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Future application scenarios of blockchain

Time : 28/06/2021 Author : odcqgu Click : + -
        Nowadays, blockchain technology is gradually applied to various fields. The financial industry is a vital link for the economic development of various industries and fields, and plays an important role in macro-control. Today, let's look forward to the future application scenarios of blockchain in the financial field. We will discuss the pain points in the current traditional financial field, the problems to be solved by applying blockchain technology, and the effects to be achieved. Since 2018, the international and domestic monetary policy of quantitative easing has been adopted, and its interest rate is almost zero. As a result, the interest margin level of banks has dropped sharply, resulting in difficulties for the survival of traditional banks. The development and impact of the Internet have made the traditional banks and financial enterprises slow to adapt. In addition, the domestic interest rate is highly market-oriented. Under the free choice of the market, the interest income of banks is lower. The business model mainly depends on the interest difference between deposits and loans, which urgently needs to be transformed.
        From the perspective of the transformation of national financial consciousness and behavior: in the past, China was a large country of savings, and people were more willing to save money than consume and invest. However, in recent years, people's consumption index has been rising, and they are also keen on various types of investment, so that the assets in their hands can be maintained and increased, and they can independently obtain market information, service time and channels to make investment decisions, which makes the finance more livelier, It has penetrated into all aspects of people's life. I may have bought a wealth management link within a few minutes of opening wechat. From the perspective of product and business model innovation: due to the development of the times, technology is constantly changing, and artificial intelligence, cloud computing, big data, etc. have created infinite possibilities for new finance.
        New technology + Finance + Internet has enabled various emerging business forms and innovations to develop continuously, and major cross-border competitors have emerged one after another. With the help of their own platforms, data, customer resources, etc., they have shown their talents in the fields of payment and settlement. The payments of Alibaba and Tencent are successful cases, which put pressure on traditional finance and banks. The above are the problems faced by the traditional financial field. The blockchain technology is characterized by low-cost credit creation, sharing, distribution, self-compliance, unique non tamperability and self adaptation. How to solve the problems of traditional finance and banks is mainly the following points:. Low cost credit creation & mdash& mdash; Rebuild the social credit system.
        The core value of finance lies in credit. Without credit, there is no finance, and there is no opportunity for business risks to create profits and accelerate the circulation of value. Because of credit, transactions can occur. Then, blockchain technology uses a set of mathematical algorithms under the consensus mechanism to establish a trusted network between machines, and creates credit through technical endorsement rather than a centralized third party, thus establishing a low-cost credit system. Peer to peer Trading & mdash& mdash; Weakening the financial intermediary function. Based on the first point above, the functions of a large number of intermediary institutions in the traditional financial field, such as trust, bank and third-party payment, are weakened, which greatly reduces the cost of transaction operation, and also enables traditional finance to carry out its own business across time and space without relying on centralized third-party operations.
        Smart contract & mdash& mdash; Promote the process of financial intelligence and automation. With the arrival of an intelligent society, a large number of manual financial service processes can be simplified and automated. Certain rules and logic are automatically set in the contract. The block will automatically verify the compliance of the transaction and the user, and the non-compliance will be removed. This is not a new thing in life, but smart contracts based on blockchain technology can write more complex contract terms into computer programs. When conditions in the treaty occur, it will automatically trigger reception, storage, etc., so as to realize transaction intelligence, greatly improve efficiency, and the contract is transparent and cannot be tampered with.
        At the same time, because of its non tamperability, and each block record has a complete time stamp, which is conducive to financial supervision and will also help reduce the regulatory burden. At the same time, no transaction link can be separated from the regulatory line of sight, which will greatly increase the strength of anti money laundering. Distributed network & mdash& mdash; Reduce the systematic risks faced by traditional finance. In a distributed network, because all nodes account together, even if any node is damaged, it will not affect the whole and will not cause the data of other nodes to disappear. In traditional finance, once the data and server are attacked by hackers, it will not be easy to recover. Therefore, the security of the blockchain will be greatly enhanced and the trust risk of the system will be reduced.
