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Talking about blockchain technology with digital software will become a turning point in the banking industry

Time : 13/11/2021 Author : gf6ucr Click : + -
        Blockchain has attracted extensive attention from governments, finance, science and technology, investment and other sectors around the world. It is not hard to predict that blockchain is becoming the industry outlet in the future. For a long time, Shanghai hesoft has been paying close attention to the application and development of blockchain technology, and is committed to building a multi-party cooperation community with deep mutual trust and further promoting the formation of a distributed business ecosystem. A few days ago, China CITIC Bank also announced on its official website that it launched the first domestic blockchain based letter of credit information transmission system (BCLC), which is the first time that the domestic banking industry has applied blockchain technology to the field of letter of credit settlement.
 
        China Minsheng Bank also launched the system this time. It is reported that at present, the domestic banking industry also has postal savings bank, China Merchants Bank, Everbright Bank and other financial applications based on the blockchain, involving asset custody, cross-border clearing, public donations, joint lending and other aspects. In addition, many banks are still studying blockchain applications, but have not yet released products. Blockchain is nothing new. This idea has been around for decades, but with the emergence of the digital currency bitcoin, the idea began to gain fame in 2008. Bitcoin is created by computers that solve mathematical problems, which requires a lot of computing power and power. Blockchain is the underlying technology of bitcoin.
 
        From Ethereum to Microsoft, many companies are developing their own blockchain services. Some are open to all, while others restrict access to a selected group. First, as the most famous basic technology of bitcoin, blockchain can track digital records on peer-to-peer networks. The blockchain consists of a series of blocks to record the current transactions between users of the network. Each completed block is connected to the chain in chronological order so that it becomes a historical chain of all the events that occur. In terms of finance, each block is a distributed ledger. The traditional financial ledger is centralized. The transaction will be sent to the designated person or authority and recorded in the ledger.
 
        The distributed ledger of the blockchain puts the model on the head. For example, bitcoin has proved that the ledger is publicly shared in the user network, and each user can conduct transactions and sign in the form of encryption. Second, blockchain makes value exchange open and transparent. Communication is the exchange of information, while transaction is the exchange of value. In the Internet age, the biggest difference between communication and trading activities is that communication is point-to-point, reproducible, and does not need to go through a third party. All transactions need to go through one or more powerful intermediaries, such as banks, payment systems, exchanges and issuing channels. These third-party institutions mainly have two roles: one is to provide credit and the other is to be responsible for bookkeeping.
 
        In addition, it is safer in risk management. The distributed nature of blockchain data means that it is more difficult for hackers to attack it. They must access each copy of the database at the same time to successfully crack it. The blockchain can also protect data security and data privacy, because the hash value cannot be transferred back to the original data, which is a one-way process. Therefore, if the original document or transaction is subsequently changed, it will generate a different digital signature, thereby warning the network of mismatches. Xiao Peng, chief architecture engineer of Shanghai hesun software, said: "although banks compete with each other, their banking businesses are very similar. Banks basically protect our money and property. A large computer can track customers and their assets.
 
        But let these computers & lsquo; Talk & rsquo; But it is very complicated and expensive, so the existing technology is getting a little old. " If banks start to share data, and this data uses a specially designed blockchain, there will be no need for intermediaries and a lot of manual processing, and it can speed up transactions and reduce costs. What benefits can ordinary customers get from it? If banks and other financial institutions can speed up transactions and remove costs from the system, it means that we can enjoy cheaper and more efficient services. For example, we can complete cross-border remittance in an instant. Blockchain is a technical solution born for the rapid realization of decentralized digital currency, and it is not absolutely perfect.
 
        Many people think that the blockchain is unstable, so they are unwilling to use it. At present, there is no "code of conduct" agreement for blockchain, and it is likely that there will never be one. In addition, it is very difficult to create and maintain blockchain software, which is managed by only a few people worldwide. These software developers are pioneers of this technology, but are at a disadvantage because they are often forced to respond to malicious attacks. Of course, the opportunities and challenges faced by the application of blockchain technology in many fields coexist. The association with various industries still needs deeper and broader integration. Therefore, the industry needs to jointly promote the development of blockchain at home and abroad.
 
        
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