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㈠ If virtual currency supported by blockchain becomes legal currency, is it necessary for the central bank to exist?
The impact of central bank digital currency on payment and monetary policy
The impact of the continuous advancement of my country’s central bank’s digital currency has been discussed by more and more scholars and related people this year. In the two articles "The Impact of Legal Digital Currency on Monetary Policy and Financial Stability" and "Central Bank Digital Currency: Optimization of the Monetary System and Its Issuance Design" published by Yao Qian in March, Wang Xin said at a seminar in July There are relevant expressions. Interlink Pulse organizes their proposed impacts into the following aspects:
1. Optimizing the payment system
Yao Qian pointed out that in terms of payment, the central bank’s digital currency has created a new type of inter-bank payment and settlement. mode. After the introduction of central bank digital currency, the central bank does not need to adhere to the traditional model, in which the private sector provides payment services and the central bank provides value guarantees. Based on central bank digital currency, payments do not need to rely on third-party services, thus expanding the payment network of existing legal currencies. The central bank's digital currency overcomes the shortcomings of paper currency: by charging management fees, it can achieve the negative interest rate target of unconventional monetary policies; based on traceability, it can conduct anti-money laundering, anti-tax evasion, etc.; the costs of issuance, transaction, and storage are greatly reduced.
In his article "Analysis of Digital Currency", Di Gang, deputy director of the Central Bank's Digital Currency Research Institute, mentioned that "payment is settlement" is a significant feature of legal digital currency, and legal digital currency can achieve controllable and anonymous point-to-point The transaction has the advantages of advanced efficiency, convenience, and instant payment of goods. Information flow and capital flow are naturally integrated. There is no need for back-end asynchronous clearing, settlement and reconciliation. Through encrypted signature conversion, front-end point-to-point value transfer and privacy protection can be achieved.
2. Improving the effectiveness of monetary policy
Wang Xin mentioned that the digitization of the central bank's currency will help optimize the central bank's currency payment function and improve the central bank's monetary status and the effectiveness of monetary policy. The central bank's digital currency can become an interest-bearing asset that meets holders' reserve needs for safe assets, can also become a lower limit for bank deposit interest rates, and can also become a new monetary policy tool.
Yao Qian also pointed out that based on reasonable mechanism design, central bank digital currency will not only have a "neutral" impact on monetary policy and macroeconomics, but can also become a new monetary policy tool. The central bank's digital currency has four major characteristics: time dependence, sector dependence, loan interest rate dependence and economic status dependence. Therefore, the central bank can reduce the time lag in monetary policy transmission, prevent currency circulation outside the real economy, improve the effectiveness and timeliness of the impact of benchmark interest rates on loan interest rates, and conduct countercyclical regulation.
3. Maintain financial stability
Yao Qian pointed out in the article "Central Bank Digital Currency: Optimization of the Monetary System and Hair Design" that central bank digital currency can contribute to financial stability by increasing bank deposits to the central bank. Friction and cost of digital currency conversion to avoid the impact of “narrow banking”.
(ii) Blockchain companies and multinational companiesThe central bank cooperates to develop CBDC, making it possible for the central bank's digital currency to adopt blockchain
As we all know, the legal digital renminbi uses a centralized ledger based on the UTXO model, which is maintained and managed by the People's Bank of China. This is different from the past Blockchain technology, which uses a centralized distributed ledger as one of its core mechanisms, is not consistent. The use of blockchain technology advantages by blockchain technology companies to participate in the central bank digital currency (CBDC) is a new breakthrough and new application of blockchain technology.
ConsenSys participates in CBDC research and development
It is reported that ConsenSys has released the "Blockchain Solution for Central Bank Digital Currency (CBDC)" on its official website. The article stated that digital currency can provide Cheaper cross-border remittances, improved inter-bank payment settlement and accelerated retail market innovation, etc. If central banks do not issue their own digital currencies, it will lead to markets relying on "private payment tokens", potentially creating a risk of failure and financial problems for private entities, as private tokens may not be available to everyone, Central bank digital currencies will bring risk-free, widely used alternatives.
Charles d'Haussy said that in 2016, ConsenSys began to work on CBDC through cooperation with the Singapore Monetary Authority and the South African Reserve Bank, and also gradually developed cross-border payment technology business. "Building on this foundation, we are exploring a larger concept - 'programmable money', which can be supported by any CBDC with a token architecture. CBDC is a perfect iteration of electronic cash that can improve the utilization of central bank funds. efficiency, ensuring a more efficient value chain.”
In addition, ConsenSys recently released a compliance service to help exchanges and decentralized finance (DeFi) projects identify possible issues related to Ethereum issuance. Token trading activity related to criminal activity. Lex Sokolin, co-head of global fintech at ConsenSys, said, “More and more people are building decentralized applications, which is part of the puzzle. What we are trying to do is make activities on decentralized financial infrastructure more Safe, transparent and easier to track."
With its strong blockchain technology background, ConsenSys has participated in the research and development of central bank digital currencies in countries such as Australia, France and Thailand, which may integrate blockchain technology with CBDC become possible.
The feasibility of using blockchain technology for CBDC
Regarding the question of whether blockchain, which features a decentralized distributed ledger, can be combined with a centralized central bank digital currency Yao Qian, director of the Science and Technology Supervision Bureau of the China Securities Regulatory Commission, pointed out that whether CBDC adopts blockchain technology is still controversial. A typical view is that the decentralization of blockchain conflicts with the centralized management of the central bank, and CBDC is not recommended.Use this technology.
