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Application and innovation of blockchain in commercial banks

Time : 15/07/2022 Author : y4u2cn Click : + -
        In recent years, the application of blockchain technology in commercial banks has become more and more in-depth. Under the background of widespread concern and attention in the global society, commercial banks have developed and researched some new and feasible blockchain application projects. Based on the actual research results of the academia and the team, this paper mainly expounds the bill circulation business and its combination with the Internet of things finance, objectively analyzes the existing problems of the current technology, and proposes development strategies. Since the advent of blockchain technology in 2009, this emerging "financial black technology" has received extensive attention from all walks of life. In particular, since 2015, the financial community has become more and more interested in the research of blockchain technology, and its application ideas have become more and more extensive. The influence of blockchain in the science and technology circle and the financial circle has even exceeded that of bitcoin, becoming a new trendsetter in the financial era.
        Technically, blockchain technology is based on the professional knowledge of a series of disciplines such as cryptography and economics. It can creatively solve the "Byzantine general problem" and overcome the problem of how each node in the network can reach a consensus in the absence of a trusted central node. It is also for this reason that blockchain has a wide range of application scenarios and profound practical value, which is considered by some scholars to be another subversive innovation in human future life, This has attracted worldwide attention. Local government departments, financial institutions and technology companies have invested a large amount of funds and technologies in development and research, mainly exploring deep-seated applications in digital currency, bank settlement, smart contracts, bill circulation, and people's life. Whether such applications can be truly implemented and popularized on a large scale still needs to be tested by time and practice.
        Since its birth, the blockchain has become the focus of attention of many countries in the process of continuous in-depth development of global financial technology. Based on the technological advantages of the blockchain, traditional financial institutions and organizations will face significant opportunities and challenges. Its important strategic significance and commercial application value have attracted the competition of major financial institutions and the close attention of governments. At present, nearly 90% of the world's governments are planning blockchain technology investment. The United States has established a congressional blockchain decision-making committee to elevate blockchain to a "transformative technology" and constantly improve public policies related to blockchain technology. South Korea has upgraded the blockchain to a national level strategy, piloted in core industries such as logistics and energy, and launched the "i-korea 4.0 blockchain" strategy to fully build a blockchain ecosystem.
        In addition, many large financial institutions around the world have joined forces to carry out relevant research on blockchain technology and promote the innovation of blockchain technology. For example, r3cev blockchain alliance aims to explore the development of blockchain technology in the financial field and formulate relevant standards. Under such an environment, China's development naturally keeps pace with the times. In the 13th five year plan for national informatization, blockchain is regarded as a key frontier technology, and the innovation, test and application of new technologies such as blockchain need to be strengthened to occupy the highland of information technology. Under the guidance of the policy, major domestic banks actively embrace the blockchain technology and reasonably and steadily conduct relevant blockchain application research, such as the charity donation solution project of Everbright Bank Based on the blockchain technology, the blockchain anti-counterfeiting platform of Industrial Bank, the asset custody block chain system of postal savings bank and the blockchain platform of industrial and Commercial Bank of China for the accurate management of poverty alleviation funds.
        Bank of Changsha has always been committed to the research and application of fintech. As early as 2016, Bank of Changsha began the application of the combination of blockchain and banking business. According to the introduction of technical personnel of Bank of Changsha, blockchain technology can also be applied to the two major directions of deposit business and non deposit business. In the deposit business, it can be applied to the inter-bank transaction of financial products and the circulation service of supply chain accounts receivable. In the non deposit business, it can also be applied to the service that banks cooperate with specific enterprises to realize the deduction of enterprise business flow with vouchers. The following are two important areas of blockchain application of Bank of Changsha:. In recent years, although the electronic bill business has made rapid development, due to the short development time, the lagging legal system related to electronic bills and the difficulty in converting electronic bills into paper bills, about 70% of the bill business in the market still uses paper bills.
        This makes moral hazard and operational risk emerge in endlessly. The above two risks can be resolved by using blockchain technology. Bank of Changsha and Wuxi rural commercial bank cooperated to complete the first bill blockchain inter-bank discount business transaction on November 1, 2018. The initiator of this business is the enterprise customer of Wuxi rural commercial bank, and the bill signing and receiving party is Bank of Changsha. The specific operations are as follows: after logging into the online banking of Changsha bank's "ronglianchuang" cooperative bank, enterprise customers can apply for discount to any bank that "ronglianchuang" cooperates. At this time, customer information will be recorded in the distributed ledger of "Suyin chain" and sent to the discount bank. The non tamperability of blockchain technology ensures the security of customer information and eliminates the possibility of data being tampered and forged.
        In addition, banks handling discount business can more conveniently compare bill information and information recorded in the blockchain, thus improving the authenticity and compliance of bill business. The success of this business is an important sign of the transformation of Changsha bank's "blockchain" technology from the experimental stage to commercial application. It also further promotes the participation of "Financial Alliance and innovation" cooperative banks in the establishment of a new bill ecosystem. The blockchain can also be applied to the Internet of things, which also takes advantage of the shared ledger characteristics of the blockchain. Changsha bank has innovated to share the third-party Internet of things movable property supervision information data to the bank blockchain. Once the movable property as a pledge changes, the data on the platform will be updated in real time.
