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① Application of blockchain technology in the financial field

There are many applications of blockchain technology in the financial field. Here are a few examples:
Chinese People The bank launched a trade finance blockchain platform: it widely connects information from taxation, customs, foreign exchange and other departments to effectively increase the credit of small and medium-sized enterprises in financing.
Guangdong has released the country’s first local financial off-site supervision blockchain system: effectively solving the pain points of information asymmetry and unreliability between financial institutions and regulators in traditional supervision methods.
State Grid’s supply chain financial data sharing platform based on data side chain: provides conditional and trustworthy sharing services of supply chain financial data under privacy protection, helping small and medium-sized suppliers in the chain to revitalize accounts receivable and reduce financing costs. Increase the financial income of financial institutions.
In addition to these, there are other applications. Crypto Finance mimacaijing focuses on blockchain information.

② How can blockchain technology be correctly applied to the financial industry

Looking back to 2008, blockchain technology has demonstrated the changes it can bring in different business fields. Although this technology is still in its infancy, it has already changed many industries. Various properties of blockchain, such as decentralization, immutability, and transparency, can transform business models. Especially for the banking and finance industry.

Although there are still many problems, blockchain has the potential to reduce costs and labor for the financial and banking industries. According to a Deloitte report, 24% of financial institutions around the world are familiar with blockchain technology, and North America will be more familiar with these technologies than other places. Considering the broad applicability of this technology, companies are gradually looking for different areas where blockchain can be applied.

Especially in the banking and finance industry, hundreds of funds are moving from one end of the world to the other every day. This makes the global financial system one of the industries that can profit from blockchain applications. The banking and financial industry requires a lot of manual labor. If there are any errors at this time, it will have a great impact on the financial system. According to the Global Fintech Report, in 2017, 77% of Fintech institutions hoped to use blockchain as a financial production system by 2020.

Application of blockchain in banking industry

For a basic understanding of blockchain technology and operation methods, the real question in your mind may be: Is blockchain really Can the land be applied in the banking industry? If so, how can we best leverage blockchain technology? And, most importantly, will blockchain stay where it is or move forward?

According to a report from Harvard Business School, blockchain is now to the banking industry what the Internet is to the media. Blockchain can solve many problems in the banking and financial industry. Blockchain technology has all the characteristics that reliable technology should have, including financial-related businesses.

Blockchain can provide a high level of security, especially when it comes to exchanging data, information and money. At the same time, this also allows users to take advantage of a transparent network architecture with very low operating costs, and at the same time, get decentralized help. These characteristics will make blockchain a very stable, reliable and popular solution for the banking and financial industry.

If financial institutions want to ensure the safety of funds, they need many intermediaries. Yet these intermediaries make the entire industry more expensive. And, because there are so many people involved in the process, the chances of errors increasing. Blockchain technology can ensure the security of transfers, while also providing users with a better experience and lower costs.

Cases of banks using blockchain technology

Although banks and financial institutions were still skeptical about blockchain technology in the early days, things have changed now. . With the success of blockchain in many fields, the banking industry is looking for new areas and applications of blockchain.

Some large companies, such as JP Morgan, are confident about the future development of blockchain. The U.S. investment bank headquarters has also begun research and implementation of blockchain technology. The Quorum project is an enterprise distributed ledger and smart contract platform that can support fast transfers and throughput to solve problems in the financial industry, banks, etc. According to current news, they have issued annuity certificates with different interest rates based on distributed registries.

In addition to these, major US banks have obtained patent certificates issued by the US Patent Office. The document talks about the deployment of permissioned blockchains to ensure the security of records and to authenticate corporate and personal data.

This system will allow certified members to obtain data and record all individual members. In addition, the system will use blockchain technology to integrate multiple existing data storage platforms. This secure single network will provide overall efficiency while also reducing the number of addresses where user data is stored.

Another institution is Goldman Sachs. Goldman Sachs is also actively integrating into the research of distributed registration technology. In order to serve startups in the blockchain industry and solve the volatility of digital currencies, Goldman Sachs has invested in digital currency projects.