However, blockchain technology is developing at an unprecedented speed and is deeply integrated with various mainstream technologies. Therefore, no matter from a technical perspective or a business perspective, the blockchain in real applications is in line with the "original teachings". The understanding of "ism" is different. How to use blockchain technology to better serve distributed operations under centralized management may be the current direction that CBDC needs to focus on exploring.
Yao Qian believes that although the technical characteristic of blockchain is that it does not rely on central institutions, it does not mean that it cannot be incorporated into the system of existing central institutions. As long as it is properly designed, the central bank can just use it Blockchain effectively integrates distributed operations and better realizes centralized management and control of CBDC. There is no inevitable conflict between the two. As an emerging technology that may become the future financial infrastructure, blockchain helps achieve distributed operations without affecting centralized management for the dual model of central banks and commercial banks. Bottom-up "exchange" can formulate a new CBDC implementation plan, which also achieves the goal of "centralized management and control, distributed operation".
A digital currency research project announced by the Reserve Bank of Australia is exploring the potential use and impact of a central bank digital currency (CBDC) using distributed ledger technology (DLT).
Under the project, Australia will develop a proof of concept for issuing a CBDC in the form of a token that market participants will be able to use for financing, settlement and repayment on an Ethereum-based DLT platform. Tokenized syndicated loans. The project is expected to be completed around the end of 2020, and various project participants plan to release a thematic report on the project and its key findings in the first half of 2021.
(iii) The purpose of the central bank’s research and issuance of digital currency: to enhance the control of the money market
The central bank’s focus on digital currency does not come from Bitcoin. Bitcoin does not pose any threat to the central bank and legal tender. threaten. Strengthening the control of the money market may be the core reason why the central bank studies and issues legal digital currency. Many people have misunderstandings about digital currency, thinking that digital currency is the digitization of currency. In fact, it’s completely wrong. Today’s legal tender has basically achieved currency digitization. More importantly, it is precisely because of the digitization of currency that the central bank’s control over digital currency has been taken away by commercial banks. Today, central banks are concerned about whether digital currencies can allow them to regain control of their currencies.
Because there is a fundamental difference in the nature of claims between currency digitization and digital currency: currency digitization is M2, a liability of commercial banks; digital currency is MO, a liability of the central bank. This change in the nature of claims will have a great impact on the structure of the money market and currency control. Technology is the fundamental driving force for all these changes. The underlying technology for currency digitization is computers and the Internet, while digital currency is blockchain.
Computer Age, BusinessBanks bring M2 to control monetary creativity
Currency digitization is a change brought about by the information technology revolution after 1970. Before this, banks did not have computer systems or network systems, and ATM machines did not appear in banks 24 hours a day. Banks relied on manual settlement, and it was inconvenient for users to store, withdraw, transfer and remit money. Many people and companies had large amounts of cash in case of emergencies. needs. In the currency market at that time, the proportions of M0 and M1 were larger than they are now, while M2 was much smaller.
The purpose of the central bank’s research and issuance of digital currency: to enhance the control of the money market
However, after the emergence of computers and the Internet, the bank’s clearing and settlement system has brought fundamental changes to the currency structure. Sexual changes. Banks can realize fast storage, borrowing, withdrawal, and transfer remittances. Users deposit large amounts of cash into banks, resulting in a substantial reduction in cash in the market and a large increase in deposits. This change leads to three results: First, the nature of claims has fundamentally changed. The cash held by users is the debt of the central bank and falls under the MO category. If it is deposited in a commercial bank, it is the debt of the bank and falls under the M2 category. Second, the money creation capacity of commercial banks has been greatly increased. The proportion of M2 and money multiplier have increased, and the debts and assets of banks have increased significantly. On the one hand, commercial banks absorb more deposits (debts) and also lend more loans (assets) from a profit perspective; on the other hand, due to the emergence of computers, banks can control risks more accurately, expand their balance sheets, and continuously Take in more deposits and release more loans. Third, the control power of commercial banks has increased, the control power of the central bank has weakened, the market leverage ratio has increased significantly, and debt has expanded massively.
There is also a significant change in the field of investment banking. In 1971, the U.S. dollar was decoupled from gold, and major countries in the world began to implement floating exchange rates. Under floating exchange rates, exchange rates and interest rates fluctuate greatly, creating room for speculation and arbitrage. The arbitrage space has induced various financial innovations, including options, futures, trusts, various funds and derivatives, and investment banks have emerged based on this. The emergence of the Internet and computers has greatly enhanced the risk control capabilities of investment banks and also encouraged their rapid expansion. High returns have prompted more funds to flow from commercial banks to investment banks, and commercial banks have resorted to "shadow banking" to transfer money to investment banking due to pressure on profitability. It can be seen that after the advent of computers and the implementation of floating exchange rates, the central bank's control over currency was weakened by commercial banks and investment banks. Although the United States implemented separate management of banks at that time and supervised the expansion of commercial bank balance sheets, commercial banks circumvented the Federal Reserve's supervision by expanding off-balance sheet businesses. This period of history seems familiar, and it is happening in China today.
In the era of blockchain, can the central bank regain control through the digital currency M0?
Recently, the central bank of China has been a little tired of deleveraging and has started to "struggle" with the Ministry of Finance. . Here is the oppositeThere are many problems reflected. The central bank is indeed relatively passive in deleveraging. Commercial banks have experienced asset mismatches, surges in off-balance sheet business, and increased leverage ratios in front of local governments, local financing platforms, and state-owned enterprises. This greatly weakens the central bank's monetary control capabilities and the regulatory effect of monetary tools.
