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Blockchain drives the digital industrial layout of banks, interview mazhitao, vice president of Weibo

Time : 10/09/2021 Author : rgsoe3 Click : + -
        It has become a general consensus in the industry that fintech drives the traditional financial industry to realize the transformation of development strategy and the reshaping of business model. With the introduction of national strategies in the new era such as the construction of industrial digitalization, the digital transformation of China's commercial banks is also facing new opportunities and challenges. The industry generally believes that vigorously developing inclusive small and micro businesses is an inevitable choice for commercial banks to cultivate new business growth engines and help the high-quality development of the real economy in the new era. All financial institutions are actively giving play to their technological advantages, expanding the depth and breadth of inclusive small and micro businesses, and improving the convenience, fairness and sustainability of digital financial services. As a new Internet bank with Pratt & Whitney long tail customer group as its core target customer group, the exploration and practice of Weibo in the field of Pratt & Whitney small and micro business has always attracted much attention.
 
        Recently, on the new stage of digital transformation, how commercial banks can better improve the quality and efficiency of inclusive financial services through science and technology, "China Business Daily" reporter interviewed mazhitao, vice president of Weizhong bank. Ma Zhitao: since last year, there have been some new trends in macroeconomic development and policy environment. Various national policies have been issued to develop the digital economy, promote rural revitalization, achieve dual carbon development, and bridge the digital divide, which put forward higher requirements for how financial technology can help high-quality development. From the perspective of business practice, it is more manifested in the high-quality development in the fields of serving inclusive long tail customers, serving people's livelihood, and helping the development of green and low-carbon finance.
 
        In terms of rural revitalization, the scene application of fintech helps commercial banks to accurately drip the inclusive small and micro customer group. In recent years, wechat bank has also made some achievements in this field. For example, with the help of the existing blockchain platform and big data, wechat bank accurately portrays and identifies the business conditions and risks of some small and micro farmers, and judges the possibility of granting credit to these small and micro enterprises through multi-dimensional data. In the future, there is still a lot of room for financial technology to play in this field. For example, AI technology can be used to make satellite remote sensing data of agriculture to judge the reliability of some agricultural data. In addition, in the process of industrial digitalization, the digital divide between some urban and rural areas and customer groups is inevitable.
 
        There is still much room for fintech to explore in bridging the digital divide and achieving fairness in financial services. Taking the long tail inclusive customer service in Qinghai Tibet as an example, it is difficult for them to communicate with tellers and customer service personnel due to geographical and language constraints. In response to this situation, Weizhong bank has innovated the sign language customer service, which now has a customer base of more than 11000 people. Mazhitao: first of all, we should build an architecture system to support high agile efficiency and low-cost operation. In the past financial business model, there has always been the problem of small and micro inclusive customer group financing difficult and expensive. In the final analysis, the high frequency, small amount, short cycle, high cost and low income of financial services demand from long tail customers make traditional financial institutions lack the driving force for business development.
 
        Cost control and risk reduction are the key to the sustainable development of small and micro inclusive business. This requires a matching business operation architecture. At the beginning of its establishment, Weibo bank was positioned to serve the long tail customer group, which requires a new generation of financial service model completely different from the cost structure support under the traditional model. In this context, the distributed architecture based on blockchain came into being. After several years of practice, it has been proved that the distributed architecture system is more agile, accurate and efficient in serving the long tail Pratt & Whitney customer base, especially in terms of capacity expansion according to market demand. Under the traditional business model, banks may need several months to plan, design and implement; However, under the distributed architecture system, R & D can be completed in a few days, which greatly saves time and cost, and also improves the iteration speed of product R & D and update.
 
        For example, during the epidemic last year, there were some very urgent business cooperation. We need to help small and micro enterprises provide emergency liquidity support. It took only 10 days for this product to be launched on the market. Another obvious advantage is that under the distributed architecture system, banks have lower cost control for business in the long tail market. Taking Weizhong bank as an example, compared with traditional banks, the cost of maintaining a single account can be less than 3 yuan per year. At the same time, with the support of blockchain, big data and other financial technologies, wechat bank also controls the average household loan cost of users relatively low. After opening the long tail market, with the growth of Pratt & Whitney customers, the transaction scale and frequency will be a major challenge for most small and medium-sized banks.
 
        By the end of last year, the number of users of Weizhong bank had reached 270Million, and 750million financial transactions were processed in a single day, which was equivalent to the scale of large state-owned banks. However, compared with large state-owned banks, private banks lack resources, and we must meet this demand through technological innovation. Ma Zhitao: in the past two years, blockchain applications have become more diversified, and blockchain plus scenario applications from all walks of life have generally been implemented. In this process, many large-scale applications have begun to grow. The combination of information technology and industrial application is more reflected in scalability. Financial institutions need to be prepared in advance to better support industrial development.
 
