin Ethereum of players, you will not worry about no one buying it, let alone the risk of zeroing out.
Summary: CCB’s issuance of blockchain bonds on Bitcoin and Ethereum is just a normal bond sale and has little to do with Bitcoin and Ethereum. , let alone that many virtual currencies are legal.
『Lu』 sign on the bank card display
Joined Ant Blockchain to launch the country’s first blockchain electronic debater signing platform . China Construction Bank signed on to jointly launch the country's first blockchain electronic signing platform with Ant Blockchain. A perfect demonstration of the combination of electronic contracting SaaS technology and blockchain technology. At the Fifth World Internet Conference in Wuzhen, Shangshangshou, a senior partner of the conference and the leader in electronic signing in China, formally reached a strategic cooperation with Ant Blockchain and launched the country's first blockchain electronic signing platform. Tao Zhen, co-founder and CTO/CPO of Shangshangshuo, was at the Shangshangshuo exhibition hall and completed the remote signing of Zaohe with Xu Hui (Chongli), the chief architect of Ant Blockchain in Beijing, recreating the district's The entire process of electronic signing on the blockchain. Bad suspicion
『撒』 Re-understanding the blockchain: Enlightenments brought by more than 1550 application cases
Author: Ran Wei
(This article is excerpted from "2021 Global Blockchain Application Market Report")
When we talk about blockchain, anyone who knows something about blockchain can express it more or less on related topics. Some insights of my own. exampleFor example: from the perspective of technical system, blockchain is a new application of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm; from the perspective of functional attributes, blockchain is decentralized, non-tamperable, and full-process Features such as leaving traces, traceability, collective maintenance, openness and transparency.
Looking back at the history of blockchain, there is no way around Bitcoin. On January 3, 2009, the Bitcoin genesis block with serial number 0 was born. A few days later, on January 9, 2009, Bitcoin block number 1 was born. When two blocks are connected, the blockchain is "born."
The inventor of Bitcoin, whose pseudonym is “Satoshi Nakamoto”, may find it difficult to imagine: In the past 12 years, with Bitcoin as the center, a huge “cryptocurrency family” has spread all over the world. The financial market set off a "big wave" that continues to this day. During this period, innovation and risks related to cryptocurrency are intertwined, progress and bubbles coexist, and pursuit and criticism coexist, and it drives government departments of various countries to continuously improve the monetary and financial systems, social governance and supervision systems.
At the same time, the blockchain that accompanies Bitcoin is also evolving rapidly, and has long gone beyond the scope of "Bitcoin's underlying technology" and has been applied to every corner of social and economic development.
So, what mechanism does blockchain work through? What are its advantages compared to traditional technologies and models? What is its application effect? In the "2021 Global Blockchain Application Market Report" jointly released by Capital Lab and Yuanwang Think Tank, we tried to provide a certain basis for the above issues through research on more than 1,550 application cases around the world in 2020 and the first quarter of 2021. Empirical answer. At the same time, based on the study of these cases, we can establish a new understanding of blockchain: blockchain is trust, blockchain is sharing, blockchain is transaction, blockchain is substitution, and blockchain is efficiency.
In the Bitcoin creation paper "Bitcoin: A Peer-to-Peer Electronic Currency System", "Satoshi Nakamoto" repeatedly emphasized that Bitcoin has the characteristics of not relying on a "trusted third party". That is the characteristic of “decentralization”.
On the other hand, the underlying technology of Bitcoin, the blockchain, is precisely designed for "trust." In other words, reshaping "trust" in the digital age is the most basic function of the blockchain, but this trust has been transformed from trust between people and legal entities to trust between machines and machines. Trust between blocks and between nodes. Interestingly, the subsequent “smart contract” function has further strengthened this trust through its integration with the blockchain.
Identity coding and authentication are the first steps to achieve the above-mentioned trust mechanism, and the distributed identity (Decentralized Identity, DID) system is the core of it.Heart. With DID applications, everyone from individuals to organizations to IoT devices, from physical items to virtual products, can be given digital "identities" and achieve trusted interactions. It is precisely because of this that blockchain-based certificate storage, empowerment, verification, circulation, and transactions can be realized, and only then can blockchain be implemented in various industries.
