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Mutual Fund Association: explore the application of blockchain technology to Internet Financial Registration and disclosure

Time : 02/08/2022 Author : tdgfpx Click : + -
        Chinanews Jingwei client on April 14 - on April 14, the blockchain research working group of China Internet Finance Association released the Research Report on China's blockchain financial application and development (2020) (hereinafter referred to as the report). According to the report, the blockchain technology is in the process of accelerating the evolution and maturity, showing many characteristics such as more application exploration and close integration with business needs. China Internet Finance Association said that it would explore the application of blockchain technology to Internet Finance registration and disclosure, financial app filing management and other work. The report mainly includes five parts: general report, application scenario, underlying platform, annual event and appendix. On the basis of combing and analyzing the development trend of blockchain technology and its application practice in the global financial field, the report deeply investigates 47 Chinese institutions and 112 blockchain application projects in the financial field, summarizes the typical scenarios and basic logic of blockchain application in China's financial field, Analyze the potential value of application exploration and the risks and challenges faced, put forward countermeasures and suggestions for steady development, and select the scenarios of blockchain in supply chain finance, trade finance, insurance technology, cross-border payment, asset securitization, and some underlying platform related practice cases to catalog, and sort out and summarize the hot and key events related to blockchain in the financial field at home and abroad in 2019, It aims to provide research materials and practical reference for all circles of politics, industry, University, research and application, guide and promote the compliance and safe application of blockchain technology in the financial field, better serve the real economy and help the construction of modern financial system.
 
        The report points out that the blockchain technology is in the process of accelerating the evolution and maturity, and the application exploration in the global financial field is increasing. The financial management departments of major countries and regions have a positive and rational attitude towards its application. China has a good foundation in the field of blockchain. The work of technology research and development, standard development, ecological cultivation and industry management has been promoted in an orderly manner. The applicable scenarios and application logic of blockchain technology in the financial field have been relatively clear, the relevant application exploration has been gradually deepened, and the landing scenarios and practical cases have been constantly enriched. The following characteristics are mainly shown:. First, there are many application explorations, which are closely combined with business needs. The blockchain application scenarios of research institutions mainly involve supply chain finance, trade finance, insurance technology, cross-border payment, asset securitization, etc., accounting for 32.6%, 11.2%, 11.2%, 7.9% and 6.7% respectively.
 
        Second, there are multiple participants and different exploration paths. According to the filing of blockchain information services of the national network information office, the number of filing entities involved in the financial field accounts for more than 40%, and the types involve financial technology service providers, banks, fund companies, insurance companies, small loan companies, commercial factoring companies, etc., showing a more diversified feature. Third, the research and development of underlying technologies has been strengthened, and the general attention has been paid to information security and performance breakthroughs and innovations. About 40% of the research institutions said that they adopted the self-developed underlying platform. Among the 11 institutions that have adopted the self-developed underlying platform, nearly half of the platforms have been open-source or plan to be partially open-source. Most of the platforms have supported a transaction processing speed of 1000 orders per second. More than half of the platforms can achieve a transaction processing speed of 10000 orders per second under a specific experimental environment. The performance has weakened the application constraints on some financial scenarios.
 
        According to the report, the integrated development of blockchain and finance is still at a relatively preliminary stage, and there are still some practical challenges in terms of technology maturity, independent innovation, scene fit and system and rule integrity. It is urgent for the financial industry to adhere to the scientific attitude and craftsmanship spirit and do a solid job in all basic work. Based on this, the report puts forward countermeasures and suggestions on strengthening the construction of industry regulatory system, giving play to the role of industry self-discipline management, and stimulating the vitality of market players. At present, based on the research results of blockchain theory and practice, China Internet Finance Association is studying, establishing and improving the self-discipline management mechanism of blockchain finance, steadily promoting the development of standards such as the general evaluation specification of blockchain financial application system, the blockchain cross chain protocol, and the evaluation of blockchain open-source software, and exploring the application of blockchain technology to Internet Financial Registration and disclosure, financial app filing management, supply chain financial digital information service The self-discipline management of the medical materials public welfare donation certificate and other industries will promote the better integration and development of the blockchain and finance, and help improve the modern financial system with high adaptability, competitiveness and inclusiveness.
 
        (Zhongxin Jingwei APP).
 
        
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