        To achieve scalability, we need to split the architecture of the blockchain platform by layers and modules, so as to realize the unlimited expansion and free combination of computing network storage. Recently, fiscobcos, led by wechat bank, has just completed the V3.0 version upgrade. An important point of the new version is that it adopts the idea of microservice to modularize the whole architecture, which can well realize layered parallel expansion. For example, blockchain is composed of nodes. The industry generally believes that a node is supported by one machine. Now we want to realize that a node can be supported by countless machines, which makes the network computing storage on the blockchain infinitely expanded, and the overall processing capacity will be greatly improved.
 
        Through this modular hierarchical splitting, the nodes inside the blockchain can be better combined freely, and then flexibly combined according to the needs of users, scenarios and other situations, so as to expand scenario applications faster and more effectively, and meet the large-scale and diverse market needs. It is worth emphasizing that fiscobcos is an open source alliance chain, which can better realize the interactive support of the community and help us grasp the development trend of the industry. China Business Daily: with the industrial application of blockchain technology, the advantages of blockchain platform in serving the real economy are becoming increasingly prominent. Entering the new stage of fintech development, what other key areas will blockchain technology have in terms of scenario application?.
 
        Ma Zhitao: blockchain plays an increasingly prominent role in the financial industry, especially in solving some problems faced by the real economy. For a long time, the application of blockchain technology in financial scenarios has mainly played the role of "three rises and two falls", that is, through it to improve operational efficiency, improve user experience, expand business scale, reduce costs and control risks. In recent years, various financial institutions have also carried out a lot of exploration and practice in "three rises and two falls" with the help of blockchain technology. For example, in the Rural Revitalization business, banks can conduct accurate data portraits and evaluate credit lines for agricultural enterprises and farmers through the receivable and payable data of supply chain finance.
 
        Take the blockchain certificate deposit business of Weizhong bank as an example. Unlike traditional commercial banks, the business relationship between Weizhong bank and customers is basically completed through online digital form, so digital certificate deposit is more important to us. Through the tamper proof feature of blockchain, we found a very good application scenario: blockchain certificate deposit. Blockchain certificates have always been faced with great challenges in how to be recognized by judicial authorities, especially in the later judicial proceedings, how to make blockchain certificates be recognized quickly is the key. In order to solve this problem, we introduced authoritative judicial institutions when we began to build the "chain".
 
        Once customers need judicial evidence due to disputes, they can obtain evidence directly on the blockchain through cooperative judicial institutions, which greatly reduces the cost of time and capital. In the past, it may take several months to complete a successful lawsuit. Now it can be completed in a few days through the blockchain deposit mode. This has a great positive impact on the development of small and micro inclusive business. From the perspective of business examples, the loan amount of general customers of Weizhong bank is only a few thousand yuan. If the evidence collection of dispute litigation is carried out in the traditional way, the capital cost alone may be several hundred yuan, and the time is relatively long; In the blockchain certificate deposit mode, the cost of evidence collection is reduced to 1/10 or even lower, which has a very obvious effect on the overall efficiency improvement and cost reduction of the business.
 
        Ma Zhitao: driven by financial technology represented by blockchain, big data and other information technologies, traditional financial institutions are accelerating their transformation to digitalization, intelligence and openness. The application of data level has become a very important practice direction in the field of financial technology, especially blockchain. In the development stage of digital economy, data is an important factor of production, and the circulation of data is particularly critical. However, in the case of imperfect laws and regulations in the past, the supervision is insufficient, and the application of data in various fields presents a disorderly development state, which has many risks and challenges, such as data leakage, privacy protection and so on. In recent years, various fields have paid more and more attention to data privacy protection and data security.
 
        The personal information protection law of the people's Republic of China, which was recently issued, clarifies the boundaries of data use and the rules of data asset transactions, providing strong legal support for the protection of personal information and the safe use of data. How to seek balance and breakthrough in data circulation and protection? We believe that some risks of data leakage and privacy protection caused by data technology can be overcome by a new generation of technology. To solve the data security problems in the process of storage, transmission and collaborative production, the key is to improve the digital infrastructure. Digital infrastructure is a new information infrastructure based on digital technology, including key underlying technologies based on blockchain, privacy computing and artificial intelligence, big data, cloud computing, etc. it can be flexibly combined according to the needs of the scene to solve various data security problems.
 