Goldman Sachs Group aims to become Wall Street’s leader in digital currencies. Setting up their own digital currency transactions can help them manage digital transactions well.

Cases of using blockchain technology in finance

As more application cases emerge, blockchain technology has the potential to change the current financial and banking industry. This technology can be modified through the following points:Changing the current banking industry:

Reducing fraud

Any financial-related project will have fraud. In addition, from the most basic financial model point of view, security is also the most important. More than 40% of financial entities and intermediaries, such as stock exchanges, suffer significant losses every year due to financial theft incidents.

Centralized database systems are used for financial management and operations. However, centralized databases are easy to be invaded. If there is a problem at a single point, a cyber attack will occur. Once a hacker gains access to such a system, it is easy to steal funds. This will create a need for more secure systems, with adequate security guarantees to prevent such attacks.

Since the blockchain is distributed, there is no single point of destruction. Each transfer stored in the form of blocks will be protected by an encryption mechanism and is difficult to be attacked.

Moreover, all blocks are connected to each other. Due to the mechanism of this connection, if a block is changed, all other blocks on the blockchain will immediately reflect the change. Therefore, this will help track the intrusion while also giving the hacker no chance to make changes to the entire system. With a secure blockchain system, we can prevent cyberattacks and now attacks on the banking and financial industry.

Customer identity verification Banks and financial institutions are very worried about this, so they must perform AML and KYC to reduce losses. All these processes take a lot of time, and all banks and financial institutions need to conduct all verifications independently.

According to investigation reports, this type of process costs between US$6 million and US$50 million every year. Some customer due diligence is to reduce money laundering and attacks. Currently, banks need to upload customers' KYC data to a centralized registration agency, which is used to verify the information of old or new customers.

With the application of the blockchain system, the customer verification of each bank or financial institution can also be used by other banks, and these KYC verifications do not need to be performed multiple times.

In other words, through blockchain technology, a lot of duplication of work can be eliminated. Moreover, in the not-too-distant future, all financial institutions will have access to updated customer information, reducing costs for administrators and management agencies.

Smart Assets

Trade finance becomes difficult when all assets need to be recorded with clear date and time stamps. The global supply chain includes many institutions and individuals, and participants are constantly conducting transactions. The documentation here is more complex. Blockchain can be stored in digital formStore records of these smart assets. The smart asset system will not only move items, but also track the trajectory of items.

Intelligent asset tracking systems for banks and financial institutions are also now facing a lot of competition. Banks with rich data can turn this data into customer value through blockchain.

Smart Contracts

The application of smart contracts can prove the importance of the banking and financial industry. Smart contracts are codes that can execute themselves when certain conditions are met.

When using financial transfers, smart contracts are very helpful to increase speed and simplify complex processes. Only when the conditions in the code are met, the contract will be executed and the transfer information will be ensured to be very accurate. And since these terms are visible to everyone, the chance of errors is much reduced.

Trade Finance

Trade finance is considered to be one of the most useful applications of blockchain technology in the banking industry. All parties involved, such as complex transfers, can be recorded on the blockchain network, and traders and banks share this information through a common ledger. Once a certain condition is met, the smart contract will run automatically and relevant parties can see all actions that occur.

According to relevant news, some start-ups have successfully conducted blockchain-based transaction transfers. This process usually takes 7-10 days, but now it only takes 4 hours. Compared with current infrastructure, using blockchain can significantly reduce the generation of certificates, tickets, and other fees.

Why does the banking industry need blockchain?

1. The current banking system is highly dependent on paper documents and current systems. Trustworthy and stable system upgrades are now needed to prevent any fraud and solve expansion and security issues. Blockchain technology and its decentralized nature can give the banking system the high-end technology it is looking for.

2. Banks cannot operate independently, and many transfers now go through intermediaries. Cross-border transfers take 5 days and involve many risks. Through the blockchain system, banks can make transfers very fast without taking any risks. The banks themselves are enough to solve these problems.