Application cases from around the world show that new trust mechanisms provide new rules and motivation for social and economic operations:
l China is comprehensively promoting blockchain electronic certificates Applications such as "one fish, one code", "one fruit, one code", "one tea, one code" and other applications are driving the global Anti-counterfeiting traceability of agricultural products and upgrading of food safety systems;
l Through the combination of blockchain, big data, and artificial intelligence, the credit "portrait" of an enterprise is more accurate and can be obtained faster and more accurately. Lower-cost financing services;
l Charitable charity organizations have put charity funds "on the chain" to form a more transparent and standardized charity tracking and management system;
l Relevant cities in China have launched a blockchain-based gas cylinder product traceability management system, and the credibility of the source of gas cylinder file information and the level of gas cylinder safety management have been greatly improved;
l Germany is developing its distributed energy resources Assets establishes a digital registration system based on identity authentication to promote the development and trading of renewable energy and cope with the arrival of the digital energy era...
Among the three types of blockchains (public chain, alliance chain, private chain), alliance chain has been the most widely used. In addition to considerations of technical performance, operational efficiency, operability, expected results, etc., this is mainly because all parties in the alliance already have a certain foundation of trust. This also shows from another perspective that in blockchain applications beyond cryptocurrencies such as Bitcoin, "multi-centralization" rather than complete "decentralization" is a more realistic option.
In addition, it is undeniable that unlike the proof-of-work mechanism that Bitcoin “mining” relies on, the blockchain cannot completely ensure the integrity of the on-chain data from the source in the actual application process. Authenticity. In other words, a certain alliance member or node may provide false data intentionally or unintentionally. However, with the help of blockchain's non-tampering, traceability, multi-party consensus and other characteristics, the alliance can identify counterfeiting behavior and impose corresponding punishments, such as "kicking" the counterfeiting members from the node. Therefore, in a sense, blockchain-based trust largely establishes alliance members’ awe for the authenticity of data and deters data fraud.
If "trust" is the foundation of blockchain applications, data sharing is the core of blockchain applications. Without data sharing, there can be no cooperation. BlockchainIt is impossible to talk about landing applications.
l The State Administration of Foreign Exchange's "Cross-border Financial Blockchain Service Platform" pilot has been fully launched, promoting foreign trade exports through information exchange between foreign exchange bureaus, taxation, banks and enterprise-related market entities. Business development;
l The "Insurance/Claims Alliance Chain" jointly established by 11 insurance companies in Taiwan has been put into operation, and each company has achieved "single application and common documents" on this platform;
l Blockchain platforms such as Contour and TradeLens are reshaping the global supply chain and providing impetus for the digital transformation of international trade through data collaboration among enterprises, financial institutions, shipping companies, terminals, customs and other institutions... .
l In China, through data collaboration, various government departments have realized "one data, one source, one source for multiple uses, one network, and full network operation";
l Through The "Judicial Chain" platform allows all types of electronic evidence to be seamlessly connected with judicial institutions such as notarization, arbitration, judicial appraisal, and courts, which improves the efficiency of the judicial system while reducing costs;
l Targeting grassroots nationwide The court's "cross-domain collaboration mechanism for trial auxiliary matters" can realize "cross-domain service and cross-domain evidence collection" between courts in different regions, effectively improving the efficiency of trial auxiliary matters and trial quality and efficiency, and reducing judicial operation costs... ….
l China's "Guangdong-Hong Kong-Macao Greater Bay Area Combination Port" project was officially launched, which can support the interconnection and interoperability of trade parties among the five major customs jurisdictions of the Greater Bay Area and become the first connected port in the Greater Bay Area , customs, logistics, enterprise, finance and other trade processes, interconnected and shared blockchain network;
l Japan's KDDI Telecom, Hitachi, Kansai Electric Power, Sekisui Construction and other large enterprises have established blocks Chain Alliance NEXCHAIN to form a cross-industry real estate information sharing and management model and promote cross-industry innovation;
l The French Renault Group completed the test of its blockchain project "XCEED" for zero Sharing compliance information between component suppliers and automakers and simplifying compliance certification….
