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Capital grabs the beach of blockchain finance, foam looms behind the heat

Time : 28/02/2022 Author : npuagc Click : + -
        "Suddenly, everyone talks about blockchain like a spring breeze overnight." From "coin circle" to blockchain games, all walks of life seem to have endless stories with blockchain. Due to the natural relevance between blockchain technology and the financial sector, in the "oasis" of financial applications, batj and other technology giants, as well as traditional banking, securities and insurance institutions, are all eager to become "number one players". However, behind the fiery layout of various capitals, many experts and insiders believe that there is still a big gap between the current blockchain application and the real maturity. Blockchain has reached the peak of public hype, but it still takes 5-10 years for blockchain technology to mature.
        At present, the financial industry is still in the preliminary application stage of blockchain technology. "Forgetting tokens may really embrace the changes brought about by blockchain technology." Some people in the financial technology industry pointed out that blockchain will bring great changes to many industries, especially the financial industry, and this trend is irresistible. The white paper on blockchain financial applications jointly released by JD finance and the China Academy of communications pointed out that due to the high cost of credit evaluation, the low efficiency of intermediary settlement, limited supervision and other reasons, traditional financial services are difficult to effectively solve many long-standing pain points in the industry. The characteristics of blockchain, such as distribution, anonymity, security and reliability, can change the application scenarios and operating rules of many industries, and will also derive more new models and formats, which are reconstructing the development ecology of digital economy.
        Lin Jiannuo, CEO of Chongqing xiaoyudian online loan, said that the changes that blockchain will bring to the financial industry are mainly: the improvement of industry efficiency; The decline of user service cost; Changes in the organizational structure of the entire industry should adapt to the technology of disintermediation. He said, "as an institution, in addition to embracing and driving the changing corporate culture, we must actively explore and integrate.". At present, most blockchain projects in the financial industry are in the field of cross-border payment and asset securitization. For cross-border payment scenarios, traditional cross-border payment methods have long cycles, high rates, and are error prone. Based on blockchain technology, enterprises such as circle, Veem, oklink, etc. can realize the task of currency transmission between different countries by converting the initial currency such as US dollars into the receiving currency such as sterling through their own bitcoin pool.
        Circle based cross-border remittance has almost no time lag, and users do not need to pay any handling charges or foreign exchange markup fees. Blockchain technology accelerates the speed of value transmission and reduces the cost of value transmission. In terms of security, circle adopts aes128 bit symmetric encryption technology for encryption, and users can also take other security measures by themselves, such as touch ID and pin code. At present, circle has supported the exchange and service of USD and GBP. In the Chinese market, circle's round D financing successfully introduced IDG, Baidu, CICC, Everbright, Yixin, Wanxiang and other institutions. At the same time, it established circlechina, which can look forward to the era of barrier free connectivity for consumers of dollars, pounds and Renminbi.
        Xudongliang, head of Baidu financial technology and risk control, revealed that Baidu finance began to carry out blockchain research in the second half of 2015. By 2017, its blockchain technology application in asset securitization has made breakthrough progress. He said that because the information on the blockchain can not be tampered with, at this level, it can enhance the trust between relevant parties in the process of asset securitization issuance, and its data is also relatively safe. In July 2017, baidu released the blockchain bass platform, and in August 2017, the first domestic blockchain based exchange asset securitization product "Baidu Chang'an Xinsheng ABS" was launched. Han Han, chief engineer of the Institute of cloud computing and big data of the China Academy of information and communications, said that blockchain provides value for finance in terms of mechanism, cost, security and supervision: in terms of mechanism, blockchain technology based on asymmetric encryption algorithm realizes the reconstruction of credit creation mechanism, and both parties to the transaction can directly exchange trusted value.
        In terms of cost, blockchain significantly reduces the possibility of errors in the process of information transmission through the point-to-point transaction mode. Through the computer program to automatically confirm the transaction results of both parties, the efficiency of financial transactions and settlement has been greatly improved. In terms of security, blockchain technology improves the user's personal information protection system through the node based authorization mechanism and privacy permission design. In terms of supervision, blockchain technology, with its tamper proof and high transparency, ensures the authenticity and accountability of data, reduces audit processes, and reduces the cost of financial supervision. The competition between the major technology giants in the application of blockchain finance is comprehensively upgrading, and supply chain finance has become a "battlefield".