3. The world is moving towards digitalization. The speed of economic development is also gradually increasing, and there is no doubt that this speed will be faster. Blockchain technology will make small-amount transfers faster, while ensuring lower fees and transfer scalability.

4. In addition to banks, financial service companies are gradually using the latest technology to reform their systems by providing reliable services and lower costs.rate to ensure the safety of the market. Banks and other financial institutions should embrace new blockchain technologies to make their ecosystems secure.

There are still many challenges to the integration of blockchain technology

Blockchain technology certainly has its advantages, but it also contains many challenges, especially for the financial and banking industries. of institutions.

Interoperability: Blockchain technology will not be bound by any international regulations, so there are no standards. As large industries, such as banks, increase their interactivity requirements, blockchain needs to be compatible with different systems and be accepted by the public. The integration of existing systems and blockchain is a very big challenge for the current system, because the existing system cannot be completely replaced. If blockchain technology can enable multiple systems to work perfectly together, then operational feasibility will be fully met.

Privacy: The endorsement of banks and financial institutions is the trust people place in depositing funds into them. If you want blockchain to replace them, it is important to ensure that the data stored in the blockchain is stored securely and does not change anyone's identity. Since transfer information is conducted publicly on the blockchain, private chains also need to be studied, which will also help solve interactivity issues.

Encryption: Private keys are a necessary element of the blockchain system because they play a very important role in ensuring personal data on the blockchain. However, once the private key is obtained, it must be stored very securely because if lost, there is no way to get it back. Moreover, there are loopholes in the encryption method used to store data, which also makes the blockchain easily vulnerable to hackers.

Security: The blockchain network is safe and reliable because it incorporates encryption technology. In order to prevent hacker attacks, any encryption performance in this type of system requires a lot of computing power. . When a blockchain network is used in any banking institution, it must be encrypted through multiple security protocols. The network needs to have enough computing power to prevent anyone from taking control except under specific access permissions. Depending on these requirements, such systems or institutions integrated into blockchain can be permissioned or permissionless. People within these organizations need to be able to handle different levels of access permissions to save the entire network from fraud and cyber attackers.

Scalability: The growth of existing data is undeniable. As the population grows, so does the size of the database. This will bring great challenges to the application of blockchain. Networks created through blockchain should be able to handle increasing traffic while also maintaining the speed of network participants. If blockchain technology can be applied to current banking systems and institutions, it must be able to guarantee the ability to handle these data flows.

Energy consumption: Most blockchain networks are based on a proof-of-work mechanism, in which network participants are rewarded based on how quickly they solve problems, which is also based on how quickly they solve problems, thereby converting new areas into Blocks are put into the network. This allows the entire network to operate stably while also increasing energy consumption. This type of computing power consumes a lot of electricity and has an impact on the environment. These issues need to be addressed through other incentive mechanisms before blockchain technology can be embraced.

Legal supervision: If blockchain is applied to the banking industry, international regulatory regulations are very necessary. Now, as the most popular application of blockchain, digital currency has no regulatory regulations, which has pros and cons. However, if blockchain is applied in the banking and financial industry, then regulation will be needed to prevent people from causing trouble due to losses.

Conclusion

Although regulations are very strict for the banking industry, financial institutions have also begun their journey to adopt blockchain technology as a solution. Banking giants have begun testing to find potential uses for decentralized technology.

Institutions are investing heavily in research into blockchain solutions. By allowing blockchain to enter the current industry, many problems will be solved. Because this technology makes the system more transparent, reliable, and easy to use.