Although the above application cases in finance, government affairs and various industries are only a few typical cases, they are enough to illustrate that: on the one hand, data sharing is an inherent requirement of blockchain applications. In terms of specific implementation, everything must start from breaking "data islands" and "information asymmetry"; on the other hand, the application practice of blockchain has in turn promoted cross-level, cross-department, cross-industry, cross-region, and cross- Data sharing and unprecedented cooperation across national borders.
It can also be seen from the above cases that based on the transparency, security, trustworthiness and other characteristics of the blockchain, data sharing allows cooperation that originally seemed impossible to be achieved, and more of openInnovation results; data sharing can effectively improve the operating efficiency of the business system, financial system and social governance system; various organizations promote their own organizational changes and process changes while sharing and cooperating with external institutions.
Based on trust and sharing, "transaction" is the most intuitive and deepest manifestation of the value of blockchain applications. Currently, blockchain is opening a new chapter in the transformation of transaction models in various industries around the world.
From the perspective of functional architecture, blockchain-based transactions are by no means just a change in the transaction process. Instead, they integrate various unique functions of the blockchain. Integrated integration of blockchain applications such as logistics, payment/settlement, supply chain financing, insurance, and network security.
From the perspective of application form, blockchain-based transactions transcend the traditional concept of product or service transactions and represent the realization of the value of a wider range of data in circulation.
From the perspective of application scenarios, transactions based on blockchain involve the upgrading of the physical industry, the digital advancement of the financial industry, and the innovative application of the "token economy".
In the physical industry, take the application of agricultural blockchain as an example: on the one hand, supply chain traceability based on blockchain has become an important barrier to food safety; but on the other hand, for growers or For farmers, the supply chain traceability function is far from enough. How to help them expand the sales of agricultural products and obtain more income as much as possible is the "hard truth" for blockchain technology to continue to promote agricultural development. In other industries, the same applies.
Against the above background, new trading platforms in the global physical industry continue to emerge:
l The Indian government uses blockchain platforms to help farmers in remote areas sell agricultural products to reduce the While eliminating intermediate fees, obtain higher income;
l The Swiss company Cerealia builds a blockchain-based agricultural product trading and financing platform to promote the export of agricultural products in emerging market countries around the world;
l The world's largest independent refined sugar producer, Al Khaleej Sugar Company of the United Arab Emirates, launched DigitalSugar.io, a blockchain-based sugar product trading platform, to realize spot-based international raw sugar trading;
l Ganzhou, Jiangxi Province, has launched an international timber electronic trading platform based on blockchain, which will manage the entire timber transaction process on the chain, and will provide the timber market with full industry chain services such as cloud warehouse supervision, logistics, finance, and insurance;
< br /> l Shandong Province launched the Shandong Internet Traditional Chinese Medicine Trading Platform, which will use blockchain and other technologies to achieve online integrated services of quality control, trading, payment, settlement and supervision;
l Suzhou Phase Weitang Town in the urban area releases blockchain-based Pearl OnlineThe trading platform will upload core parameters and test reports of pearls to the chain for certification, and will also add functions such as supply chain management, trade finance, smart contracts, payment settlement, and incentive mechanisms;
l Honeywell The launch of GoDirect Trade, an online trading platform for new and second-hand aircraft parts, provides a valuable reference for large manufacturers on how to apply blockchain to parts trading and circulation...