The emergence of digital currency may be similar to digital monetization, changing the structure of the money market and enhancing the central bank’s monetary control. Although cash has been basically eliminated in the digital currency era, MO has returned. Digital currency, like cash, is MO and is a liability of the central bank. According to the information disclosed by Dr. Yao Qian of the People's Bank of China, the central bank's digital currency plans to adopt a "two-tier structure", that is, a bank account plus a digital currency wallet account. Digital currency wallet accounts are actually personal "wallets" mapped to the commercial banking system and belong to the M0 category. The funds in the bank account system belong to the M2 category.
We can speculate that if the central bank issues digital currency according to a two-layer price design, what impact will it have on the currency market? First, digital currencies in “private wallets” return to the category of MO like cash. Users master their own keys and store cash in their private wallets without worrying that commercial banks will take away the money. Secondly, if digital currency adopts blockchain technology, it will promote the "disintermediation" of commercial banks, and commercial banks' funds may flow out again, more to investment banks and other newly derived financial institutions. In this way, the money creation ability of commercial banks is compressed, and the proportion of M2 may be reduced. Third, the central bank’s ability to control currency has been enhanced.
The purpose of the central bank’s research and issuance of digital currency: to enhance the control of the money market
Currently, the currency issued by the central bank circulates freely in society. How do you get back in the end? One is the withdrawal of the currency derived from commercial banks, and the other is the withdrawal of the central bank's base currency. The former can be controlled by the central bank through deposit reserves, interest rates and other policies, while the latter is accomplished by the tax system and open market operations.
However, after the issuance of digital currency, the proportion of base currency controlled by the central bank increases, and M2 may decline, which increases the central bank’s control chips. However, Japanese professor Kuroda Akinobu’s research in “The World History of Monetary Systems” found that after a large amount of cash flowed into the market, the authorities were almost unable to recover it, and the cash seemed to have “sunk”. Digital currency belongs to MO just like cash. Is it easy for the central bank to control and recycle it?
Ao Meng, chief architect of Tencent Cloud Blockchain, believes that programmable currency can greatly strengthen the central bank’s control over digital currencies. Dr. Ao Meng believes: "Through programming, the central bank can control the entire life cycle of currency - creation, circulation, and withdrawal." How do you understand? For computers, there is a certain self-control function inside it. Taking early object-oriented languages as an example, it is required to have at least two functions, one is a constructor and the otherOne is the destructor. You have to solve both the problem of its creation and the problem of its demise. If we move to programmable digital currencies in the future, the central bank will have much greater control. Control can be added even at the circulation level. This is why central banks in various countries are very interested in blockchain technology.
If the central bank’s digital currency can improve the central bank’s control over currency, then the excessive expansion of commercial banks’ balance sheets and off-balance sheet businesses, excessive leverage ratios, and debt ratios caused by the rise of computers and digital monetization will Higher-level problems may be alleviated. The central bank has stronger monetary control. If it controls the money market scientifically and properly, it should be able to better prevent and alleviate financial crises.
Technology promotes change. The emergence of computer technology has led to a large amount of cash entering the commercial banking system, the transfer of monetary claims, and changes in the structure of the money market. The central bank's liability M0 is reduced, and its control over the money market is weakened. Commercial banks create a large amount of M2 through money multipliers, and their balance sheets expand on a large scale. At the same time, they cause problems such as induced inflation and high debt. The emergence of blockchain technology also triggers changes in currency claims, currency market structure and currency control rights. The central bank can issue digital currency, or facilitate the transfer of currency from cash and banking systems into digital currency wallet accounts. The central bank can regain control of MO and currency, and commercial banks' ability to create M2 is weakened.
Enhancing monetary control should be the main motivation for the central bank to research and issue legal digital currency. The real problem is how to resolve the contradiction between the central bank's demand for currency control and the decentralization of the blockchain, how to combine the advanced anti-money laundering, taxation and other laws, balance the interests of all parties, and formulate a management mechanism for the central bank's digital currency.
㈣ There is no necessary connection between the concept of blockchain and central bank digital currency
Inner Eye Selections
Policy
Plans to end the dollar’s dominance through digital currencies make no sense
Bank of England Governor Carney urges Libra-type The reserve currency ends the dominance of the US dollar and calls for a multipolar reserve currency system. In this regard, former U.S. Federal Reserve official Simon Potter said that the plan to end the dominance of the U.S. dollar by replacing the U.S. dollar with a digital currency makes no sense, and Carney failed to consider how the status of the U.S. dollar could benefit other countries. He added: “When you have large and liquid capital markets in the U.S., I don’t see any reason to complicate things because there is no one currency that can basically price things and have deep markets, which would Making people’s lives more difficult.”
Shandong Port Group’s Rizhao Port electronic warehouse receipt business was launched for the first time, using concepts such as the Internet of Things and blockchain
According to Rizhao Daily, on September 20, Shandong Port Group Rizhao Port Commodity Trading Center launched its first electronic warehouse receipt pledge financing business in the free trade zone. It is understood that the electronic warehouse receipt is a digital online electronic voucher created by Shandong Port Group Rizhao Port Dashang Center based on the advanced information management level of the port and free trade zone bonded warehouse, using the Internet of Things, blockchain and other concepts. Customers pledge electronic warehouse receipts to banks to obtain financing, which can quickly realize the realization of goods landing at the port and "make money upon landing".
