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Blockchain + Finance: it still takes time for early exploration

Time : 06/05/2022 Author : orm3ck Click : + -
        In recent years, with the continuous promotion of the "blockchain +" industry, the application prospect of blockchain in many fields has attracted the attention of the capital market, and the application of blockchain technology in various scenarios has also been gradually implemented. At the recently concluded Boao Forum, blockchain once again became a hot topic of discussion. Experts from all sides exchanged views on the "combination of blockchain and finance". Among them, Sheng Songcheng, executive vice president of China Europe Lujiazui Institute of international finance, issued opinions such as "blockchain should not be combined with finance" and "there are not many practical application scenarios for blockchain", which triggered hot discussions in the industry. In addition to the coin circle, what scenarios can blockchain technology be applied to? Is the combination of blockchain technology and finance feasible? Recently, at the smart finance sub forum of the "Internet +" digital summit, Qing sude, head of the blockchain of the cloud computing and big data Research Institute of the Chinese Academy of information and communications, and Cai Yige, general manager of Tencent's blockchain business, discussed and shared issues such as the scenario application of blockchain technology.
        If a car enterprise needs to pay 10 million yuan to its first-class tire supplier according to the trade contract, and the car enterprise wants to repay the 10 million yuan in half a year, what is the best solution? In CAI Yige's view, such a problem can be solved quickly through the blockchain Technology: after recording the accounts receivable of 10 million yuan, the tire supplier can let the car enterprise do online rights confirmation for it through the Tencent blockchain platform. After the confirmation of rights is completed, the platform will convert the 10 million yuan of accounts receivable into digital credit certificates of the same amount. Each level supplier in the supply chain can obtain corresponding digital certificates based on the creditor's rights of the core enterprise as long as it has participated in the splitting of the 10 million yuan.
        The most important thing is that after the vouchers are in hand, each level of suppliers can find various types of financial institutions to achieve financing anytime and anywhere. This is the application scenario of blockchain technology envisaged by Tencent. Under the wave of blockchain, the supply chain finance field has become the incision for Tencent's team to enter the blockchain field, covering China's small and micro enterprises. In recent years, China's small and micro enterprises have grown at an average annual rate of 8%, but the credit coverage rate is not satisfactory. Cai Yige said that in 2016, the volume of accounts receivable of core enterprises was about 12 trillion yuan, factoring financing absorbed 500 billion yuan, and the undeveloped space of the market exceeded 95%. Small and micro enterprises are large in size and short of funds. Small and micro enterprises in the supply chain are facing the pain point of lack of their own funds and narrow financing channels.
        Core enterprises also have problems such as high accounting period pressure and difficult management of supplier chain. "The biggest reason why small and micro enterprises have difficulty and expensive financing is credit." Cai Yige believes that the main credit of small and micro enterprises is not enough, leading to banks not daring to lend, while financial institutions lack a grasp, which is difficult to serve customers and insufficient to support the development of the real economy. The blockchain is inherently multi-centered and has a good grasp in solving credit problems. "Through the blockchain technology to create a platform to empower small and micro enterprises, Tencent is committed to connecting the enterprise's capital end to reduce costs and create Inclusive Finance. Through the blockchain, the bond voucher is not changed and the process is traceable.
        ”。 For the first time, the 13th five year plan for national informatization sets the blockchain as the strategic development direction. Qing sude believes that the blockchain is accelerating the reconstruction of the digital economic ecology. From the property right delivery of "one hand delivery and one hand delivery" to the digital asset transaction in the information society, the blockchain technology has great potential. Qing sude introduced that at present, blockchain technology has been applied in many financial scenarios, and the cross-border payment of Minsheng Bank and CITIC Bank is one of them. "Although cross-border payment is a point-to-point payment, due to different account systems and different accounting system architectures in different countries, it needs to be divided into multiple processes such as front and back dependence and serial processing, resulting in a lot of time costs and capital costs.
        ”Qing sude said that compared with traditional cross-border payment, cross-border payment based on blockchain is faster. At the same time, the blockchain traces the source of non-standard goods, and then embeds traditional risk control tools to achieve asset penetration management. The function of improving financial risk control capability is also reflected in JD Baitiao, baidu Tianfeng 2017 auto loan and other businesses. "At present, most financial applications based on blockchain are proof of concept products, and there is no large-scale commercial application." In view of the development status of blockchain technology, Qing sude believes that blockchain is still in the early stage of technology development and everyone is exploring. Although some progress has been made, the limitations of the blockchain system, such as easy loss of digital assets and imperfect information security mechanism, do not completely match the existing business model.
        Qing sude, for example, said that the characteristics of the blockchain technology that cannot be tampered with and revoked lead to permanent loss and irrevocable if the transfer address is filled in incorrectly; If the key is lost, it will cause permanent loss and cannot be recovered. In reality, if you lose your bank card or forget your password, you can still go to the bank office to handle it. The money in your card is still there. In addition, there is also the problem of exposing privacy by forcing both parties to disclose the characteristics of the transaction ledger. In addition, "when it comes to blockchain, we often put forward some powerful and tall technical concepts, but where is the scene?" Cai Yige said that many blockchain teams are speculating on the concept and have not thought of the landing scenario. If the technology is not implemented in the scenario, it will be meaningless.
        "We think that the technology development should be driven by the scene," said Cai Yige. This is a more natural behavior. Cai Yige frankly said that Tencent's blockchain team is still in the early stage of exploration. There is no profit KPI assessment for the blockchain within the team. The main focus is to study the application of blockchain technology in scenarios. The team will circle some valuable scenarios and make a thorough study to set a benchmark. "I don't think we should treat blockchain too idealistically. Blockchain is not omnipotent, but we should not underestimate its ability." Cai Yige believes that the more important thing for traditional industries to access the blockchain is to figure out what pain points to solve and what new value to create through blockchain technology.
        "This is a process of concept digestion, thinking and application," he said. We can not blindly pursue hot technologies and "use technology for the sake of technology".
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