In the financial industry, blockchain is promoting the digital advancement of financial transaction business in aspects such as securities trading, asset securitization, trade financing, and cross-border settlement:
l The Australian National Stock Exchange has launched ClearPay, a digital securities trading platform based on distributed ledger technology, which can provide multi-currency, real-time DVP settlement on the same day and will replace the original exchange settlement system;
l Switzerland The company Finka has launched a related securitization token investment platform based on livestock from organic pastures in Bolivia to promote the development of the local livestock industry;
l The American company Securitize has established a Japanese real estate investment platform based on digital securities , aiming to revitalize idle real estate in rural Japan and enhance the vitality of the rural economy;
l China Postal Savings Bank and China Construction Bank completed the first cross-blockchain platform forfaiting transaction, Hua Xia Bank Kunming Branch’s first Realize forfaiting resale business in the secondary market;
l Nanjing Iron and Steel completed blockchain-based iron ore transactions with Rio Tinto of Australia and Vale of Brazil respectively;
< br /> l Baosteel Co., Ltd. and Australia's Rio Tinto completed the first blockchain-based RMB cross-border settlement transaction...
Of course, while blockchain promotes the advancement of financial transaction business, dark sides such as hype, scams, money laundering, and cyber attacks related to blockchain and cryptocurrency continue to follow. How to continue to promote financial innovation while also carrying out efficient risk prevention and control and effectively cracking down on illegal crimes is an important issue that requires long-term response. From a global perspective, China has responded with clear attitudes, strict measures, and effective measures in this regard.
The transaction changes realized by the blockchain in the real industry and financial industry are only the initial stage of the blockchain changing the traditional transaction method. The "Token Economy" is the blockchain "transaction" A higher level of functionality.
Under the framework of the "token economy", from electronic certificates to skill certificates, from credit records to public welfare activity participation records, from social media tracks to carbon emission reduction actions, when various data become When an encrypted digital proof of rights is circulated and exchangeable, it is given the function of "token".
Leave aside "Regardless of the investment/speculation craze for "Non-Fungible Token (NFT)", we can already see many early applications of "token economy" around the world:
l By The HotCity project supported by the Austrian government uses a crowdsourcing model combined with blockchain and gamification tokens to encourage residents to submit waste heat hotspots to meet urban heating needs more efficiently;
l Ford Company Establish "green miles" for commercial and municipal fleets using hybrid vehicles to help improve urban air quality;
l Weibin District, Xinxiang City, Henan Province, in its blockchain industrial park project based on merchants and The enterprise points system issues certificates to establish a new business service platform;
l Chengdu released a blockchain-based community governance product "Chain Community", which residents can obtain through volunteer services and other activities. The "Time Bank" points of the platform can be exchanged for benefits and discounts provided by community merchants;
l The Electric Vehicle Charging Network Working Group (EVGI) of the global non-profit organization "Mobile Open Blockchain Initiative" Launching a global standard system for decentralized car charging technology, covering Tokenized Carbon Credit (TCC) scenarios;
l Blockchain rewards platform MiL.k partners with Korean retailers to provide its members with Provides blockchain-based points management services. Members can convert existing points into local MLK tokens through the MiL.k platform, or exchange them for other third-party points...
From the above case and more cases, it can be seen that the "token economy" has several distinctive characteristics:
The "token economy" gives asset attributes and tradable attributes to a wider range of data, and through cross-domain, Mutual trust and circulation across platforms can improve the operating efficiency of the entire social and economic system;
"Token economy" is a new value creation and realization process that does not necessarily use currency directly as the medium of transaction , but more reflected in the exchange, mutual benefit and reconfiguration of various elements and resources;
"Token economy" is often combined with incentive mechanisms, through "good people and good deeds" and "good things" The incentives of "enterprises" and "good institutions" will effectively reshape the social value system and social credit system.
Generally speaking, the "token economy" will give birth to new production factors and will reshape the Production relations, and greatly liberate social productivity; "Token Economy" represents the evolution of "Information Internet" to "Value Internet", indicating the most exciting future of the digital economy; "Token Economy" based on blockchain has already It has begun to take shape and has begun to bring about lasting and visible changes in economic operations, social governance, and everyone's lifestyle. Regardless ofAll types of institutions and individuals should prepare their thoughts and actions for this change.
