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Huo Xuewen: blockchain technology development needs clear rules

Time : 08/04/2022 Author : 38x6jh Click : + -
        Lei Feng reported on March 19 that the second China Financial enlightenment annual meeting was held in Beijing yesterday afternoon. According to Lei Feng, Wu Xiaoling, vice chairman of the financial and Economic Commission of the National People's Congress, Chen yuliu, vice president of the people's Bank of China, hernandodesoto, a world-renowned economist and chief economist of gbbc, niallferguson, a senior researcher at the Hoover Institute of Stanford University, huoxuewen, Secretary of the Party group and director of the Beijing Municipal Bureau of financial work and author of the new financial ecology, attended the meeting and delivered a speech. Among them, Huo Xuewen pointed out that the characteristics of blockchain technology, such as point-to-point and decentralization, have reduced financial costs and brought many conveniences, but at the same time, clear rules and norms are also needed.
 
        At this stage, there is a global upsurge of blockchain research, and many governments and large financial institutions are looking forward to taking the lead in this round of technology tide. Financial institutions are working overtime to study and explore blockchain technology. Blockchain is an important underlying technology of financial technology, and application scenarios have sprung up. While actively encouraging the development of blockchain technology, we should guide blockchain to a healthy track. Blockchain technology has the characteristics of distributed, tamper proof and full tracking. It has become an important underlying technology of financial technology and has broad development prospects. Since 2015, China's attention and Research on blockchain technology have also been gradually carried out.
 
        Blockchain technology is mainly applied in the following aspects:. One of the earliest commercial applications in the world is the ripple system. Ripple, founded in 2012, is based on blockchain (distributed bookkeeping) technology and mainly provides cross-border payment services for commercial banks. This system is mainly aimed at the problems of low efficiency and high cost of inter-bank international payment. It uses blockchain technology to solve the problems of low efficiency, high cost, expensive charges and long time in the bank payment system. The research of digital currency is gradually on the fast track. At present, the research and development of digital currency has been highly valued by the governments of the United States, Britain and other countries.
 
        In recent years, the people's Bank of China has paid close attention to the development of digital currency and actively carried out relevant research work. The characteristics of blockchain technology are conducive to solving the trust problem in financial activities at a low cost. Trust is the foundation of financial activities. The supervision of financial activities, including product registration, information disclosure, fund trusteeship, and the construction of credit reporting system, is to solve the problem of trust. Trust has always been an unavoidable problem in the financial field. The whole society is actively promoting the construction of credit reporting system. The gradual maturity of blockchain technology has created a good path to solve trust problems with mutual trust. Blockchain technology can be used as an underlying technology of credit investigation, and can be applied more and more in the field of credit and credit investigation.
 
        Traditional regulatory methods have been difficult to adapt to the current rapid development of business needs, and the risks of trading places need to be paid high attention to, through technological innovation to achieve more effective management. Blockchain technology can promote trading venues to be further open, shared and tamper proof, especially through blockchain technology to regulate and regulate many trading activities in society. The characteristics of blockchain technology, such as point-to-point and decentralization, have brought us convenience and efficiency, reduced costs, but also need clear rules and norms. Blockchain technology is still in the early stage of development, and there are still technical bottlenecks. The theft of bitcoin on some trading platforms has exposed the defects of the existing technical structure of blockchain, including smart contract programming vulnerabilities, trading system vulnerabilities and accounting system vulnerabilities.
 
        In addition, there are also defects such as relatively slow computing speed and insufficient storage space. Second, there is no unified standard for the application scenarios of blockchain, there is a lack of mature cases, and the regulatory regulations are relatively lagging behind. All these require a process of evolution and development. At present, various so-called "virtual currency" and "digital currency" created by some people with blockchain technology are widely used. This "currency" does not belong to currency, but is just a virtual commodity, which is generated according to a specific algorithm and does not rely on a specific currency institution to issue, lacking credibility. The virtual currency created by many criminals under the guise of the blockchain concept is only a pyramid selling item, which more reflects the characteristics of Ponzi scheme, such as the exposed Baichuan coin and Morgan coin, which investors must clearly identify.
 
        At present, the online loan industry is developing rapidly, the business scale is expanding, and the risks are accumulating. At present, for P2P online lending institutions, the existing regulatory means have been unable to dynamically and in real time grasp the transaction situation of the regulatory object, which is not conducive to the timely discovery and resolution of industry risks. Our approach to the prevention and control of Internet financial risks is to build a business supervision system for online lending information intermediaries based on blockchain as the underlying technology and the technical characteristics of distributed storage, encrypted computing, cross comparison and verification. The system realizes real-time registration of products and timely disclosure of information. It can connect with bank deposit data, and the authenticity, integrity and security of data can be cross verified efficiently.
 
        While achieving effective supervision, it also provides value-added services such as blacklist sharing, business data modification and tracking, and the introduction of joint construction of banks, industry associations and other relevant parties to the online loan platform, effectively reducing the platform's operational risks and risk cross transmission. In short, in the long run, the application of blockchain technology also has broad prospects. In the blockchain era, it will be a general trend to do a good job in traditional financial services, Internet financial innovation services and financial supervision services. On the basis of preventing and resolving financial risks, it will serve finance and economy through financial technology.
 
        
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