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Blockchain determines the core competitiveness of future commercial banks

Time : 14/05/2022 Author : uvoxgt Click : + -
        Recently, "blockchain" has become a hot word. Li Wei, director of the science and Technology Department of the people's Bank of China, said a few days ago that it is of great significance to promote the digital transformation of blockchain, which is the key to determine the core competitiveness of future commercial banks. It is necessary to deeply study blockchain technology and promote the deep integration of blockchain and the real economy. Industry insiders believe that blockchain technology has potential to play a role in industrial changes such as digital currency, supply chain finance, medical informatization, and educational resource sharing. Blockchain can't just hype the concept, but find its own market in the process of serving the real economy. It is understood that the trade finance blockchain platform of the people's Bank of China (hereinafter referred to as "the trade finance blockchain platform of the central bank") was officially piloted in September 2018.
        At present, the platform has realized multi-level financing of supply chain accounts receivable, cross-border financing, supervision of international trade accounts, foreign payment tax filing form and other businesses. According to the latest data from the people's Bank of Shenzhen, as of the end of September, 485 outlets of 29 banks in Shenzhen had access to the platform. Among the tens of thousands of transactions generated, 4864 transactions were generated under the external payment scenario, involving an amount of about 65.6 billion yuan. It is worth noting that many commercial banks have long had a layout in blockchain applications. For example, ICBC released an enterprise level blockchain technology platform with independent intellectual property rights in 2018. At present, the platform has made more than 60 core technological breakthroughs, submitted 41 patents, and applied to more than 60 scenarios such as fund transfer and collection, fund settlement, fund allocation, bank enterprise interconnection, etc.
        China Construction Bank applied blockchain technology to international factoring business and launched the first international factoring blockchain transaction. The blockchain Forfaiting trading platform designed and developed by Bank of China, CITIC Bank and Minsheng Bank was successfully launched, becoming another innovative project in the banking industry to expand the practical application of blockchain. Li Wei believes that digital transformation needs the support of various advanced technologies. If you want to apply the technology well, you must first thoroughly study the technology. It is necessary to accurately grasp the advantages and disadvantages of each technology, make full use of the advantages and avoid the disadvantages, and find a reasonable and appropriate application scenario. We should steadily apply artificial intelligence technology, scientifically plan and apply big data technology, and accelerate the transformation of distributed architecture.
        As an important emerging technology, blockchain has great potential in promoting the innovation and development of the digital economy. We need to deeply study the blockchain technology, promote the deep integration of the blockchain and the real economy, and solve the problems of financing for small and medium-sized enterprises, bank risk control and department supervision. The digital transformation of commercial banks should also attach great importance to the application of blockchain technology, develop application scenarios according to technical characteristics, increase innovation, establish a security system, and ensure safe and orderly development. Tang Ning, the founder and CEO of Yixin company, said that the blockchain technology should bring a new business model. Through different financial institutions and upstream, middle and downstream parties in the industry to use the blockchain technology, a new cooperation model will be formed, creating more business opportunities, greatly improving efficiency, reducing risks and reducing costs.
        On October 26, ye Zhenzhen, Party Secretary of the people's network, proposed in a signed article that we should also keep pace with the times in our understanding of blockchain; We should stress not only the present but also the long term; We should look not only at home, but also at the world; We should not only prevent risks, but also promote development. In particular, we should have a profound, systematic and complete understanding of its great role in building a network power, developing a digital economy, and helping economic and social development. China must take the lead in the development of blockchain. This requires the concerted efforts of the government, enterprises, academia, media, and even all sectors of society. Only in this way can the blockchain become an important breakthrough for independent innovation of core technologies in China, truly play its important role in new technological innovation and industrial transformation, and help to improve the modernization level of the national governance system and governance capacity.
        Can blockchain technology help the poverty alleviation of poor people? Can it play a role in solving the financing problem of small and medium-sized enterprises? Can it play a role in establishing a better credit reporting system? Sun Tianqi, chief accountant of the State Administration of foreign exchange, suggested that do not speculate on the concept of blockchain, and do not engage in illegal activities and financial activities under the cloak of blockchain; In order to truly gain market space, this technology must find its own market from the current economic and financial pain point and from the process of serving the real economy. "Whether the new technology is a & lsquo; good medicine & rsquo; or a & lsquo; drug & rsquo;, we need to work together to make it develop in the direction of & lsquo; good medicine & rsquo.
        Insiders believe that the blockchain is still in the early stage of industrial development and its application is not mature. This is reflected in the investment of A-share listed companies, that is, the relevant substantive investment content is less and the concept theme investment is mainly. Investors need to be vigilant against the speculation risk. Haitong Securities believes that in the future, blockchain will have wide application space in finance, medical treatment, government affairs processing, smart city and other fields. However, it is necessary to realize that blockchain technology still has the problem of low cost and high efficiency, and is not widely applicable to all application scenarios. Moreover, it will take time to verify the performance growth of all listed companies. Therefore, the concept of "blockchain" will inevitably return to value after speculation, Therefore, investors need to pay attention to the risk of short-term chasing.
        Yin Zhentao, deputy director of the law and Finance Research Office of the Institute of finance of the Chinese Academy of Social Sciences, believes that blockchain is a technology, and the technology itself is innocent. Blockchain technology is worthy of support and encouragement. At the same time, he pointed out that the current blockchain technology is still in its infancy, immature and imperfect, and there are still risks in its application in the financial field. In terms of regulation, under a more integrated and coordinated regulatory framework, it is possible to further strengthen penetrating and coordinated unified regulation.
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