Industry
There is no necessary connection between the blockchain concept and the central bank’s digital currency
Guosheng Securities pointed out that the market has previously confused the blockchain concept with the central bank’s digital currency. Currency is confused, but there is no necessary connection between the two. Blockchain exists more as a technology. Although products such as Bitcoin have certain financial asset attributes, they are not currencies at all. In the future, blockchain applications will be more in the fields of traceability and transactions. The central bank's digital currency is more of a supplement to the existing currency issuance system and the layout of monetary infrastructure in the future digital economy. The technology it uses will be more mature, and blockchain is only an alternative.
In the environment of central bank endorsement and global competition, the theme of digital currency has a higher positioning and a newer theme
To build a multi-level financial service system, we must promote finance, big data, and blockchain In-depth integration of blockchain and other industries
On September 26, Yanzhao Evening News published an article "The Unshirkable Responsibility of Supporting Private Enterprises in Financial Development". The article pointed out that in order to completely solve the financing difficulties and expensive financing of private enterprises, while implementing and executing policies at all levels based on the current situation, we should also take a long-term view to deepen financial reforms and resolve the financing difficulties of private enterprises. It is necessary to build a multi-level financial service system, continuously increase the proportion of direct financing, relax financial market access, develop diversified financial formats, promote the deep integration of finance, big data, blockchain, etc., and reduce the financing costs of private enterprises.
Quotes
Currency Market Quotes
Bitcoin (BTC) Quotes on September 25, 2019
(Huobi Pro, USD Pricing)
Increase: -0.80%
Opening: 8499.81
Highest: 8727.80
Lowest: 8217.00
Closing: 8431.42
Amplitude: 6.01%
Trading volume: 53,300
Ethereum (ETH) market on September 25, 2019
(Huobi Pro, priced in US dollars)
Increase: +2.55%
Opening: 165.7900
Highest: 174.8300
Lowest: 162.0000
Closing: 170.0100
Amplitude: 7.74%
Trading volume: 841,300
People
Damo Academy Blockchain Laboratory has applied for more than 500 patents
Damo Academy Blockchain Laboratory has applied for more than 500 patents During the project, DAMO Academy Quantum Laboratory completed the research and development of the first controllable qubit. Qubits are the basic storage units of quantum computing. The final realization of quantum computing requires the high-precision control of multiple qubits.
The launch of legal digital currency requires the construction of an overall support system
You cannot innovate for the sake of innovation. The launch of legal digital currency requires the construction of an overall support system. It is necessary to carefully calculate the cost for people to go to Chen Yingxin. In the electronic age, personal privacy and data security are top priorities. Last year's implementation of the EU's GDPR, as well as the huge fines imposed by EU and US regulators on Internet giants such as Google and Facebook, further highlighted the importance that European and American regulatory authorities attach to personal privacy and data security in the Internet age. Therefore, when the People's Bank of China pilots digital legal currency, consumer rights protection, especially data security and privacy protection, should also be benchmarked against the highest standards in the world.
Mark Zuckerberg
CEO of Facebook
The market is risky and investment needs to be cautious
< p> The articles published by Tianyan Financial News do not imply investmentObjective and in-depth blockchain media
㈤ The central bank establishes a "blockchain bank" Is it a good idea?
In theory, this is a good idea that can better regulate people to use blockchain technology.
From the perspective of blockchain technology development, it can be divided into three stages: the first stage is the application of digital currencies such as encrypted currency, transfers, remittances and digital payment systems; the second stage is encrypted stocks and bonds , futures, loans, smart assets and smart contracts and other broader asset target applications; the third phase will be applied in government, health, science, culture and art, etc. At present, the application of blockchain technology is only in the process from the first phase to the second phase. Currently, blockchain banking services include: 1. P2P cross-border payment and remittance for point-to-point transactions, trade settlement, and securities, futures, and financial derivatives Contract sales, etc. 2. Registration. Blockchain has a reliable database to record various information, and the stored anti-money laundering customer identity information and transaction records are credible and traceable. 3. Confirm rights. Procedures such as the identification of rights in registration and transfer matters in the equity legal system can be realized through blockchain technology. 4. Intelligent management. Because of "smart"Contract" has automatic detection validity and meets the program conditions. The contract automatically handles interest payments and dividends, avoiding the risk of credit default caused by human intervention. GSN Social Bank - the establishment of decentralized credit
Theoretically , the credit establishment mechanism of blockchain is likely to be lower than the establishment cost of centralized credit from a global cost perspective, which is in line with the trend of global market evolution!
And GSN Social Bank’s The significance lies in the establishment of a distributed, point-to-point, open and transparent trust system with technical guarantees. As a global distributed database, GSN stores data blocks generated using cryptographic methods, and each data block contains The information of each online transaction is used to verify the validity and authenticity of the information.
GSN delivers value through the technical architecture, making every recorded transaction absolutely credible and irreversible. Tampering. From this point of view, the subversive significance of GSN is that it has established a decentralized, open and transparent trust system with technical guarantees. GSN no longer relies on central nodes, but automatically realizes trust through technical architecture. Delivering value is the advantage of GSN.
㈥ What is blockchain and what role does blockchain play?
What is blockchain? What will it bring to future life? What kind of change?
Blockchain is a new application model of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm.
Blockchain ) is an important concept of Bitcoin. It is essentially a decentralized database. As the underlying technology of Bitcoin, it is a series of data blocks generated using cryptographic methods. Each data block contains The information of a batch of Bitcoin network transactions is used to verify the validity of the information (anti-counterfeiting) and generate the next block.
In fact, the word blockchain does not appear in the original English version of the Bitcoin white paper, but It is the chain of blocks used. In the earliest Chinese translation of the Bitcoin white paper, chain of blocks was translated into blockchain. This is the earliest time when the Chinese word "blockchain" appeared.