        Relevant data predict that by 2020, the scale of the domestic supply chain financial market will be close to 15 trillion yuan. Xu Nuojin, President of Zhengzhou Central Branch of the people's Bank of China, pointed out that one of the most widely used prospects of blockchain technology in the future is in the fields of trade circulation. For example, in a large wholesale network, blockchain technology can combine the management, payment and settlement of wholesalers and retailers. In the field of supply chain, upstream and downstream enterprises can effectively manage through blockchain technology. Take the steel manufacturing industry as an example. The downstream needs iron ore and coal. In the past, agreements were signed, and then payment and settlement were carried out. These steps were separated.
        Now, through blockchain technology, contract execution can be organically combined with the transfer and liquidation of final value. Value transfer also takes effect automatically, greatly improving efficiency. Not long ago, Tencent blockchain officially released the "Tencent blockchain + supply chain financial solution". "In 2018, we will focus on supply chain financial solutions, take the accounts receivable of core enterprises as the underlying assets, and realize the circulation of creditor's rights vouchers through Tencent blockchain technology, so as to ensure that relevant information can not be tampered with, cannot be repeatedly financed, and can be traced, so as to help relevant parties form cooperation and innovation in the field of supply chain finance." Caiyige, general manager of Tencent blockchain business, said that Tencent blockchain is committed to helping enterprises focus on the business itself and the operation of business models based on the concept of open sharing.
        Under this ideal framework, the financing cost of small and micro enterprises can be reduced from 20% to less than 10%. Because the platform adds the structure of Bridge Fund, it can realize second level lending. Assets can be disassembled and transferred, and can even be operated on the mobile terminal. Lin Jiannuo said: "We xiaoyudian have applied blockchain more to supply chain finance and built our own supply chain alliance chain on the basis of open source. Based on the blockchain patent we applied for, xiaoyudian alliance chain is realized through blockchain Technology: all contracts cannot be tampered with on the blockchain; the modification of contracts must be in accordance with the agreement of smart contracts; the processes and rules based on smart contracts are automatically implemented on the alliance chain; financial accounts cannot be tampered with; and the modification of data The agreement of smart contract must be followed.
        This fundamentally solves the trust problem of all parties in the supply chain in the past. ". Many experts and insiders have called for blockchain technology to improve the efficiency of traditional financial application scenarios and enhance the trust of trading parties, but it will not subvert and replace traditional finance. Excessive capital speculation may breed foam in blockchain financial applications that have not yet been truly mature. Without real application scenarios, blockchain technology will lose its vitality. It is hoped that the industry will jointly explore the application value of blockchain technology in specific scenarios. All kinds of wealth creation myths about the "coin circle" may be the tip of the iceberg where the foam emerges. According to institutional monitoring data, at the end of the first quarter of 2018, the total number of global blockchain assets was 1596, up 16.33% from the fourth quarter of 2017. However, due to the impact of project development progress, market sentiment and regulatory environment, the circulation market value of global blockchain assets was $263.383 billion, down 54.55% month on month; Among them, March fell by 41.74% compared with February.
        "Blockchain applications in the financial field are all in a state of trial, and have not yet produced applications in large-scale actual production." Han Han said that the financial industry has the largest space and scope to use blockchain, but there are still many problems to be solved. In terms of technology, the performance of the current system is low, the blockchain redundancy is too high, the stability of the blockchain network is undetermined, and there are few blockchain talents; In terms of security, emerging technology vulnerabilities may not be truly discovered, there is no perfect risk prevention and protection mechanism, and how to balance with privacy protection and trade secret protection needs to be considered; In terms of system integration, the new distributed architecture will have an impact on the traditional system and architecture, and there are still some violations with the current concepts, systems and laws in terms of value recognition. The concept of decentralization, the concept of self decentralized management and collective maintenance are very different from the traditional management mode, thinking mode and social relationship mode.
        Industry insiders pointed out that while seeing the broad application prospect of blockchain in the financial industry, a grim fact is also before us: blockchain, as a technology, is carrying out a cross domain application. When the characteristics and advantages of technology are to be used to solve the specific problems faced by enterprises and social governance, it is also necessary to carefully manage the implementation of technology. There have been chaos in the industry, such as "liars disguised as official customer service sets private keys", "blockchain media six o'clock association takes money and runs away", and public property is not protected, which is likely to cause collective trouble. Qin Yi, the Chinese initiator of Deloitte blockchain, said a few days ago: "blockchain is still in a foam period on the whole. From some perspectives, the willingness and ability of the Chinese public to accept new things have led to the significant existence of the domestic blockchain foam. For example, at the current international conference on new technology, as long as there is a blockchain forum, East Asia and China have the most participants and are the most active.
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