③ Inspiration from the use of blockchain in oil trading

We may be facing the dawn of a revolution, which begins with a new, fringe Internet economy. Klaus Schwab, founder of the World Economic Forum (Davos Forum), said that since the invention of the steam engine, electricity and computers, people have ushered in the fourth industrial revolution - the digital revolution, and Blockchain technology is the result of the fourth industrial revolution. As the next generation of trusted Internet, blockchain will surely subvert all businesses above it and completely revolutionize and innovate the entire Internet-based enterprises, ecology, and industrial chain. Jack Ma once said: "Many people haven't figured out what the PC Internet is. The mobile Internet is coming. Before we figured out the mobile Internet, the era of big data is coming again." Now, can we add a sentence at the end? : "People haven't figured out what big data is yet, and blockchain is here again."
Blockchain is essentially a decentralized distributed ledger database, the underlying technology of Bitcoin, and Bitcoin It is a relationship of companionship. Blockchain automation can reduce payment costs and shorten processing times, while the decentralized and open features help innovate within the platform and improve security. Financial institutions such as Goldman Sachs, Citigroup, and Nasdaq are actively exploring the application of blockchain in the financial field, and are vigorously deploying blockchain technology companies related to financial transaction clearing.
The Wall Street Journal hailed blockchain technology as the leading financial technology in the past 500 years.the most important innovation in the field. "William Gibson once said: "The future has already happened, it just hasn't caught on yet. "I believe that blockchain technology can lead the development of the computer and Internet fields in the next 5 to 10 years. We can already vaguely hear the thunder of revolution set off by blockchain technology in the near future.
We often say , Bitcoin and other electronic currencies with blockchain technology as the core are the main branches and manifestations of the technological finance that is exploding in full swing. If artificial intelligence robots will subvert almost all businesses of traditional banks, then digital currencies, especially blockchain Digital currencies such as Bitcoin with technology as the core will subvert central banks around the world. This will be a revolutionary and subversive event in the history of world financial development.
No, just when we were describing and talking about blockchain technology, something came out Blockchain technology has begun to be used in oil trading.
In late March 2017, Trafigura and Natixis, a trading company, were looking for cheaper ways to streamline trade processes and jointly tested the zone The application of blockchain to trading in the U.S. oil market shows how digital technology could transform crude oil trading. Since November 2016, Trafigura and Natixis have been simulating blockchain operations using crude oil trading channels in Texas. The technology It can eliminate the tedious paperwork in oil trading such as sending contracts, letters of credit, inspections, etc. by email or fax.
Arnaud Stevens, global head of energy and commodities at French bank Natixis in New York City, said: "The purpose of using blockchain It’s all about integrating workflow. Moreover, blockchain can also cut time costs in oil trading. ”
This attempt is the first attempt of blockchain in the U.S. oil market. In January 2017, Marco Dunand, CEO of Swiss Mercuria Energy Group, revealed in an interview with Reuters that the group had previously used blockchain Technology sells crude oil from Africa to China.
Blockchain is essentially a decentralized distributed ledger database. Blockchain automation can reduce payment costs and shorten processing time, and the decentralized and open characteristics help Innovate within the platform and improve security. This is the direct benefit and purpose of using blockchain technology in oil trading. Christophe Salmon, Chief Financial Officer of Trafigura, said: "Major oil traders and refineries should widely use blockchain technology. We hope that more people will see the potential business benefits of blockchain. ”
The head of another major commodities trader said: “Trade finance provided by banks in the form of distributed ledger databases such as blockchain can significantly reduce costs and improve security. ”
Trafigura and Natixis Bank’s testing of blockchain in oil trading is led by IBM. James Wallis, vice president of the blockchain technology company, said frankly: “The test does not actually require a lot of manpower and material resources.”
Mr. Stevens also said: “A huge trade network must be established so that the blockchain can be more efficient. Well integrated into the crude oil market. Currently, Natixis Bank has started discussions with oil traders and other commercial banks on how to use blockchain."
This kind of decentralization, transparency, openness, supervision, and traceability Characteristics such as this have marginalized traditional sovereign currencies. The huge significance behind this is as Kevin Kelly, the most famous "prophet" in the Internet field, pointed out in the book "Out of Control" that the trend of the future world is decentralization. Adam Smith's "invisible hand" is a good summary of the decentralized nature of the market. The straight-line distance between points is the shortest, and the best mode of communication between people should also be direct communication. No matter which aspect you approach, the nature of the decentralized market is irrefutable.
Point-to-point straight line, decentralization, elimination of multiple links, sharing and symbiosis, transparent and open resource integration and allocation, visible and supervised by everyone, these can only be achieved by Internet big data and blockchain technology.
Human beings have indeed become “too tired” after thousands of years of complicated and complicated evolution. Industry 4.0 technology and the digital revolution represented by the Internet, big data, cloud computing, blockchain technology, artificial intelligence, etc. may bring mankind back to an "advanced primitive society" where relationship transactions are simple. This may be the biggest change, revolution and subversion that the digital revolution has brought to us.
The trend of the future world is decentralization! Blockchain may be an innovative technology to achieve decentralization, and decentralization took the lead in technology and finance.

