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Interpretation of chain as blockchain -- Analysis of blockchain technology in Finance

Time : 22/09/2021 Author : b3h2es Click : + -
        Blockchain technology can solve the trust and security problems in transactions. Blockchain technology has become an optional direction for the future upgrading of the financial industry. Through blockchain, both parties to the transaction can carry out economic activities without the help of a third-party credit intermediary, thereby reducing the cost of assets that can be transferred globally. Blockchain realizes the digital circulation of assets, blockchain financial transaction mode, and discusses the application of blockchain services and social public industries. This conference will mark the beginning of the application of blockchain finance and the transformation and development of a new financial ecosystem. The distributed storage and data tamper proof characteristics of blockchain technology are highly consistent with the requirements of information and data security and transaction data protection in the financial field.
 
        Therefore, the main impact of blockchain technology on the financial sector includes the following advantages. Because blockchain data has the characteristics of timestamp, joint verification with consensus nodes, and records that cannot be tampered with and forged, blockchain can be widely used in some scenarios of notarization and audit of all kinds of data. It can greatly reduce the error rate to ensure the authenticity of the record. Because blockchain technology is tamper proof and new, the subsequent need for auditors can be eliminated and a lot of workload can be reduced. Financial supervision is a position that governments all over the world attach great importance to and will never give up. For financial supervision, the standardization of blockchain technology, point-to-point transparency, tamper proof features and other attributes not only provide convenience for financial supervision, but also its decentralization, encryption attributes and anonymity &lsquo& rsquo;, It also brings difficulties to financial supervision.
 
        In terms of combating illegal acts such as anti money laundering and anti fraud, the identification ability of blockchain technology is very important. The encryption feature of the anti money laundering blockchain is a basic technology that is conducive to keeping records and tracing the source, so as to support the process of verifying the identity of customers and querying whether customers have carried out some illegal activities. Insurance enables insurance companies and customers to manage claims in a truly transparent and secure way through smart contracts. All contracts and claims can be recorded on the blockchain and verified by the network. For example, blockchain can reject multiple claims for the same accident. Insurance fraud often occurs in real life. Insurance cases can be screened and checked through blockchain technology.
 
        Blockchain technology has greatly promoted the development of the financial industry. Through secure storage and data transmission technology, decentralization and other underlying technologies, the security of assets and personal information in the transaction process is guaranteed. Although blockchain technology has not been widely used in the current development of the financial industry, with the continuous exploration of technology, the value of blockchain technology will be more recognized.
 
        
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