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Blockchain Technology: a real revolution is coming

Time : 10/11/2021 Author : 18hqzd Click : + -
        With the development of civilization, some achievements are inevitable. The Internet is changing our lives. Mobile Internet, big data, cloud computing and the Internet of things are coming one after another. Now, the blockchain is coming. In the future, how will it change our work and life?. To borrow a popular saying in the financial industry, "if you don't manage money, the money will not care about you". In terms of the current hot blockchain technology, that is, "if you don't pay attention to the blockchain now, you may lose it in the future". It's not too much to describe the current blockchain market as a rush. According to the reporter's observation, recently, both individual entrepreneurs and public companies have focused on the blockchain.
        On October 9, a blockchain company & mdash& mdash; Weblog technology announced that in September, it had completed ten million Angel round financing, led by Dahe venture capital and followed by Wanxiang distributed capital. Recently, the quarterly report of Minsheng Bank also announced that it has officially joined the R3 blockchain alliance. The R3 blockchain alliance was established by r3cev, a blockchain start-up company headquartered in New York. At present, the members of the alliance include more than 60 large international financial institutions such as Morgan Stanley, Wells Fargo, Goldman Sachs, HSBC, Netherlands international group and Citibank. Earlier, the alliance released corda, a distributed ledger platform for financial institutions, to record, manage and synchronously accept financial agreements between regulatory financial institutions.
        Before Minsheng Bank, Ping An Bank of China, China Merchants Bank and China foreign exchange trading center have successively joined the R3 blockchain alliance. The reason why these institutions and funds are involved in the blockchain is that, in the words of Liao Li, Professor of Wudaokou School of Finance and director of the Internet Finance Laboratory of Tsinghua University, "blockchain will become the key technology for the realization of the dream of Internet finance.". With the in-depth development of Internet finance, blockchain technology and its application have become the focus of increasing attention. Blockchain technology has begun to move from concept to practical application, and more and more funds are flowing to blockchain entrepreneurship and related innovation fields. As financial institutions and even large traditional enterprises in various countries join the ranks of exploring blockchain technology, a real revolution is quietly coming.
        At a breakfast sharing meeting held by the Internet Finance thousand people's meeting, Huang Zhen, director of the Institute of financial law of the Central University of Finance and economics and President of the China Internet Finance Innovation Research Institute, told the reporter that the advantages of blockchain lie in whether it can solve the identification and personal credit investigation of online transactions at a very low cost, and avoid the traditional centralized clearing structure by using point-to-point transactions, Thus, the operation efficiency of the financial system and even the entire economic system can be greatly improved. Zhang Jian, founder of the blockchain data website and head of the Huobi network digital Huobi and blockchain Research Center, pointed out that although blockchain was born in the name of technology, what it brings has gone far beyond the technical category itself, just like what the Internet brings us.
        In its view, blockchain is not only a technology and a tool, but also an idea. Open, sharing and decentralized, these core spirits of the blockchain coincide with the Internet. Unlike the Internet, blockchain has further expanded the idea from information transmission to value transmission. With the evolution and development of blockchain technology, it provides a greater imagination space for the real value of the financial industry. Blockchain can essentially improve the efficiency of the financial industry and create new value links and business models. This is a more ambitious future, not just to transform or replace existing systems. As a new type of Internet technology, blockchain provides a possibility to reshape the infrastructure of the financial industry by virtue of its characteristics such as decentralization and non tampering. In particular, it is more promising to make breakthroughs in payment, securities registration and settlement and other business fields. These businesses are characterized by the existence of multiple market entities and frequent transactions of assets between various entities.
        Mao Junhua, managing director of CICC, believes that although it will take time for blockchain to have a substantial impact on the financial industry, with the further maturity of blockchain, blockchain will become one of the hotspots in the field of financial technology. The important features of decentralized blockchain are based on distributed general ledger, disintermediation trust, asymmetric encryption, intelligent combination, timestamp authentication, etc. "The blockchain solves the trust problem of financial activities at a low cost, and evolves financial trust from bilateral mutual trust or the establishment of a central trust mechanism into multilateral mutual trust and social mutual trust, and seeks a way to solve the problem of public trust with mutual trust." Huo Xuewen, Secretary of the Party group and director of Beijing Municipal Bureau of financial work, said on several occasions besides the breakfast meeting of the Internet Finance 1000 people's meeting that "compared with centralization, blockchain is a distributed general ledger technology.
        ”Huo Xuewen believes that blockchain has extremely broad application prospects in the financial field. Blockchain technology is not to subvert the essence of finance, but more to subvert the form of finance. Huo Xuewen emphasized that "at present, some people think that the & lsquo; decentralization & rsquo; of blockchain finance is inappropriate. The center still exists, but it used to be a physical center. In the future, the Internet will be the center. Whoever provides blockchain publishing and trust services is the center, and the blockchain generation platform is the center." The Internet age not only changes the way information exists, the way it is transmitted and the way it functions on society, but also changes the social organization relations, hierarchical structure and enterprise organization system.