④ What are the applications of blockchain

Briefly introduce the application of blockchain technology in the financial field

1. Area Application of Blockchain Technology in the Banking Industry

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

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

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

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

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

Another feature of blockchain technology is de-risking. Banks can build their own blockchain, which can ensure that bank customers’ transaction information and transaction records are true and valid and will not be compromised. If it is arbitrarily tampered with, the bank can effectively identify the customer's information, understand all aspects of the customer's situation, identify the customer's abnormal transactions, prevent being deceived by the customer, and can also promptly discover illegal money laundering, fund transfer and other criminal activities, thus reducing the supervision of the bank. cost.

2. Application of blockchain technology in the insurance industry

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

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

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

3. Application of blockchain technology in the securities industry

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

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

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

4. Blockchain technology and financial infrastructure

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

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

Blockchain can receive and react to information and value through smart contracts, automatically complete the transfer of value, and automatically complete transactions, clearing and settlement, which will impact the existing large-amount transaction systems and central banks. Existing financial infrastructure such as securities depository, securities settlement and over-the-counter derivatives trading.

5. Application of blockchain technology in supply chain

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

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

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

⑤ What are the benefits of blockchain + supply chain in industry applications

The application prospects of blockchain in the field of Internet of Things and logistics Blockchain in the field of Internet of Things and logistics Can also be combined naturally. Through blockchain, logistics costs can be reduced, the production and delivery process of items can be traced, and the efficiency of supply chain management can be improved. This field is considered a promising application direction of blockchain.
Skuchain has created a new supply chain solution based on blockchain to synchronize commodity flow and capital flow while mitigating the problem of counterfeit goods. Provenance, a London-based blockchain start-up, provides supply chain traceability services to enterprises. By recording the entire process information of the retail supply chain on the blockchain, it can achieve the retrieval and tracking of product materials, raw materials and product origin and history information. , improve the transparency and truth of information in the supply chainReality. A German start-up company Slock.it has made a smart lock based on blockchain technology, connecting the lock to the Internet and controlling it through smart contracts on the blockchain. Simply transfer money to the smart contract account through the blockchain network to open the smart lock. When used in hotels, guests can open the door easily. This is the real sharing economy!
Not only in supply chain management, but also in the financial field, intelligent manufacturing, culture and entertainment, financial services, medical health, and IP copyright , education, sharing economy, communications, social management, charity, social employment, and e-government can all be widely used.
At present, domestic Internet and IT are involved in the blockchain industry, and are beginning to develop or launch a series of solutions for basic application cases. In the current development trend, integrating blockchain technology into smart life, the Internet of Things and other fields, integrating massive physical business application scenarios, carrying out blockchain + physical industry projects, and realizing the physical transformation and upgrading of the physical industry are the most promising ones. One of the representative blockchain application directions.

⑥ In what areas can blockchain be applied?

I have seen your question. So, in what areas can blockchain be applied? The editor will answer it for you below.