        This is also the reason why it is extremely important for major cross-border robbers to embrace blockchain technology. Imagine that when you wake up and find that father Ma's Alipay has been attacked, it may not be as simple as the user's loss of funds. There are also a lot of real information leaks from users. Because I went to Macao to attend the first world blockchain conference in 2018 some time ago, the article has not been updated. This is a meeting about the trend of the times. The live video of this meeting will be sent to you at the end of the article. Some time ago, I wrote an article on the application of blockchain in the financial field. Today, Xiaoer will write an article on the application of blockchain technology in the charity field for everyone to understand.
        Well, first of all, we should know what problems exist in the field of charity today? So as to explore how these problems can be effectively solved under the blockchain technology?. Philanthropy, in essence, is the spontaneous and voluntary behavior of individuals or institutions, and does not contain coercive color. The benefactor and the beneficiary have no interest relationship. Since the reform and opening up, China's political and economic development has been rapid, and the social system has intensified the reform. All these have provided a broad space for the development of philanthropy. Various charitable foundations have been established one after another, and the relevant laws have been gradually improved. The development of non-governmental charitable organizations has also been accelerated. There have been frequent scandals in the philanthropy field. For example, in 2011, a young woman named "Guo Meimei baby" openly showed off her luxurious life in the false identity of "general manager of the Red Cross Society of China" on her microblog, which caused a great stir.
        I wonder if you still remember the "Luo Yixiao incident" two years ago, which also caused a great stir in the wechat circle of friends. As a donor, it is impossible to judge whether the situation of the person concerned is true or false. I wonder if some people deliberately use people's sympathy to seek personal interests. Once the matter is revealed, it is easy for the donor to be shocked and unable to trust or help those who really need help. While charity is developing rapidly, it has encountered the biggest trust crisis in the past 30 years. There have been many controversies and disagreements in the charitable circles on how to continue the development of philanthropy in China and how to enhance the trust of the masses in charitable institutions. As a donor, he has the right to know the whereabouts and uses of the donated property, and to put forward opinions and suggestions.
        However, in actual operation, the information disclosure of large-scale charitable organizations is not completely accurate, and even some financial information of public concern is not fully disclosed, which makes the information not transparent. Moreover, there are few provisions on the accountability of information disclosure of charitable organizations, and only a few systems, such as the regulations on the administration of foundations, are limited to binding foundations and cannot bind other charitable organizations. Charitable organizations always need to spend costs to maintain their own operation. Although there are certain restrictions on the expenditure costs of charitable undertakings in China, according to statistics, various costs account for a large proportion of donation income, especially transnational donations, which greatly reduces the amount of property actually in the hands of beneficiaries.
        The above are the main problems of charities. Besides, there are also serious administrative tendencies. In what ways and from what angles can blockchain technology affect the work of charities and the behavior of donors?. First of all, the decentralized and point-to-point characteristics of blockchain technology can reduce the need for the existence of third-party institutions in the transaction process. Whether it is fund-raising or material distribution, it may no longer require the participation of third parties. In the smart contract of block technology, as long as the beneficiary needs to meet the benefit conditions are set in advance in the code, when the set conditions are met, the terms in the smart contract will be automatically triggered and implemented, so as to realize the intelligent and automatic donation of charity.
        The high security of the block technology can ensure that every transaction recorded on it is true and reliable, and the entire donation system is jointly maintained by the beneficiary and the donor. The donor does not need to trust a third-party organization to realize the donation, nor does it need to question whether the charity organization has concealed or cheated when disclosing information. Secondly, because the participation of the third party is restricted, the expenditure of costs will be reduced. The expenses such as fund custody, cross-border remittance service fees and third-party financial audit will be greatly reduced. Charities and donors will no longer pay for these intermediate links. The amount of cost saved from this is very considerable, and it can help more beneficiaries in need and bring real benefits, This is also in line with the original intention of donors and charities.
        The application of blockchain technology to charity will undoubtedly promote the benign development of this field. It also brings more possibilities for this field. Because of the support of block technology, the field of charity can be expanded to a larger scope, and the information of beneficiaries is more authentic and transparent. The donor can confidently donate to the beneficiaries who really need help.
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