        This technology has improved the risk control level of the Internet of things chattel pledge and successfully created a new financial ecosystem of "blockchain + Internet of things". The blockchain environment foundation deployed by Bank of Changsha in the third-party Internet of things enterprises in the early stage provides a good technical support for the further application of blockchain technology. On March 28, 2018, Bank of Changsha independently developed and launched the multi-channel and multi business scenarios of the blockchain platform, and realized the whole process data chain of the Internet of things movable property supervision in April. The platform successfully shared the version information data of the Internet of things movable property supervision system to the bank blockchain, greatly improving the transparency and objectivity of the Internet of things movable property supervision data.
        At the same time, this achievement also provides strong support for banks to strengthen the management of chattel pledge business, improve risk control capability, and further improve the objective credit system of IOT finance. At present, no matter the development of blockchain itself or the development of blockchain application in commercial banks, there is no complete legal supervision system. On the one hand, different countries have different attitudes towards blockchain technology. Some countries support the development of blockchain technology and think that blockchain technology can promote financial innovation, and the advantages outweigh the disadvantages. Some countries do not support the development of blockchain technology and think that there are major security problems, and the disadvantages outweigh the advantages, The legislative process of blockchain technology is relatively slow due to the issue of position; On the other hand, blockchain technology and the application of blockchain technology in commercial banks, as a new thing, have a relatively short development time and few researchers. People have insufficient understanding of blockchain, and the laws, regulations and systems based on blockchain technology are not perfect. Therefore, there are large omissions in the supervision of blockchain.
        The application of blockchain technology first needs talents in this field. Both theoretical and practical talents are indispensable; Secondly, because the application of blockchain technology requires the use of computers and the support of computer equipment and venues, at present, colleges and universities do not offer relevant courses on blockchain, and talents need to be trained by relevant companies themselves. The human and material resources in this regard need to be paid by the company itself. In this way, the company will not be able to effectively control the relevant costs and may be in a disadvantaged position in the competition. Both blockchain and the application of blockchain technology in commercial banks pay more attention to timeliness. Blockchain technology, such as the application of bitcoin, we know that the transaction frequency of bitcoin is about 6.7 seconds, and a block is generated every 10 minutes. The confirmation of a transaction takes one hour, and it needs to be transacted one by one. If the time of block generation can be reduced and the transaction efficiency can be improved, the timeliness problem can be effectively solved. For commercial banks, the transaction number and timeliness problem of banks can be effectively solved, and the number and timeliness of transactions submitted can be effectively reduced, It can improve the competitiveness and profitability of commercial banks.
        The high cost of blockchain development has deterred many small and medium-sized banks. It is difficult for the blockchain that only stays in basic applications to go further. In addition to simply improving the work efficiency of "large amount, low frequency and small scope", banks should also actively seek profit pain points in the development of blockchain. For example, many banks choose to connect with the supply chain of enterprises to realize the digitization of collection and payment and transaction, which effectively relieves the capital pressure of enterprises. This is also an excellent breakthrough for the application of blockchain finance. According to the decentralized nature of blockchain and the cost and difficulty of development, banks and technology companies should strengthen cooperation with each other to improve the application efficiency of blockchain. Banks and technology companies should learn from each other's strengths and develop together to stimulate the vitality of blockchain applications.
        As an important subject of financial activities, banks' cooperation has greatly affected the layout of blockchain applications. At present, several alliance chains have been established under the leadership of state-owned commercial banks. Some joint-stock commercial banks such as Suning bank also share blockchain platforms based on their regional development, which plays an extremely important role in the promotion of blockchain. At present, there are still many deficiencies in the application of blockchain, and its potential risks cannot be underestimated. The Research Report on China's fintech application and development (2018) points out that "the open and transparent nature of the blockchain to the authorized participants in the network makes the transaction data, address, identity and other sensitive information of financial consumers lack privacy protection, and increases the risk of privacy disclosure.
        ”Therefore, it is essential to strengthen supervision. In addition to giving strong support to this new technology, the regulatory authorities should also improve their own insight, introduce relevant laws and regulations, and actively crack down on blockchain crimes. At the same time, the wide application of new technologies needs to be tested by practice. Although blockchain and commercial banking have certain adaptability, there are still some obstacles in their integration. The technology of the blockchain itself has also been constantly improved in trials and trials. Its development cannot be achieved overnight. In the future, it still needs the continuous innovation, active cooperation and communication of various market entities to promote greater breakthroughs and development of blockchain applications. [3] Zhang Xiaoyuan Empirical research on the application of commercial bank bill blockchain & mdash& mdash;& mdash; Take the ticket chain products of a city commercial bank as an example [J]. Financial technology era, 2018 (10).
        [4] Li penglin, Dong Yiyi. Application of blockchain technology in business model innovation of commercial banks [J]. Monthly journal of Finance and accounting, 2018 (21). [6] Li Xiao, Yan Cunbao. Analysis of blockchain technology and its application strategy in commercial banking [J]. Journal of Inner Mongolia University of Finance and economics, 2018.16 (5).
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