Answer: Bitcoin is the first specific application of blockchain. It was proposed in a paper in 2008 by a person or group of people. Bitcoin uses the blockchain to digitally send bitcoins, as BitCoin is known, without the intervention of a third-party middleman.

But Bitcoin is not the only application of blockchain, as follows:

1. Financial field: Applying blockchain technology to the financial industry can eliminate the need for third-party intermediaries links to achieve direct point-to-point docking, thereby quickly completing transaction payments while greatly reducing costs.

2. Internet of Things and logistics fields: Blockchain can also be naturally combined in the fields of Internet of Things and logistics. Through blockchain, logistics costs can be reduced, the production and delivery process of items can be traced, and the efficiency of supply chain management can be improved.

3. Public service field: Blockchain is closely related to people’s production and life in public management, energy, transportation and other fields. However, the centralized nature of these fields also brings some problems. It can be used to distinguish Blockchain to transform.

4. Digital copyright field: Through blockchain technology, works can be authenticated, prove the existence of text, video, audio and other works, and ensure the authenticity and uniqueness of ownership

< p>5. Insurance field: In terms of insurance claims, insurance institutions are responsible for fund collection, investment, and claims settlement, and often have high management and operating costs. Through the application of smart contracts, there is no need for the policy holder to apply or the insurance company to approve it. As long as the claim settlement conditions are triggered, the insurance policy can automatically settle claims.

6. Public welfare field: The data stored on the blockchain is highly reliable and cannot be tampered with, so it is naturally suitable for use in social welfare scenarios. Relevant information in the public welfare process, such as donation projects, fundraising instructionsDetails, fund flows, recipient feedback, etc. can all be stored on the blockchain, and can be transparently and publicly disclosed conditionally to facilitate social supervision.

The above is for your reference only, I hope you can adopt it, thank you!

⑦ What are the applications of blockchain technology?

Developing Ethereum Cat based on Ethereum, this is not considered an application, it is a bit interesting to play, and there is also NetEase Planet. For traceability, I have snapped up the Orange Chain made by China Enterprise Tongbao Blockchain, which is used for blockchain traceability records on Orange.

⑧ What are the major categories of blockchain applications

01

When talking about blockchain technology, we have to talk about Bitcoin. I believe everyone knows a lot about Bitcoin. Bitcoin is customized based on blockchain technology. Blockchain technology mainly solves trade trust and security issues. Therefore, it has four core technologies: distributed accounting system, process encryption and authorization technology, consensus mechanism, and smart contract.

02

In view of these advantages of blockchain technology, it can be applied to the clearing and settlement of financial transactions. Based on the characteristics of distributed accounting, blockchain technology is applied to financial settlement and clearing. It has the advantages of safety and convenience

03

Transfers and payments in the e-commerce field. According to a report released by the Economic Forum recently, blockchain technology will have a huge impact on the traditional payment fund transfer system and has obvious advantages of convenience. It can play a huge role in future international trade.

04

In addition, based on its distributed accounting and its security. It can be used in the field of network security. It can also be used in the academic field for anti-counterfeiting inquiries, academic verification, voting and other activities. To protect the privacy of people on social media, it can also be used on social networks.

Special Tips

If you have any questions, please consult a professional in the economic fieldPeople!

⑨ What are the practical applications of blockchain technology in the field of economics

Because the digital currency first produced by blockchain technology has had a huge impact on the financial field, research and Applying 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 there is a certain overlap, that is, It is said that 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 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). Banks’ The status will change from the current monopoly operation to an equal competition operation in the market. 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.

⑩ How to apply blockchain technology in bank international settlement

At this stage, banks mainly provide three settlement methods: remittance, collection and letter of credit in international business. There are problems of credit and exchange rate risks, low efficiency, and high costs. In addition, banks mostly use their own credit to intervene in international settlements, which can easily form their own contingent liabilities and reduce the quality of their balance sheets. Banks should actively promote innovation in international settlement business based on blockchain technology, build a new system for international settlement business, and provide safe, stable, low-cost, and efficient international settlement business.