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How is the blockchain after Nirvana affecting finance and even the whole society

Time : 01/05/2022 Author : dfkebc Click : + -
        After the savage growth of Internet finance, it also ushered in a tide of runaway and bankruptcy. At the same time, new technologies such as artificial intelligence, big data and blockchain are leading the new development direction of Internet finance. In particular, blockchain, an innovative technology emerging from the nirvana of bitcoin, is being considered to be able to reshape the whole finance. At the same time, the blockchain has also been pursued by venture capitalists and entrepreneurs. In 2015, the blockchain became the highest financing sector in American venture capital, breaking through $1 billion. There were nearly 200 venture capital companies investing in start-up projects in bitcoin and blockchain. In China, the "blockchain" was first written into the "13th five year plan" national informatization plan at the end of 2016; At the beginning of 2017, the digital bill trading platform based on the blockchain promoted by the central bank was also successfully tested, and the policy gave great support to the blockchain.
        Driven by the policy, domestic giants began to enter the blockchain one after another and formed two types of Representatives. A few days ago, the Tencent blockchain solution white paper jointly prepared by Tencent fit (payment infrastructure platform and financial application line), Tencent Research Institute, Tencent public strategy committee office and Tencent strategic development department showed that Tencent took the lead in landing the blockchain platform and application, and tried to create an "open sharing" blockchain win-win ecosystem. Tencent's wechat bank has created the first domestic financial institution alliance blockchain cloud service baas. Its wechat payment, QQ wallet and other businesses are also trying the idea of blockchain, and began to use blockchain technology in many fields.
        As an Internet giant, Tencent is trying to build a more honest and open new Internet environment through the blockchain. At the same time, they will also focus on building the infrastructure of the blockchain, and then open it to more partners to create a win-win blockchain environment with everyone. The blockchain adopts distributed accounting technology and has the characteristics of being tamper proof. It can help financial institutions reduce their transaction costs, so it is favored by many financial institutions. In the U.S. market, traditional financial institutions, such as Morgan and Citigroup, have invested most in blockchain. In the domestic financial market, the blockchain technology has also been highly praised by traditional financial institutions. Ping An of China has launched asset transaction and credit investigation in the application of blockchain, China UnionPay has launched the inter-bank point exchange system, BOC Hong Kong has launched the mortgage blockchain application, Zheshang Bank has launched the blockchain mobile digital exchange, Wanxiang Group and Huiyin group have set up blockchain investment funds, At the same time, Wanxiang Group has also established Wanxiang blockchain laboratory, etc. they are embracing this new technology in an all-round way.
        With the participation of Tencent, China Ping An, China UnionPay and other giants, the blockchain will move forward at a faster speed and begin to change the entire financial industry in many aspects. When it comes to blockchain, many people first think of decentralization. In fact, many people have misunderstandings about decentralization, and some even start to worry that decentralization is not conducive to the development of the financial industry. In fact, decentralization is not anti center, but actually sub center. According to the report of Tencent's white paper on blockchain solutions, blockchain will not be detrimental to centralized institutions. Its real value lies in promoting consensus among centralized institutions in all walks of life, building alliances, and forming a business ecosystem composed of multiple centers. Such an ecosystem highlights the functions of the center and greatly simplifies the operating costs of centralized institutions.
        At the same time, the role of blockchain decentralization is beginning to be widely used in various financial fields, and it will also become a catalyst for the development of Inclusive Finance. For example, in the field of cross-border remittance, through the decentralized network of blockchain, the global currency circulation and international financial settlement can be carried out. At the same time, users can also be allowed to transfer money to anyone in the world without paying high service and transaction fees. Real time remittance can be realized, which not only greatly saves costs, but also greatly improves the efficiency of cross-border remittance. At present, China UnionPay is actively promoting the application of blockchain technology in this field. Within Tencent, they have even applied this blockchain technology to the golden red envelope. Through the parallel accounting of digital assets, they have improved the reconciliation efficiency among multiple internal systems and protected the asset security of users.
