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Blockchain: the next trump card to subvert Finance

Time : 26/07/2021 Author : 5vc701 Click : + -
        I've heard of bitcoin, but I don't believe that bitcoin can be circulated one day, which means you may have already out. Microsoft accepted bitcoin payment. The price of a single bitcoin is about 3800 yuan. In the world of digital currency, there is a system that does not belong to any person or company. It is jointly maintained and controlled by most people. It can help us record assets and transactions for free, and never makes mistakes and cannot be attacked. This system is the blockchain. "The modern commercial society has three largest basic pillars, including double entry bookkeeping, corporate system and legal system. However, the birth of blockchain technology will make the commercial society produce more interesting and convenient models.
 
        ”Gong Ming, founder of blockchain pencil, introduced at the "2016 second blockchain global summit" on the 22nd that the blockchain technology generated by bitcoin has gradually attracted attention in the field of science and technology finance. At present, blockchain technology has begun to be explored in many application fields, and overseas financial institutions such as NASDAQ, New York Stock Exchange and Citibank are also trying to carry out business innovation of blockchain finance. In the eyes of many people in the industry, decentralized blockchain technology may support the emergence of Technology Finance in the traditional financial industry. Blockchain is an important concept in the field of bitcoin, and its essence is a decentralized database. This technology was first proposed by Satoshi Nakamoto, founder of bitcoin, in the form of "proof of work (POW)".
 
        "Blockchain is actually a technology that does not rely on a third party to store, verify and transfer network data through its own distributed nodes. Because this technology is open source and can be shared, all institutions and individuals can participate in the operation of the whole system." Xiao Feng, founder of Wanxiang blockchain lab and distributed capital, told Science and technology daily. From the perspective of accounting, blockchain technology can be seen as a distributed, open and decentralized network bookkeeping. "The traditional account book method of banks has two major defects: high cost and low efficiency," Xiao Feng said. "On the one hand, banks need to charge handling fees and management fees; on the other hand, many businesses need to be completed every other day or several days.
 
        Through the third-party network system, everyone can compete for bookkeeping rights. One page of account book is a block. After the bookkeeper sends the record results to each node of the system, each node of the whole system has a real account page. The chain between account pages is thus formed, forming a distributed accounting and decentralized blockchain system. ". Xiao Feng introduced that bitcoin, Ethereum and other digital currencies are the most familiar digital assets at present. There are more than 300 kinds of digital currencies with a market value of about US $12 billion. But the scope of digital assets is much larger. At present, almost all mainstream financial institutions in Europe and America have set up their own blockchain laboratories and are experimenting with the use of blockchain technology in various financial scenarios to create and issue smart stocks and smart bonds.
 
        "The so-called intelligence is actually to register and issue stocks or bonds on the blockchain by making use of the data immutability and programmability of the blockchain, so that these digitized stocks or bonds can be traded independently and self settled by relying on the smart contract point-to-point." Xiao Feng said that on the other track, many technology geeks who advocate complete decentralization and hope to establish a completely free and independent system in the digital world are also trying to launch various digital assets. According to the prediction of device democracy, a white paper on the Internet of things released by IBM in 2014, there will be 100 billion devices connected online by 2050. At that time, under the management of blockchain, device to device financial transactions will be realized.
 
        When it comes to blockchain, bitcoin cannot be separated. But in fact, bitcoin is only the most successful application of blockchain technology. Bitcoin shows the world a possibility of delivering value without any medium. This possibility is "blockchain". Bitcoin is the first application of blockchain technology. "Blockchain has the potential to change the infrastructure of the entire financial industry, and thus have a profound impact on the entire industry." Yu Wenbo, chief researcher of Wanxiang blockchain laboratory, introduced that if blockchain technology is applied to the securities industry, it will comprehensively transform the settlement process after the existing transaction, and its form must be a private chain rather than a public chain.
 
