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The government issued a white paper to see how blockchain can drive finance to "get rid of the virtual reality"

Time : 30/09/2021 Author : 8ro0tp Click : + -
        Blockchain can realize that information cannot be tampered with, and eliminate the possibility of data falsification from the root. Because banks' requirements for real data are much higher than those of other industries, many banks are now actively embracing blockchain technology, including investment in blockchain projects, behind which are large financial institutions such as banks. The Ministry of industry and information technology recently released the 2018 white paper on China's blockchain industry (hereinafter referred to as the white paper), which is also the first officially released white paper on the blockchain industry in China. The white paper predicts that blockchain applications will accelerate the implementation, promote a new round of business model reform, and "reduce costs" and "improve efficiency" for the real economy, building a "good faith industry environment".
 
        The white paper released by the Ministry of industry and information technology in late May mentioned that blockchain will be widely implemented in the real economy in the next three years; Blockchain will accelerate the process of "credible digitalization" and drive finance to "get rid of virtual reality" to serve the real economy. "The publication of the white paper has proved the importance that the state attaches to blockchain technology, and from the national level, it urges the society to carry out technological innovation." Konglingxin, CEO of shell financial holding group, said in an interview with science and technology daily, "this tuyere will produce many opportunities. In particular, its tamper proof characteristics will have a disruptive impact on enterprises that have high demand for information authenticity, rely heavily on and provide information authenticity verification services.
 
        ”He believes that tuyeres will focus on industries that need KYC (knowyourcustomer), such as finance, to help them verify the real information of customers, such as upstream and downstream industries of the supply chain, virtual commodity valuation industry, etc; At the same time, finance has a natural information attribute, and financial services will drive the information interconnection of everything, which will eventually promote the popularization of blockchain. Kong Lingxin said that business cooperation relies on repeated communication and negotiation between people, supplemented by contracts, agreements and other legally effective documents, and blockchain will change this model. "As long as the cooperation standards are published, any party that meets the cooperation standards and hopes to achieve cooperation can communicate and match independently, so as to achieve cooperation efficiently and directly.
 
        In blockchain, due to its encryption and tamperability, both partners have formed enough trusted data, and there is no need to negotiate again and again and investigate and review each other's reputation. Any qualified company can immediately start communication and cooperation, which greatly improves social efficiency. ". When multiple enterprises meet the same cooperation terms, procedural price competition will make the market more in line with the law of value. "The current negotiation world will be transformed into a prediction world, in which there will be intrigues and personal preferences, but in the latter, there will be only truth and transparency, words and deeds, and intelligent procedures." Kong Lingxin, for example, said that if blockchain technology is used in bidding advertising, tamperability can play a great role, and can effectively prevent false clicks and false traffic.
 
        Take an example of blockchain application: the traditional process requires a series of certificates such as work income, bank flow, social security, tax payment, etc., which takes an average of 182 days. After the industrialization of blockchain in the future, many processes can realize contract intelligence through digitization and automation: after signing the contract, the bank is authorized to get the key, obtain all the data proving the customer's loan qualification, and automatically issue the loan after the information is correct. Real estate services and financial services have become second level services. "Real estate agents and banks will definitely like the second level services brought by blockchain technology." Kong Lingxin said that for real estate agents, the longer the transaction process, the easier it is to produce additional problems, such as house price fluctuations and other factors.
 
        Blockchain technology can make the purchase process count in seconds, which will greatly improve the purchase and sale speed and order efficiency. For banks, the urgent problem is that risk control is difficult to verify a lot of information, such as employees' actual wages, paid in social security and provident fund. As a technical means based on Distributed Accounting database, blockchain can realize the non tampering of information, and eliminate the possibility of data falsification from the root. "It is precisely because banks' requirements for real data are much higher than those of other industries that many banks are now actively embracing blockchain technology, including investment in blockchain projects, behind which are large financial institutions such as banks.
 
        ”。 "Blockchain now will be like a local area network in the 1990s in the future, and few will succeed. But when the core technology is unified and the protocol layer is consistent, blockchain will have more applications." Kong Lingxin said, "when there is no standard for blockchain technology development, the most likely thing is that when the standard appears, the code written in the past that does not meet this standard needs to be overturned and rewritten. The problem is, which underlying technology will become the standard? It is not very clear at present. This is common in the development and maturity of past technologies.". For example, 2008— In 2010, the application of flash technology in the video field was at its peak, but then because the popular Apple device refused to use flash technology and chose HTML5 technology, most of the video coding programs are H263 or H264 now. It is conceivable that the video production companies that used to focus on flash technology were impacted.
 
        In addition, he also said: at the beginning of the development of third-party payment, businesses will accept different third-party payment institutions; But now most businesses will only choose Alipay or wechat, and other payment institutions invested in advance will "sink". Kong Lingxin believes that there is no unified standard, which means that different blockchain projects cannot be linked in a standardized way, and the interconnection between blocks will face a more difficult and troublesome situation. However, blockchain has network effect. The more interconnected blocks, the more obvious its characteristics will be, and the stronger the effect will be triggered. The blockchain white paper of the Ministry of industry and information technology shows that as of the end of March 2018, 456 companies have mainly engaged in blockchain business in China.
 
        At present, China's blockchain industry is in a stage of rapid development, with entrepreneurs and capital pouring in, and the number of enterprises increasing rapidly. Internet giants are also actively deploying in the blockchain field to promote the development of the blockchain industry. Many governments have actively positioned blockchain technology from an industrial perspective, and the policy system and regulatory framework have been gradually developed and improved. The white paper points out that Beijing, Shanghai, Guangdong and Zhejiang are still the concentration of blockchain entrepreneurship, and blockchain enterprises located in four provinces (cities) account for more than 80%. In addition, the top ten provinces (cities) in China's blockchain entrepreneurial activity also include Jiangsu, Sichuan, Fujian, Hubei, Chongqing and Guizhou. According to the white paper, from the perspective of the distribution of blockchain industry segments, as of the end of March 2018, the number of industrial application service companies in the blockchain field was the largest, including 86 companies mainly providing application services in the financial industry and 109 companies mainly providing application services in the physical industry.
 
        In addition, the number of relevant companies in blockchain solutions, underlying platforms, blockchain media and community areas is more than 40. Kong Lingxin said that the large-scale application of blockchain will take the lead in the concentration of the Internet and financial industry, such as Shanghai, Beijing and other cities, and will also take the lead in leading enterprises, such as Foxconn in Shenzhen and linkhome in Beijing. It is almost impossible to appear in small and micro enterprises, especially start-ups. "The country has begun to build a number of blockchain industrial parks, and the landing of blockchain technology in the real economy must be the first here." At the same time, he believes that because some attributes of blockchain technology will weaken the Internet, blockchain technology will be applied to the banking industry earlier than the Internet industry.
 
        Many insiders believe that while seeing the great progress of China's AI industry, the problems exposed by China's AI industry also need to be paid attention to, and the problems of "strong application, weak foundation", "strong function, weak protection" and so on need to be solved.
 
        
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