Producer: Wu Yunfeng
Producer: Hu Wen
Master pen: Bao Fang
Editor: Jiang Pingbo
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Head of the Financial Technology Team of the China Information and Communication Research Institute, Director of the Office of the Financial Technology Industry Development Alliance (Funding), and Leader of the Information and Communication and Financial Technology Integration Application Working Group. He has nearly 10 years of experience in technical standards research and industrial policy research in the ICT field. He Yang has participated in the preparation of major national policy plans in the ICT field, including the Ministry of Industry and Information Technology, the Office of the Ministry of Science and Technology, and the National Development and Reform Commission, including the 2016-2020 Big Data Industry Development Plan, the Network Powerful Country Strategic Plan, and the Broadband China Strategic Strategic Plan. Wait for multiple plans.
The best and easiest application scenario for blockchain is in the financial sector. Bitcoin is the development and application of digital currency. The combination of finance and blockchain is natural.
The characteristic of the blockchain itself is to reconstruct a mechanism of trust creation and transmission, so that the credit transfer of the transaction can be better realized by technology, better relying on the intermediary, or even relying on the intermediary, reducing the intermediary. The cost of delivery, direct conversion and trading of value.
Applied to digital notes, through tamper-proof or data sharing on the chain, it redefines and implements the function of the ticket, retaining the function of the ticket while making the corresponding circulation costs and transaction costs lower.
The blockchain can establish a channel for credit transfer in the supply chain. Many agreed-upon credits can be shared and stored in the form of blockchains. Originally, enterprises in the same supply chain are not interoperable.
Blockchain is at the low point of the technology maturity curve
Financial sector website:What are the applications of blockchain technology in the financial sector, and their value, what is the value of this technology? In addition, one of the important applications of blockchain technology, cryptocurrency, has a large price decline in the near future. Many people in the technical field and the market believe that this is a cryptocurrency and is caused by the “no landing” of the technical blockchain. Panic, what do you think about this?
He Yang:The blockchain has developed rapidly in the past two years. ITC has a technical maturity curve, that is, any technology will experience a rise from a boom to a high point. After the heat, it may fall to a low point due to lack of sufficient application support. Because the technology has matured, it has gradually risen after falling to the bottom. The blockchain technology itself has reached the apex of the technical curve in 2018, and then presented two trends. On the one hand, the blockchain application is landing, on the other hand, after the heat, Bitcoin began to plummet, the public Start calmly to see the value and role of blockchain technology for the scene.
Relatively speaking, the best and most easy to implement application scenario of the blockchain is in the financial field, and the application scenarios from its birth, like Bitcoin, are the development and application of digital currency. The combination of finance and blockchain is natural, and as the blockchain technology really enters the post-precipitation application period, its application in the financial field is more and more broad, and the prospects for development are getting better and better. For the short-term overall price of cryptocurrency, we don't think we have to worry too much. This is not the attitude of the market to the technology. The greater willingness is the room for improvement. But just like the real prosperity of the Internet bubble, blockchain technology needs a high-end start and end.
From the perspective of specific development, the characteristics of the blockchain itself determine its application ability in the scene. The blockchain is based on some of the company's tamper-resistant technical features, distributed, including intelligence and co-existence, digitization and some of the features and advantages of the contract. The so-called application is to combine these advantages with the needs of the financial industry. Specifically, the following categories are included. Digital currency, digital instruments, asset securitization, supply chain finance, and bank credit, etc., are all typical developments in blockchain applications. Digital currency, asset securitization, supply chain finance, and bank credit information that make full use of blockchain technology will have essential efficiency and confidence improvement, which is a beneficial process with great probability.
In terms of value, these typical application directions have their own characteristics, such as digital bills, which achieve better security, convenience, and cost-effectiveness through tamper-proof or data sharing in the chain. To achieve such a redefined definition and implementation of the ticket function, it retains the functionality of the ticket, while using this new technology to make the corresponding circulation costs and transaction costs lower.
The core of supply chain finance is credit transfer
financial:Supply chain finance has always been second only to cryptocurrencies, and the market discussed the blockchain technology application hotspots. You think that from the current development, the characteristics of the financial industry, and the combination of the two. How will supply chain finance and blockchain technology combine and influence the future development of the financial industry?
He Yang:In the field of supply chain finance, the traditional supply chain is subject to the transfer of credit. How to realize the better connection between the demand side of the fund and the provider, now there is a technology that combines the blockchain with the supply chain finance, whether it should be The billing data, which can reflect the value of the supply chain, or the evidence of the bill, passed through the chain, has low cost and higher trust, and improves the level and security of resource docking in the supply chain finance.
In short, the combination of blockchain and finance will have different values in different scenarios. But in essence, the characteristics of the blockchain itself are re-constructed a mechanism of trust creation and transmission, so that the credit transfer of the transaction can be better realized by technology, better relying on the intermediary, or even relying on In the intermediary, the cost of intermediary delivery is reduced, and the value conversion and transaction are directly carried out. On the other hand, improving efficiency and reducing costs include implementing point-to-point distributed transactions and reducing errors in the information transfer process.
Furthermore, not only in the financial industry, but also in other fields, blockchain can better solve the problem of information sharing in the financial field. We all know that whether it is the construction of the central bank's credit information system, or the issuance of personal credit information licenses for third-party organizations, or the Internet information associations such as the China Internet Finance Association, the purpose is to solve the problem of financial information sharing from the organizational structure. To improve the entire social credit system.
However, in terms of the efficiency of information sharing, such top-level design has too many problems to be considered, and the involved aspects are too large. It is difficult to make a real difference in the short term. Many financial institutions have sought to help financial institutions reduce information collection and operation costs through information sharing. However, based on mutually beneficial cooperation between enterprises, they face problems such as privacy leakage, information security, poor access, and unclear interests. For any platform, data is a core asset, not to mention financial information. Supply chain finance is creating new forms from financial information sharing, bringing greater efficiency and precision.
The combination of blockchain and finance far exceeds the cryptocurrency itself.
Financial sector website:What do you think is the pain point of supply chain finance in the application of landing, how can the use of blockchain technology help these pain points in supply chain finance?
He Yang:There are some technical conditions for the blockchain to be combined with finance. For example, the blockchain has multiple parties, which require credit transfer, and can share costs and improve efficiency. This means that supply chain finance satisfies the basis and conditions of blockchain application. At the same time, it is also a problem that supply chain finance needs to solve now, including the transfer of credit, the cost of credit, and how to break information in the sharing of information.
For example, between the enterprises in the same supply chain, whether it is the management system of supply and marketing, the accounting system, or the development of enterprise informatization, they cannot be interoperable, but after the blockchain, they can be based on the blockchain. Establish a channel for credit transfer in the supply chain, so that many agreed-upon credits can be shared and stored in the form of blockchains. This changes the traditionally necessary implementation, or after very deep verification. Credit ahead. And after storage on the chain, you can reduce costs and deliver credit information more quickly.
The second is that in a wider range of situations, when core enterprises communicate with different levels of suppliers, the use of blockchains to transfer information and the diversity of information patterns can return core suppliers better and more conveniently. Or a second-tier enterprise. From the perspective of traditional supply chain finance, I only recognize the core information of accounts receivable. Now I use the blockchain to transfer the advantages of information diversification, and combine it with big data and some technologies of informationization, regardless of contract. The logistics of goods, the information of transactions, or the quantity of shipments can be used as a reference for the docking of financial funds in the supply chain.