The Cyberspace Administration of China issued the "Blockchain Information Service Management Regulations" on January 10, 2019, which will come into effect on February 15, 2019.
In a narrow sense, blockchain is a A chained data structure that combines data blocks in a sequential manner in chronological order, and is cryptographically guaranteed to be an untamperable and unforgeable distributed ledger.
In a broad sense In other words, blockchain technology uses a blockchain data structure to verify and store data, and uses a distributed node consensus algorithm to generate data.A new distributed infrastructure and computing method that generates and updates data, uses cryptography to ensure the security of data transmission and access, and uses smart contracts composed of automated script codes to program and operate data.
In fact, to understand it very simply and vividly, we can imagine that everything in life is realized in digital form, including food, clothing, housing, transportation, medical treatment, education, etc., based on the Internet, it can be easily done at home Get it done, no matter where you go to do business or trade, you can completely operate it with your mobile phone. With the continuous development, everything we do can be easily completed online, such as volumetric work, production, planting, etc. Of course, the rise of 5g will bring about the end No one can accurately predict what it is now, but it will definitely bring about earth-shaking changes in life and social form!
Blockchain was born from Satoshi Nakamoto’s Bitcoin. Since 2009, various Bitcoin-like digital currencies have appeared, all based on public blockchains.
The current situation of digital currencies is that a hundred flowers are blooming. Here are some common ones: bitcoin, litecoin, dogecoin, OKcoinetc. In addition to currency applications, there are also various derivative applications, such as NXT, SIA, and BitShares. , MaidSafe, Ripple, Ethereum and many more.
On January 20, 2016, the People’s Bank of China Digital Currency Seminar announced that it had achieved phased results in digital currency research. The meeting affirmed the value of digital currency in reducing the issuance of traditional currency and stated that the central bank is exploring the issuance of digital currency.
Some areas where blockchain can be used can be:
▪ Smart contracts
▪ Securities trading
▪ E-commerce
▪ Internet of Things
▪ Social communication
▪ File storage
▪ Proof of existence
▪ Identity verification
▪ Equity crowdfunding
The development of the blockchain can be compared to the development of the Internet itself. In the future, there will be an Internet called finance-internet, and this thing is based on blockchain, its precursor is bitcoin, that is, traditional finance starts from private chains and industry chains (local area network), and the bitcoin series starts from public chains (wide area network), both expressing the same concept--Digital assets (DigitalAsset) eventually converge to an intermediate equilibrium point.
The core advantages of the blockchain architecture include:
Any node can create a transaction, and after a period of confirmation, it can reasonably confirm whether the transaction is Effectively, blockchain can effectively prevent problems from happening on both sides. The cost of trying to rewrite or modify transaction records is very high. Blockchain implements two types of records: transactions and blocks. Transactions are the actual data stored on the blockchain, while blocks are records confirming when and in what order certain transactions became part of the blockchain database. Transactions are created by participants using the system in the normal course (in the case of cryptocurrencies, a transaction is created by Bob sending tokens to Alice), while blocks are created by what we call Units of miners are responsible for creation.
So in conclusion, this is undoubtedly a new technology that changes life. In the future, the production activities of the entire society will be carried out with blockchain as the underlying logic, and many things will be within our reach. , coupled with the integration of artificial intelligence and big data, we can easily handle things that seem to be cumbersome now, such as some securities market transactions and intelligent matching of financial management activities.
To put it simply, blockchain is a network computing center that integrates people, property, machines, and goods, and packages it into a whole; putting it on an infrastructure to run the network computing center .
Now the author’s imagination is not big enough to imagine what the future world will be like. I am looking forward to it!
I know a thing or two about this issue. Let’s get to know this mysterious thing - blockchain.
Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithms. Blockchain is an important concept of Bitcoin. It is essentially a decentralized database. As the underlying technology of Bitcoin, it is a series of data blocks generated using cryptographic methods. Each The data block contains information about a batch of Bitcoin network transactions, which is used to verify the validity of the information (anti-counterfeiting) and generate the next block
The more popular it is, the more fake it is to keep the real. First of all, we must first figure out what the real blockchain technology is.
As an example, take buying fruits online.
The process of purchasing fruits online is as follows:
Using blockchain technology and decentralization, the process of purchasing fruits is as follows:
Summary:
1. We found that the original transaction process is: buyers and sellers make transactions, and all key processes are dealing with the payment platform. The advantage of this is that if there is a problem in any link, both sellers and buyers can seek help through the platform and let the platform arbitrate. However, a major bug or hacker attack occurs on the platform, resulting in the loss of all transfer records within a period of time. How to deal with the loss is a troublesome matter.
2. The transaction process using blockchain technology is: everyone’s ledger has exactly the same transaction record. Even if Alipay’s ledger server is broken, the seller’s ledger still exists, and the buyer’s ledger still exists. Still exists. Once this transaction occurs, the traces will never be erased.
This is the core of the blockchain, which is the four words "accounting + accounting".
The development and maturity of blockchain technology cannot be separated from the foundation and foreshadowing of the above new generation of Internet technology. Blockchain is not only a technology, but also provides a service model and solution. , which has played an extremely important role in promoting the further development of the Internet industry.
1. Blockchain + Finance
2. Blockchain + Supply Chain Management
3. Blockchain + Intelligent Manufacturing
4. Blockchain + Public Services
5. Blockchain + Education and Employment
6. Blockchain + Culture and Entertainment
7. Blockchain + payment
8. Blockchain + invoice {Already enabled in Shenzhen}
Traceability and non-tamperability of blockchain , perfectly combined with the inherent nature and needs of the financial industry, which makes the application of blockchain in the field of financial services the most in-depth and relatively mature field so far. Blockchain technology has broad application prospects. The future technological competition will also be a blockchain competition.
