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Development status and Prospect of blockchain technology in the financial industry

Time : 23/06/2022 Author : thl4vo Click : + -
        1. The connotation of blockchain technology blockchain technology is not a single computer paradigm technology, but a distributed ledger technology that steadily increases the cooperative guarantee of different nodes in the network and consists of time stamps and orderly recording data modules under the guidance of the basic cryptography technology consensus machine theory. In the process of data storage and verification, this scheme first records the specific information with the help of cryptography technology, and then generates the corresponding fingerprint. In this technology, the storage unit of data is data block, which realizes interactive identification by relying on the connection between fingerprint and data block. With the maturity and improvement of blockchain technology, it has gone beyond the traditional bitcoin data encoding application, and has been applied in many industries such as finance. It is gradually considered to be an important technology that will change the traditional credit paradigm, and replace the traditional information transmission with value transmission, which will become an integral part of the global next-generation Internet value foundation protocol.
 
        Blockchain has the main characteristics of decentralization, transparency, anonymity and security, which is of great value to the development of financial industry. At the level of credit mechanism, blockchain technology gets rid of the traditional third-party credit mechanism with the help of cryptography technology. Each data block on the node realizes the transmission and exchange of information, and the equality of rights and obligations improves its operation efficiency. Therefore, it can further improve the transparency of value information on the whole blockchain. The information of each node is fixed and independent of each other, and cannot be modified. Cryptographic technology is used between nodes to achieve anonymity. Therefore, blockchain technology can achieve high security of information and value storage and transmission. Any node can copy the entire block data, but can not change any node data, and realize information security transmission without the help of the central third-party intermediary.
 
        2 development status of blockchain technology in the financial industry 2.1 application direction of blockchain technology in the financial industry 2.1.1 digital currency. In the long-term development of the financial industry, the development and reform of money. It is also quietly emerging. In today's electronic Internet, digital money is more dynamic than traditional paper money. The application of blockchain technology in the development of bitcoin has made important achievements, especially with cryptography technology as the core encryption to achieve the security of digital currency. The development of digital currency can effectively reduce the cost of paper money issuance and circulation. With the solution of the circulation and exchange of digital currency in the world, digital currency will bring changes to the entire financial industry.
 
        2.1.2 construction of comprehensive trading platform for financial assets. With the deep integration and development of the financial industry and the Internet, the comprehensive financial asset trading platform based on Internet information technology has become an important foundation for the efficient development of the financial industry. Blockchain technology will realize smart contract based on the platform, and realize value transmission by relying on the unique security and decentralization of data modules. 2.1.3 reduce the cost and time of international payment and settlement. Blockchain payment technology is rising and developing rapidly. Compared with traditional cross-border transaction payment, blockchain technology is more secure and efficient. Blockchain payment can realize payment through point-to-point effective means, reduce the time of payment procedures, and there is no third-party credit institutions, which greatly reduces the payment fee rate, and can promote the rapid development of cross-border trade and cross-border e-commerce.
 
        2.1.4 improve the efficiency of financial asset trading organization. In the past, the transfer of financial assets required a series of approval operations by certain securities and other financial institutions. Blockchain technology can rely on the sharing of data to achieve effective interoperability between various nodes, and quickly complete asset transactions without affecting the security of funds. In this mode, the information is more transparent, the operation is more standardized, the cycle is shorter, the efficiency is higher, and the cost is lower. 2.2 application status of blockchain technology in the financial industry at present, blockchain technology has been paid attention to by many countries, and many policies have been issued to guide the market in the research and application of blockchain technology. Blockchain technology has been preliminarily explored and practiced in digital money, commercial banks, exchanges and other financial institutions.
 