        In addition, the application of blockchain is a phased and gradual process. First, it will be used in the scenario where there is no centralized and safe depository, such as syndicated loan transactions, repurchase, securities lending and so on. In terms of supply chain finance, Yu Wenbo believes that blockchain can also open up all links of the upstream and downstream of the supply chain, solve the problems of low efficiency of the supply chain due to information dispersion and repeated verification of information, and solve the information asymmetry of small and medium-sized enterprises and financial institutions, so as to alleviate the financing problems of small and medium-sized enterprises in finance. At present, blockchain has landed projects in the United States. For example, LINQ, a trading platform for private equity market launched by Nasdaq based on blockchain technology, is a platform for private enterprises to issue bonds and conduct securities transactions.
 
        Through the trading platform, both sides of the transaction can complete the issuance and purchase of shares online. With the help of the decentralized ledger, the transaction of shares can be realized without any third-party intermediary and clearing institution. New process, this process will completely change the infrastructure and system of the entire capital market, because what blockchain technology changes is the existing capital market infrastructure system and core & mdash& mdash; Settlement and administrative approval of transactions. "The greatest value of trying blockchain technology in the securities industry is to save costs, not shorten the time. Because when it becomes a shared ledger, it can reduce the cost of the entire industry and ensure security.
 
        ”Yu Wenbo said. When the industry is talking about the future of blockchain technology, the limitations of the technology should not be ignored. Xiao Feng introduced that the application of blockchain in finance has two aspects. One is the blockchain distributed ledger database. At present, the database technology is relatively mature and has many practical applications. However, on the common blockchain, efficiency and cost still restrict the development of the database. "For example, someone has calculated that the power consumed by the bitcoin blockchain in a year is equivalent to the power consumption of the whole country of Denmark, which is very high. The total market value of the bitcoin blockchain is only about US $11 billion. Compared with its energy consumption, it means that it needs to undergo a great transformation process.
 
        ”Xiao Feng said. In May this year, the Dao, a blockchain project that set a crowdfunding world record, raised 150 million US dollars. On June 17, the Dao was attacked by hackers, and bitcoin worth 60 million US dollars was hijacked. In a single transaction, it realized multiple withdrawal of hijacked funds. After that, the blockchain trading platform returned the hijacked funds to the initial investors through collective decision-making. Although there was no danger, it forced people to think that there were still risks in the application of blockchain technology. Li Lihui, head of the blockchain research working group of China Internet Finance Association, believes that at the initial stage of the application and development of blockchain technology, the occurrence of such risk events is not necessarily a bad thing, and people can get some important enlightenment from it.
 
        Li Lihui said that new technologies open up new applications and also bring new risks. Therefore, high and new technology must pay attention to preventing technological monopoly risk and technical operational risk, and build a technical firewall to prevent moral hazard. In the application of blockchain technology in different scenarios, the security, stability and reliability of smart contracts and timestamps are analyzed in depth and demonstrated with authority. In addition, new technologies have new characteristics, and risk management and control must adapt to the new structure. New risk management and control measures and emergency measures must be developed for the new technical structure. "As a trustworthy digital ledger, blockchain can improve trust from the technical level, but it still needs the support of supervision and policies when it comes to practical application.
 
        Although there is no need for any centralized media organization, it needs to trust the software system under the blockchain protocol, which still needs the endorsement of the authority. " Li Lihui believes that at present, the blockchain technology is still in the early stage of development, and it will take some time for it to be widely used in the market. Disclaimer: the purpose of the reprint of this article by china.com finance and economics is to convey more information and does not represent the views and positions of this website. The contents of this article are for reference only and do not constitute investment suggestions. Investors operate on this basis and bear their own risks. " First, new technologies will bring new risks when opening new applications. It is necessary to build a technical firewall to prevent moral hazard. In the application of blockchain technology in different scenarios, it is necessary to conduct in-depth analysis and authoritative demonstration on the security, stability and reliability of smart contracts and timestamps.
 