It is important to understand blockchain, which is important to see through various pseudo-blockchain scams.
If someone uses a bunch of professional terms to explain blockchain, it will be difficult for you to understand, and they may not really understand it themselves.
Therefore, we first establish a psychological line of defense. Anyone who sells you concepts and uses a lot of unfamiliar technical terms may be a liar. Be very careful!
To understand blockchain, you must know what the core appeal of blockchain is. What do you think you are most worried about in today's highly developed Internet world?
Privacy, yes, privacy. How to protect privacy? You may be monitored at any time, and any of your personal information may be stolen at any time. If personal privacyWithout absolute protection, the Internet will become another pyramid of power. Who is standing on top of the pyramid? He is the smartest technical master, a platform provider, and an information regulator. You and I may be the people at the bottom of this pyramid.
The people who originally invented the blockchain had serious concerns about being completely swallowed up by the Internet, and tried to create an absolutely safe encryption technology to lock up personal privacy. This technology completely subverts traditional encryption technology. In fact, rather than locking up privacy, it is better to tear it into pieces and then distribute the pieces to different people for private keeping. Unless everyone agrees to take the pieces and piece together the complete code, the truth cannot be recreated. This is the first mechanism of blockchain, which is decentralization.
But decentralization alone is not enough. It is also necessary to make those who steal password fragments have nowhere to hide, so that every action of the thief can be recorded indelibly and posted everywhere on the Internet. Diffuse and make it public. This is the second mechanism of the blockchain, the non-anonymous mechanism. Do you think, who snoops into privacy is not sneaky?
In summary, the blockchain is to hide privacy in a decentralized manner, record any actions that reproduce this privacy, and make it public. Seeing this, you may want to applaud the blockchain. Don't worry, how can there be such a good thing in the world? Is there any utopia that is absolutely safe? If blockchain can be realized in an absolute sense, will the existence of the government still be meaningful? Yes, blockchain was originally the embodiment of anarchy. Its ultimate meaning is destined to never be realized. Its survival may have to rely on power, and it is destined to become another beautifully packaged lie and a pretense to deceive others. In this sense, the government must also specify a framework for the development of the blockchain, reconstruct the value of the blockchain, and expel the anti-government and anti-national attempts contained in the blockchain. Some blockchain technologies can be used in concrete applications, but decentralization must not be promoted. In short, we must remain highly vigilant about blockchain. Beauty often hides its sting. Absolutely ideal recipes often turn out to be poison. The person who says he can absolutely protect your privacy and financial security is the real voyeur and vampire.
Perhaps the best way for us to protect privacy is not to have any privacy, to live completely openly, or to live like a sun or a god of wine.
Viewpoint: 1. The concept of blockchain originated from the technical attributes of Bitcoin (distributed data storage and accounting, decentralization, inability to tamper with transaction records, point-to-point information transmission, sharing mechanism...), but Later, some people continued to extend and expand the concept to many commercial fields to facilitate capital speculation. 2. Blockchain in reality (the current blockchain on the market is very confusing), the hype concept is mostly used to make money in the stock market, and there is still a lack of regulatory loopholes. , legal and regulatory issues, etc., and even money laundering (the actual operation of blockchain products is one thing, and the capital operation behind it is another), At present, the computer systems around the world cannot meet the technical requirements of the attribute characteristics of the blockchain (such as distributed data storage and accounting, decentralization...,), and network bandwidth, storage technology and computer computing systems cannot realize transactions. Operational requirements (it is easy to use computer technology to make your network clogged or unable to complete distributed data storage or transactions are interrupted or delayed at any time and other practical application risks. In addition, as far as the current global computer system is concerned, it is easy to crack the bottom layer of the blockchain. Program (this is a fatal flaw in computers around the world, 0 and 1 binary logic. In addition, if the reverse blockchain mode operation algorithm is used, it is very easy to crack the blockchain. This reverse operation mode can also completely tamper with all transaction records. If In the future, real quantum computers will be on the market, and they can directly break through all blockchain computer systems in seconds. Bitcoin mining is a Ponzi scheme. 3. Most of the blockchains currently on the global market are basically capital speculation concepts to make money,< br />
Blockchain has been mentioned for several years. Early last year, I heard a blockchain boss say that 2018 is the best year for the development of blockchain. After this year, foreign Development has lagged behind. What is blockchain? In terms of impact, it is like pig intestines, connected section by section. Blockchain is to connect these blocks together and fix them, using computer and Internet encryption technology , to prevent secrets from being leaked to the outside world. This technology cannot be explained to non-professionals through professional terms, and generally they cannot understand it. It can only be explained with metaphors. Let me give two examples:
1. Four people, A, B, C and D, play mahjong in a mahjong parlor for money. They use chips for each game and settle the bill at once when they break up. A loses 1,500 yuan, B loses 300 yuan, C wins 200 and D wins 1,600. As a result, A It’s only 1,000 yuan, and everyone else has sorted it out, but A still owes D 400 yuan. Only these four people know about this matter, and these four people are in the same block. There is no proof for saying this, and I can’t write this kind of thing. What will happen if A does not repay the IOU in the future? Except for the four people A, B, C and D present, no one else knows about this. If A wants to default on the debt and says that he does not owe money at all, only three people, B, C and D, will know that A has defaulted on the debt, and the others It is difficult to judge whether Person A owes money and refuses to repay it. Therefore, the value of blockchain needs to expand the scope of participation. What if these four people were playing mahjong and a dozen friends were watching? The cost of Person A's default would be high, right? This is a block of real life. What about extending to the Internet? Then there are endless possibilities and more scenarios.