        We believe that the application of micro gold as a digital asset platform product will have more imagination in the future. In the financial market, especially in the field of financial institutions in China, distrust has always been the pain point of the industry for a long time. Many users often do not trust some financial products, especially Internet financial products. In fact, it is difficult to blame users, but in real-life finance, driven by interests, the safety of many users' funds is often threatened. The most typical phenomenon is that P2P platforms collapse and run away one after another, which virtually adds a lot of distrust to the financial industry. Based on the principle of mutual distrust, the operation of the whole system is open and transparent. Through the "signature" mechanism and the simple way of "the minority obeys the majority", credit can be guaranteed from the mechanism.
        For example, on the P2P platform, through the application of blockchain technology, users can view the real mutual fund pool at any time. They do not need to worry about the counterfeiting of the mutual fund pool, nor do they need to worry about the platform running away with money. Blockchain can be used for supervision wherever credit risk and capital risk may occur. Security is very important to the financial industry, especially in the era of Internet finance, it seems that P2P running for money has become a common phenomenon, which poses a great threat to the healthy development of domestic Internet finance. In the field of mobile payment, illegal elements often use different forms of fraudulent SMS or software to steal the personal information of mobile phone users, which poses a great threat to the security of personal funds.
        The emergence of blockchain has brought more security guarantees for the security of the financial industry. First, the user data is stored in a block chain structure, which is self checking and can be quickly found after tampering. Secondly, the data is backed up in multiple nodes. Even if the data on one node is modified, it can be automatically recovered from other nodes, thus preventing the data tampering attacks of hackers. With the help of blockchain technology, users can view their real capital pool anytime, anywhere. This is especially applicable to today's P2P financing, which can effectively prevent the platform from misappropriating the funds of investment users. Ping An of China and BOC Hong Kong have started to build more secure financial transaction services with the help of blockchain.
        Secondly, in the field of mobile payment, security has always been a hidden worry for many users. The blockchain can not only create super security, but also prevent fraud, such as fraud, repeated payment, and bid up prices, through technical means such as multi signature verification. Finally, with the help of smart contracts, blockchain technology can play a great role in financial market transactions, anti-counterfeiting, digital identity verification and other fields, which also provides multiple guarantees for financial security. In recent years, the sharing economy has become more and more popular. From didi sharing car rental, airbnb sharing, Wework sharing office, and today's popular bike sharing, the sharing economy is rapidly penetrating into every aspect of people's life.
        In fact, the birth of blockchain will not only promote inclusive finance, but also create a new sharing economy. First, the blockchain is inherently decentralized, which is highly consistent with the purpose of the sharing economy. Blockchain is a decentralized and consistent shared data ledger. Under this framework, the operation of the whole system is open and transparent, which will make the sharing economy easier. Second, by virtue of smart contract technology, blockchain can automatically perform operations that meet certain conditions, and can also make more goods "shared", greatly reducing the cost of contract establishment and execution.
        According to the white paper on Tencent's blockchain solution, Tencent is applying smart contracts to bicycle rental, housing sharing and other fields. If such smart contracts are applied to today's popular bicycle sharing field, it may bring brand-new changes to the entire industry. Third, a very important problem in the sharing economy is the credit problem. However, the blockchain can help solve the trust problem of users, which breaks the trust barrier of the sharing economy. E-commerce and other transaction behaviors are based on the business model of building trust between buyers and sellers. The application of blockchain technology and decentralized trust are more powerful than people currently know. At the same time, blockchain services allow direct interconnection, sharing and trading between individuals. It is a platform that can truly realize peer-to-peer trading and sharing economy.
        In general, with the joint promotion of policies, industry giants, entrepreneurs and capital, the blockchain will leap forward at a faster speed, and it will shape a new financial industry together with artificial intelligence, big data and other new technologies. Driven by the blockchain, the sharing economy will really break out in all fields. The sharing platform represented by didi and airbnb is only the initial stage of the development of the sharing economy. The blockchain will really push the sharing economy to a new peak and bring more inclusive value to the whole society.
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