Like other new technologies, in the process of application and popularization, blockchain continues to produce substitution effects in terms of platforms, media, models, methods, etc.: physical documents are replaced by electronic documents, and credit records are replaced by electronic documents. Tokens are replaced, manual review is replaced by data verification, and the city management platform is replaced by the "city brain"...
Such substitutions have become the norm:
l Argentina’s central bank has begun a proof-of-concept for a new blockchain clearing system, which may replace the existing clearing system;< br />
l Korea Minting and Security Printing Corporation (KOMSCO) expanded its blockchain digital gift certificate business to replace paper gift certificates and achieved record revenue despite a sharp decline in the issuance of banknotes and coins. Improvement;
l Courts across China have begun to use blockchain electronic seals to replace traditional paper seals in the enforcement of real estate seizures;
l The Shanghai court system is using artificial intelligence , the adoption of new technologies such as blockchain, and explore the use of digital court trial records to replace manual court trial transcripts;
l The Japanese company SUSMED launched a "Clinical Data Monitoring System Demonstration Using Blockchain Technology" pilot, indicating that the drug Or the necessary monitoring process in clinical trials of medical equipment can be replaced by a blockchain system;
l Alipay and Wukong Car Rental have cooperated to launch a "face-swiping" car rental service, which uses blockchain technology and credit-free security mode, tourists can rent a car by simply "swiping their face" and return the vehicle through mobile phone operations;
l Under the new crown epidemic, local governments in China have intensively launched "non-face-to-face" vehicles that combine blockchain technology ", no contact, zero errands" government service has replaced the traditional offline service method, providing a strong guarantee for the smooth progress of remote bidding, "cloud" customs clearance, financial support, resumption of work and production, etc. during the epidemic... .
In addition, we can also see that through the use of blockchain technology, various enterprise-level services are also realizing substitution and evolution: from paper contracts to electronic contracts, to program-based, Blockchain contracts that can automatically execute smart contracts. Blockchain is pushing contract signing into the era of "chain signing"; from offline human resources companies to online human resources platforms to the blockchain-based human resources market , global human resources services have experienced continuous changes from the 1.0 era to the 2.0 era, and then to the 3.0 era.
Generally speaking, when the blockchain "invades" various industries, it will "mercilessly" delete all unnecessary links and processes, all unnecessary manual operations, and accelerate the The era of paperless, unmanned and automated is coming.
In the process of our analysis of more than 1,550 blockchain application cases around the world, words like "improve", "accelerate", "shorten", "lower", "reduce", "save" and "save" are frequently used appear before our eyes. These words show that the improvement of efficiency is the common pursuit of all parties involved in blockchain applications and is also the most direct result of the substitution effect of blockchain.
Numerous application practices are contributing to this:
l Kenyan company Shamba Records provides blockchain traceability, transaction and financing services to farmers in the country, currently covering more than 6,000 Small farmers and helped them increase their income by at least 40%;
l TradeWaltz, a blockchain trading platform invested by NTT DATA, Mitsubishi and other companies, completed a trial run, and the results showed that the platform can reduce traditional 50% of the workload of the trade process;
l Walmart Canada has significantly reduced invoice disputes with carriers by 97% through the application of the DL Freight blockchain platform;
l The State Grid Corporation of China’s power transaction certificate traceability inquiry platform has been put into operation, automating the entire authenticity review process for registered users and saving 99% of trusted manual review time;
l COSCO Shipping Lines and Shandong Port Group Qingdao Port have cooperated to launch a blockchain paperless import and delivery model, which can save customers nearly 24 hours on average per container;
l Taizhou, Zhejiang uses "materials" The "Internet + Blockchain" recycling system solves the problem of marine pollution control. Compared with traditional processing methods, this recycling system can save 94% of labor costs and 84% of operating costs...
In summary, through the joint action of trust mechanism, sharing mechanism and transaction mechanism, blockchain has formed an obvious substitution effect, improved the operational efficiency of finance, government affairs and various industries, and will Continue to create systemic change. This change is reshaping the relationship between people and machines, people and society, and people and the environment, and clearly points to three ultimate goals: efficiency, well-being, and environmental protection.