2. Suppose four people, A, B, C and D, are working in a business group of 500 people. Business, this group of 500 people is a big area. Once, A asked B for 10,000 yuan of goods, but did not pay B in time. A said at that time that he would pay B within 3 days. This matter is in the group Everyone here knows that if A fails to send money to B within 3 days, then the other 498 business partners in this group will know. If A defaults on the debt, his reputation in this business circle will be affected. This is a block.
Later, A wanted to do business with C. C asked A for goods. A said that you should pay a deposit of 5,000 yuan and the goods would be shipped immediately. C paid 5,000 yuan to A, but A delayed the delivery. Everyone in this group knows that this is another block. When the two blocks are connected, everyone doubts A's credibility. How many times have you done this? Will Mr. A continue to play in the future? This is the value of blockchain.
Blockchain may seem complicated, but it is not complicated at all; it may seem simple, but it is actually very difficult to operate. The blocks are too small and meaningless. If a block wants to grow bigger, privacy and business secrets will be involved. For example, it is inconvenient to talk about falling in love in a large group; for example, it is inconvenient to discuss it publicly in the group (block) beforehand when working together to do big business. However, there are still occasions when blockchain technology is used, such as poverty alleviation work, disaster relief fund management, etc. It is exposed to the sun and everyone knows it and supervises each other. I’ve given these two examples. Do you understand them at all?
[The most core and easy-to-understand introduction to blockchain]
1. How does blockchain create trust? We use "1", "2", and "3" to summarize the characteristics of the blockchain:
- "1" summarizes the blockchain: a trusted distributed database;
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- "2" core properties: distributed, non-tamperable;
- "3" key mechanisms: cryptography principles, data storage structure, consensus mechanism.
The "distributed" and "non-tamperable" properties ensure the "honesty" and "transparency" of the blockchain, which is the basis for the blockchain to create trust.
2. In terms of industry, it is expected that the financial industry will be dominated by the financial industry in the next 3-5 years, gradually radiating to other real industries, more realistic scenarios will be accelerated, and the industry will develop from "1 to N" to Including entertainment, product traceability, credit reporting, etc.
In the future, in addition to using technologies such as side chains, lightning networks, and cross-chains, blockchain will also need to be deeply integrated with emerging information technologies such as 5G, artificial intelligence, big data, and the Internet of Things to enhance the Technical performance and off-chain data quality and reduce resource waste.
3. Smart contracts may be the most revolutionary application on the blockchain. If smart contracts are widely used on the blockchain, the economic division of labor will be further refined in the Internet era. Network nodes around the world will directly connect demand and production, and broader social collaboration will be realized.
If the above vision is realized, the combination of blockchain technology and industry is expected to usher in an explosive moment "from 1 to N". Its explosion may not be linear but non-linear. Blockchain Only then can the chain be upgraded from a "trust machine" to an important "engine" leading the industry wave.
Decentralization. Prevent cheating. It used to be that one person kept accounts and could make changes. Now there are 50 people. Each person records an entry and everyone has a record in the account book. Can you make changes to all 50? All 50 ledgers are valid unless they are all changed. So it's very useful.
I saw many people answering that ordinary people cannot understand intuitively. Let me explain simply and clearly, blockchain is decentralized. When something happens, everyone writes it down and has their own password, which cannot be tampered with.
Even if a hacker wants to change it, he has to do it one by one, which will tire him out. In fact, it is impossible, at least for now.
Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithms.
Blockchain originated from Bitcoin and is an important concept of Bitcoin. It is essentially a decentralized database. As the underlying technology of Bitcoin, it is a series of cryptographic methods. The associated data blocks are generated. Each data block contains a batch of Bitcoin network transaction information, which is used to verify the validity of its information and generate the next block.
Blockchain has potentially huge application value in financial fields such as international exchange, letters of credit, equity registration and stock exchanges. The application of blockchain technology in the financial industry can eliminate the need for third-party intermediaries and achieve direct point-to-point connection, thereby greatly reducing costs and quickly completing transaction payments.
After reading so many expert advices, I am still confused. I only remember that someone used this so-called "blockchain" to do pyramid schemes in the past...
㈦ The necessity of studying the impact of blockchain technology on the banking industry
Change the hardware-heavy and asset-heavy model of banking technology investment, and achieve bank risk diversification and cost reduction through physically decentralized data storage and computing methods transfer.
Is blockchain technology the way out for the central bank’s digital renminbi?
Digital renminbi is a legal currency endorsed by the state. It has been the focus of people’s attention since the concept was born.
At present, the digital renminbi has basically completed top-level design, standard formulation, functional research and development, joint debugging and testing. It is understood that the digital currency will first conduct internal closed pilot tests in Shenzhen, Suzhou, Xiongan New Area, Chengdu and future Winter Olympics scenes.
If all goes well, we will be able to unveil digital currency in 2022.
Recently, Yi Gang, Governor of the People's Bank of China, made it clear that there is no preset technical route for digital RMB research and development work, and it can compete fairly in the market to select the best. , you can either consider blockchain technology or adopt existing electronicThe new technology evolved on the basis of electronic payment fully mobilizes the enthusiasm and creativity of the market.
In other words: Blockchain is a technical route considered in the research and development of digital renminbi, but it is by no means the only option.
Digital RMB and Bitcoin
Blockchain is the underlying technology of Bitcoin .