        In. In terms of digital currency, bitcoin is more common. As a digital currency, bitcoin does not have the attributes of traditional paper money and current electronic money at all, but can be used for transactions, purchase and payment, currency exchange, etc. with the development of bitcoin, some debit cards and other products around bitcoin have also appeared one after another. Ecuador also launched its own national digital currency in 2015. Relying on blockchain encryption technology, this currency can not only make all groups remember that the Internet has access to financial services, but also promote the state's control over currency circulation and reduce illegal acts such as money laundering. In terms of international payments, blockchain technology has largely eased the dependence of cross-border payments on third-party financial institutions. Ripple in the United States has established a blockchain based online financial transmission protocol to replace traditional third-party credit institutions.
 
        This network transmission protocol is used in the international settlement business of Santander UK branch. At present, ripple blockchain technology has cooperated with banks in 19 countries around the world to promote the reform of national payment. In terms of financial integrated service platforms and financial asset trading organizations, many companies have also tried. For example, r3cev has established a blockchain alliance involving 43 banks from different countries, including Bank of America, Citibank, Deutsche Bank and HSBC, in an effort to establish a national blockchain technical standard, so as to achieve more efficient and secure global cross-border settlement and asset transfer. 3 prospects for the application of blockchain technology in the financial industry. The development of blockchain technology in the financial industry has entered a rapid development stage since 2015. According to a survey, at present, nearly 15% of the world's banks are applying blockchain technology to practice. IBM predicts that the next few years will be an important period for the development of blockchain financial technology. It is expected that about 66% of the world's commercial banks will develop blockchain technology with high-quality commercial value.
 
        With the increasing popularity of blockchain technology, the exploration of blockchain technology in China's financial industry has gradually emerged. In 2016, the Ministry of industry and information technology issued the white paper on China's blockchain technology and application development, which laid the foundation for the next few years. The keynote of the development of China's financial industry. It will be an important trend for the future development to realize the innovation and transformation of various formats of the financial industry around blockchain technology. Although blockchain technology can solve many practical problems in the development of the financial industry, at present, the development of the application of blockchain technology in the financial industry will also face the following problems for a long time in the future: 3.1 the technology lacks unified standards. Although blockchain technology has been valued by many countries and investment has been strengthened to promote technology development, 66% of the world's commercial banks can master blockchain financial technology with commercial application value in the next four years, However, these countries and enterprises lack unified standards for technology, and blockchain technology is difficult to mature in the long term in the future. To truly transform the development of the international financial industry, we need to promote cooperation between all parties.
 
        Therefore, blockchain financial technology is not the core advantage of a single technology. It requires all countries and enterprises in the world to break the financial policy barriers, form a blockchain development alliance, and deepen exchanges through dialogue and cooperation to form a unified technical foundation. 3.2 blockchain technology is not yet mature. The development of blockchain financial technology has only entered the preliminary stage of discussion and practice. Many countries have tried in financial payment and platform services, but the blockchain financial technology transformed from bitcoin technology still needs more experiments and technical investment. In the coming period, blockchain technology innovation and R & D will be intensive. It is necessary to strengthen R & D and make full use of relevant technologies in payment, credit rating, credit and other financial service systems to restructure financial business.
 
        3.3 there is a lack of cross-border talents. The application of blockchain technology in the financial industry needs talent protection, and there are few practical talents who can not only fully master blockchain technology, but also know and apply financial knowledge. Therefore, for the implementation of blockchain technology in the financial industry, it is necessary to establish a perfect professional talent training system in the long future, promote talent training under the integration of financial theory and blockchain technology, and pay attention to the practicality of the combination of theory and technology, so as to realize cross-border talent training. References: [1]. Chen Zhi. Blockchain finance "knocks on the door": domestic banking and insurance institutions watch carefully [n].21st Century Business Herald, 2016-10-10.[2] Li Changgen, Li Honghan, Gaohan, Chen Tao. The development trend of blockchain technology and its impact on the financial industry [j]. Hainan finance, 2017 (2): 31-37.[3] Wang Yan. The application of blockchain technology in the financial industry and its development suggestions [j]. Hainan finance, 2016 (12): 37-39.
 
        
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