        Second, new technologies have new characteristics, and risk management and control must adapt to the new structure. New risk management and control measures and emergency measures must be developed for the new technical structure. Yao Yudong, director of the Financial Research Institute of the central bank, stressed that the development of blockchain technology should not touch the financial bottom line: first, it is not allowed to build a capital pool because it cannot solve the risk of mismatch; Second, I can't guarantee. Many experts and industry insiders pointed out at the China blockchain Industry Conference on the 21st that the most important application field of blockchain is the financial field. While using blockchain technology, we should not touch the financial bottom line. Wang Zhongmin, vice chairman of the National Social Security Fund Council, revealed that blockchain has extremely valuable applications in the social security system itself, as well as in the investment and management of social security funds.
 
        During the operation of the project, each donation is a package. During the delivery process, each mailing node will be stamped with a postmark, and each postmark can be publicly queried. In the past, the public could choose to donate, but they did not fully know when the donation would be given to the recipient. They donated in the public welfare projects supported by blockchain technology. After the project was completed, they could view the "love transfer record", and see the project donation and how the charity funds were allocated and distributed. From the outside, there are not many different blockchain public welfare projects, but the background operation is different. Before, public donations were entered into the account of the public welfare project. After the project was implemented, the.
 
        In the numerous mobile credit nodes, the anti tamper technology of blockchain technology can improve the risk control ability of Inclusive Finance. If the blockchain technology is combined with internet financial transactions, the traffic management department can see three data. The first data is the data that P2P websites are required to disclose themselves. The second data is the data captured from the web page through big data analysis and displayed on the Internet. The third data is the data reported through the regulatory surface and regulatory system of the blockchain. These three data. I suggest that we can consider using the blockchain Technology (also known as distributed ledger technology, which is an Internet database technology, characterized by decentralization, openness and transparency, so that everyone can participate in the database records) to develop a system to help solve the many "stubborn problems" that small and medium-sized enterprises need to face in "going global".
 
        The unique encryption and unalterable nature of blockchain technology can help increase the trust of both parties and facilitate cooperation between unfamiliar enterprises in the context of the Internet. Blockchain technology can greatly improve the efficiency of Finance and ultimately provide a level of inclusiveness for the micro finance industry. " At present, the supply chain finance of small, medium and micro enterprises has very obvious information scattering, which leads to problems such as false information, repeated pledge, repeated guarantee, excessive credit extension, high verification cost and difficult risk control after loan. Li Jun, co-founder and COO of Bubi network, believes that the core significance of blockchain is to establish data credit among participants. The core feature of the blockchain is that it is safe and controllable, and can achieve technical credit.
 
        Second, new technologies have new characteristics, and risk control should adapt to the new structure. It is impossible to follow the security control measures under the centralized database structure to deal with hacker attacks and other events, and new risk control measures and emergency measures must be developed for the new technical structure. Yao Yudong, director of the Financial Research Institute of the central bank, stressed in an interview with the media that the development of blockchain technology cannot touch the financial bottom line: first, it is not allowed to build a capital pool because it cannot solve the risk of mismatch; Second, no guarantee can be provided because blockchain finance has no capital and cannot absorb credit losses; Third, illegal fund-raising is prohibited; Fourth, money laundering cannot be involved because everyone can.
 
        China's financial sector is also paying attention to this issue. Beijing has established a number of blockchain technology alliances, and Arshan financial technology company, which is specialized in promoting the financial application of blockchain technology, has been established. It has set up an internet financial security industrial park to promote the financial technology industry. "Blockchain technology, as the underlying technology of future financial technology, has strong strategic significance. In future finance, the implementation of the" new third board + H "mode opens a new chapter for the opening up of the capital market and brings opportunities for improving the management level and ability of the new third board market. The cooperation between HKEx and stock transfer can refer to the Shanghai Hong Kong stock connect and Shenzhen Hong Kong stock connect. It is expected that the first batch of qualified third board enterprises will be listed in June and July this year.
 
        
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