Like Bitcoin, digital renminbi realizes point-to-point payment through smart contracts. It has strict procedures for cross-verification and is not easy to be forged; < /p>
Although they are both virtual currencies, the difference is that digital currency is a legal currency used for circulation and has legal effect; Bitcoin is a virtual asset and has investment value. .
Digital RMB and Blockchain
Although blockchain is not the only option, blockchain technology has strong competitiveness.
The digital renminbi adopts a two-tier operation system, that is, the People's Bank of China does not directly issue and exchange central bank digital currency to the public, but first exchanges the digital renminbi to designated operating agencies, which are then redeemed to the public. Operating institutions need to pay 100% reserves to the People's Bank of China. This is the 1:1 exchange process.
On July 28, the Agricultural Bank of China issued an announcement saying: Agricultural Bank of China Financial Technology Co., Ltd. (hereinafter referred to as "Agricultural Bank of China Financial Technology") was established through a subsidiary. ) was officially incorporated in Beijing with a registered capital of RMB 600 million.
According to the announcement, the business direction of Agricultural Bank of China Jinke is mainly to use financial technology to carry out technological innovation , software research and development, product operations and technical consulting. In the recruitment announcement issued by Agricultural Bank of China Jinke, the author found that there is a position in software research and development: blockchain research and development engineer.
The main responsibilities are: blockchain technology application research, project construction and optimization work, and promoting blockchain-based Chain banking business expansion and business optimization, and provide solutions.
From these actions, it can be seen that blockchain technology is one of the key technologies for banks to develop. No matter what the final digital renminbi will be, the area Blockchain technology will pushMotivate us to continue to progress and develop.
Author of the article: Xiaolian Finance Dashi
㈨ Is blockchain useful? What impact and prospects does blockchain have?
I believe everyone is no longer unfamiliar with the emerging technology of blockchain, because it is the most popular topic at the moment, and many big guys in different industries are analyzing its role and prospects. Today we also do some analysis on the blockchain on whether the blockchain is useful and what the impact and prospects of the blockchain are. We hope it can help everyone.
Is blockchain useful?
1. Banking: As a digital, secure and interference-proof account, blockchain realizes the core function of the banking industry: a safe storage and transfer center of value. In other words, in the next few years, a wave of companies based on blockchain technology may affect the banking industry.
2. Payment and transfer: Blockchain technology can avoid complicated systems and create a more direct payment process between the payer and the payee. Whether it is a domestic transfer or a cross-border transfer, this method has its advantages. Low price, fast, and no intermediate handling fees.
3. Network security: Although the blockchain system is public, its verification, sending and other data exchange processes use advanced encryption technology. This technology not only ensures the correct source of data, but also ensures that the data is not intercepted during the process. If blockchain technology is more widely used, the probability of being attacked by hackers may also decrease, so people believe that blockchain systems are more stable than traditional systems. One of the reasons why blockchain systems can reduce traditional network security risks is that they eliminate the need for middlemen.
4. Election: Everyone's vote "can never be modified or deleted by us - programmers, school administrators or students."
5. Smart contract: Smart contracts are actually on another object. A computer program that performs functions on the go. Like ordinary computer programs, smart contracts are also an "if-then" function, but blockchain technology enables the automatic filling of these "contracts" without manual intervention. Such contracts may eventually replace the legal merger industry's core business of drafting and managing contracts in both commercial and civil areas.
6. Stock trading: For many years, companies have been trying to simplify the process of buying, selling and trading stocks. Emerging blockchain technology startups believe they can go beyond the past, automating the entire process, improving security and efficiency.
What impact and prospects does blockchain have?
1. The dual impact of bringing wealth and risk:
The difference between blockchain technology and traditional Internet technology is that it chooses the high-risk financial industry as the entry point, but the financial field is full of Areas with many obstacles. Such direct entry has a dual impact: on the one hand, it can bring wealth effects to entrepreneurs relatively quickly; on the other hand, various risks will also come directly and violently.
2. Improve efficiency and reduce costs:
For physical finance, blockchain can maintain the fidelity in the process of transmitting information, such as personal credit information and other data, thereby avoiding many transaction costs and improving efficiency on a large scale. This is the positive significance it brings.
3. Control financial risks early and small:
Blockchain is cooperating with the innovation of digital currency, preventing over-insurance in the insurance industry, over-lending in bank mutual funds loans, and the integration of supply chain finance. , promote electronic identity recognition, etc., applicable to many industries and fields. In terms of financial security, many companies have also cooperated with regulatory authorities to build regulatory technology systems to help regulatory authorities monitor and provide early warning for the risks of Internet financial companies, so as to control financial risks early and at an early stage.
4. The owner of the data should be the user himself:
Blockchain is a technology worthy of attention, and it has relevant layouts in its own business and investment. Bitcoin and other electronic currencies are applications based on blockchain technology. They have certain currency functions and have certain use value. However, the main problem now is that the gap between the use value and the transaction price is too big. . ICO is a financing business model.
5. The darkest stage contains the most opportunities:
The darkest stage often contains the most opportunities. The application of blockchain is far more than just monetary and financial. For example, big data can be applied to the entire medical industry in the future. health field. If medical records and diagnosis data are shared to all different medical systems through the big data blockchain, the efficiency of treating diseases and saving lives can be greatly improved.
The editor believes that the correct development prospect of blockchain is to "talk less about financial innovation, focus more on financial security, focus more on inclusive finance, and do more on medical care, health, and environmental protection."
The above is the blockchain brought to you by the editor. Is it useful? What impact and prospects does blockchain have? of the entire content.