        DDTP (distributeddatatransferprotocol) is a very important digital infrastructure built by wechat bank through blockchain technology. It can separate the storage, transmission and verification of personal information to promote the effective flow of data. According to the DDTP protocol, users download personal data from the data provider and store it in the location designated by the individual to form a "data fingerprint" written on the blockchain; When using, the user can authorize the downloaded data information to the data receiver. Distributed data transmission protocol plays a very important role in returning the right to use data to individuals.
 
        In the past, users were unable to participate in data authorization in the data transmission stage. Now, users are also included through blockchain technology, so that the data transmission between institutions must be mediated by individual users for application and authorization. This mode that individuals are authorized to download their own data and can dominate the whole transmission process can effectively deal with the problems of data authorization security and privacy protection. In the era of digital economy, data is not only an important factor of productivity, but also the basis for financial institutions to realize digital transformation and financial technology innovation. Only by comprehensively improving the data governance ability of institutions and using data safely and in compliance can we better release the value of data and improve the ability of financial institutions to provide high-quality services to Inclusive Finance and help the development of the real economy.
 
        The CBRC recently issued a document stressing that it will actively guide and strengthen the application of financial technology, promote the deep integration of digital technology and Inclusive Finance, and support financial institutions to comprehensively use modern information technology means such as Internet, cloud computing, big data, artificial intelligence, blockchain, etc., so as to improve the availability of loans for small and medium-sized enterprises and reduce service costs. Bankers generally believe that the integration trend of the innovative application of new generation information technology in the financial field is becoming more and more obvious. From the application level, the key for financial institutions to better benefit the people and enterprises and serve the real economy through science and technology is to do a good job in data capacity-building. After the accumulation and development of the past few years, various institutions have achieved particularly remarkable results in enabling science and technology business and improving quality and efficiency, but they also face many problems, such as insufficient data resources, insufficient value mining, difficult data management, and high data use security risks.
 
        In the context of accelerating industrial digital transformation, it is urgent to improve the data capacity of financial institutions. At the beginning of 2021, the central bank issued the guidelines for data capacity building in the financial industry, clarifying the data development principles of financial institutions from the aspects of data strategy, data architecture, data application and so on. Since the second half of the year, local regulatory authorities have announced the launch of pilot work to promote efficient governance and secure sharing of financial data on the premise of safety and compliance, and achieve cross level, cross agency and cross industry data fusion applications. Since 2021, commercial banks have been more proactive in embracing financial technology and improving digital capabilities, increasing investment in digital infrastructure, and exploring the integrated application of new generation information technologies such as AI, big data, Internet of things, privacy computing, etc. in the financial field.
 
        On the whole, since this year, commercial banks have made greater layout and investment in the field of data capacity-building, accelerated the construction of agile architecture, and built big data platforms such as data acquisition, intelligent analysis and risk control management. At the same time, financial institutions have increased talent reserves in data governance, data modeling and other fields to improve data governance capabilities. With the exploration and practice of data capacity-building, the innovative application of commercial banks in the integration of new generation information technology and industrial scenarios is also continuously enhanced. Especially in rural revitalization, green low-carbon and other business areas, scene application products supported by the integration of blockchain, privacy computing and other technologies continue to emerge, greatly improving the quality and efficiency of commercial banks, especially local banks, in providing inclusive finance services.
 
        After several years of practice, it has been proved that the distributed architecture system is more agile, accurate and efficient in serving the long tail Pratt & Whitney customer base, especially in terms of capacity expansion according to market demand. Under the traditional business model, banks may need several months to plan, design and implement; However, under the distributed architecture system, R & D can be completed in a few days, which greatly saves time and cost, and also improves the iteration speed of product R & D and update. For example, during the epidemic last year, there were some very urgent business cooperation. We need to help small and micro enterprises provide emergency liquidity support. It took only 10 days for this product to be launched on the market.
 
        Another obvious advantage is that under the distributed architecture system, banks have lower cost control for business in the long tail market. Taking Weizhong bank as an example, compared with traditional banks, the cost of maintaining a single account can be less than 3 yuan per year. At the same time, with the support of blockchain, big data and other financial technologies, wechat bank also controls the average household loan cost of users relatively low. Blockchain certificates have always been faced with great challenges in how to be recognized by judicial authorities, especially in the later judicial proceedings, how to make blockchain certificates be recognized quickly is the key. In order to solve this problem, we introduced authoritative judicial institutions when we began to build the "chain".
 
        Once customers need judicial evidence due to disputes, they can obtain evidence directly on the blockchain through cooperative judicial institutions, which greatly reduces the cost of time and capital. In the past, it may take several months to complete a successful lawsuit. Now it can be completed in a few days through the blockchain deposit mode. This has a great positive impact on the development of small and micro inclusive business. From the perspective of business examples, the loan amount of general customers of Weizhong bank is only a few thousand yuan
 
        
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