        Therefore, as a technology, the blockchain can subvert and innovate the financial realization form by changing the communication form between finance and the outside world. As for the impact of the financial industry, Mao Junhua pointed out that the first thing is that blockchain will help the financial industry reduce costs and improve efficiency, such as reducing multi-party communication costs and faster settlement cycles; The second is to reduce counterparty risk and systemic risk. At present, the number of financial institutions participating in the blockchain exploration is increasing rapidly, but the blockchain technology is still in the initial stage. In the short term, it will still be mainly experimental exploration, and it will take some time to have a substantial impact on the financial industry. In Mao Junhua's view, more importantly, in the future, blockchain will change the infrastructure of the financial industry.
        Blockchain is more suitable for multi-party high-frequency financial business with obvious "pain points". Blockchain is easier to implement in the financial business with multi-party participation, high application frequency, dependence on centralization, low efficiency and high cost: the cross-border payment field has high cost and low time efficiency, and will bear the brunt in the application of blockchain. The blockchain can realize the point-to-point payment function, which may weaken the function of the clearing organization. Blockchain will have great achievements in the fields of securities registration, clearing and settlement. The relevant middle and back office businesses of financial institutions will have opportunities to improve efficiency, while intermediary institutions such as clearing houses will face challenges. It also has application space in private equity crowdfunding, P2P, trade finance and other fields.
        This means that whether it is traditional financial services, Internet financial innovations such as P2P and crowdfunding, or in the fields of strengthening financial supervision, preventing financial risks, and cracking down on illegal fund-raising, blockchain technology has a very broad application prospect, which also drives blockchain technology to gradually become the key infrastructure of Internet Finance and even the entire financial industry. Especially for the banking industry, as a highly digitized, secure and anti-interference ledger, blockchain can be used to realize the core function of the bank: as a safe storage and transfer center of value. In recent years, many banks feel that blockchain technology can be used in many aspects from remittance to securities exchange to improve efficiency.
        According to the research report released by Santander Bank of Spain, by 2022, blockchain technology can save the banking industry $15 billion to $20 billion annually by reducing the costs and expenses in cross-border payment, securities trading and compliance. However, it is worth noting that the standardization of underlying technology, business and data must be solved if blockchain is to truly realize value interconnection. In addition, the blockchain also faces a series of technical challenges such as performance, capacity, security and scalability. Huang Zhen told the reporter that recently, people have a kind of hope that blockchain can cure all kinds of diseases, but at present, the most important application of blockchain is bitcoin.
        This reminds him of the situation five years ago. People think that the application of P2P technology to the field of private lending may solve the problems of asymmetric information, nonstandard operation, and the government cannot monitor the flow of funds. Therefore, we spare no effort to promote P2P technology, especially P2P lending. However, recently, there have been a lot of fraud and illegal fund-raising in the P2P lending field, and there have also been cases where bad money drives out good money. Reflecting on this period of history, Huang Zhen borrowed Heine's poem and said: "what I sowed was the Dragon seed, and what I harvested was the flea.". Strictly speaking, there is no problem with the business model of P2P itself. The problem lies in its application level. Many platforms deviate from the application level and even steal the name of P2P.
        Some people only use the name of P2P, but they do not do P2P business. This happens a lot. Therefore, it is a very important institutional arrangement to let P2P return to the position of information intermediary. The blockchain is the result of the development of P2P networking distributed structure. Many people flock to the blockchain without understanding its basic principles and applications. This is an unhealthy trend. If it continues to be so hot, it will be "sick". We need to keep sober and rational. Huang Zhen frankly said that the chaos of the blockchain is no less than the chaos of P2P in the past, and the China blockchain anti fraud alliance should be launched. If the anti fraud is not carried out in time, the newborn of the blockchain may be dumped together with the bath water.
        This also reflects from one side that the supervision of regulatory agencies is obviously lagging behind and the introduction of policies and regulations is slow. On the one hand, it is due to the rapid development speed and on the other hand, it is due to the slow speed of actual problem solving, which leads to a time difference and poor understanding in the middle, and thus many problems arise. How does regulation work? If it is not comprehensive in a timely manner, it can also make appropriate prompt and monitor as soon as possible. Yang Tao, assistant to the director of the Institute of financial research of the Chinese Academy of Social Sciences and director of the China blockchain research alliance, suggested that the blockchain should be cooled down at present. Due to professional requirements, it is difficult for the blockchain to face the public for a long time. Therefore, it is necessary to avoid forming a concept similar to "National Internet finance" and not to speculate to prevent the spread of risks and uncertainties, Making the innovation of blockchain a controllable experiment that can really help the digital economy.
        In addition, rules can be made. The application of a new technology and its accompanying institutional rules in any field is the result of compromise and constant weighing by all parties. Many arrangements and models are not optimal, but they may be the most cost-effective. The focus is on integrating the distributed rules brought by the blockchain with the game rules in different fields. It is not a simple decentralization, but how to realize multi center and several centers.
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