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Review the application of blockchain in banking industry
Publish: 2021-04-29 13:07:11
1. As a rookie of Bubi blockchain, I'll tell you
Application of blockchain technology in banking
2.1 self regulatory platform
we rarely see a platform that can conct self-regulation without intervention. In all areas similar to the financial instry, central banks and regulators (such as the securities and Exchange Commission) come to set uniform rules and manage them. Blockchain technology makes the system no longer need the supervision from enterprises or government entities, so as to regulate the operation of the system. Blockchain provides a mechanism called "workload proof", which allows each computer node in the system to participate in the approval of each transaction. The system has built-in check and balance mechanism to ensure that no computer in the system can deceive the system. All of these reviews and supervisions are completely automated by the computer. At present, there are many other consensus models that can replace the "workload proof" mechanism, but still retain the core idea that each client or node can manage the system point-to-point. What's more, blockchain makes every element in the system completely transparent. Therefore, for such a large-scale community all over the world, blockchain technology can easily review and manage it - "supervision from the public", thus effectively recing fraud. Imagine how much it can save costs and improve efficiency
2.2 compliance with the law and easy tracking
actors (users) and their behaviors (sending money or assets to others) are recorded on the blockchain. Any transaction between the two parties can be tracked and inquired, and can be proved in court. This is because all transactions need a set of public key / private key to encrypt and decrypt processing and transactions. Once they are added to the blockchain, they are permanent and unchangeable. Any record, once written to the blockchain, cannot be tampered with. Anyone holding assets or digital currency on the blockchain will have their own public key on the blockchain. When a transaction occurs, it needs to be signed by the previous holder who controls these assets using the private key. Blockchain also allows a variety of mechanisms for transactions. For example, it can be set to require two people to jointly sign a transaction. In a system without endorsement of enterprises or government, the legally binding mechanism can greatly enhance the trust factor for the system
2.3 built in business continuity
a global platform can not bear the risk of downtime when concting major transactions. Blockchain, a complete point-to-point network, has many distributed nodes and computer servers to support, which has high reliability. Every node in the system keeps a of the complete blockchain data. This makes the whole network highly fault-tolerant, if any part of a few nodes have problems, it will not affect the other parts of the network continue to operate. This makes it possible to achieve 24 / 7 all-weather operation characteristics like disaster recovery center or database rendancy center without using complex technology
2.4 evolution model without burden
in the system, there are a series of rules and key points to help decide who has the right to approve the transaction and what needs to be reviewed before the transaction is written into the blockchain. Blockchain technology can fork out new versions according to different environments and business model requirements. The new version also needs to conform to the overall concept of blockchain. All these changes must be approved by all members of the system, and everyone can get the same benefits. In addition, these changes will not affect the transactions that have occurred and confirmed on the blockchain. For a system, it has enough robustness and flexibility. People often compare the similarities between the Internet and blockchain, including their growth potential and business prospects. These two systems have very similar characteristics. The Internet does not need or does not have a centralized management department (except for a few for the management of agreed URL and domain name registration), but also has enough rendancy and strong fault tolerance. The Internet has been developing for so many years, from basic text to rich graphics, video, animation, and all this has not affected other existing systems and content. Blockchain has fully proved its function and practicability in bitcoin system. Just as the famous Chinese philosopher Lao Tzu said, "the tree that embraces is born at the end of a tree."; The platform of nine layers starts from the base soil; A journey of a thousand miles begins with a single step. " I think this should be the creed of all the pioneers of blockchain technology
as a rookie of Bubi blockchain, I tell you so much!
Application of blockchain technology in banking
2.1 self regulatory platform
we rarely see a platform that can conct self-regulation without intervention. In all areas similar to the financial instry, central banks and regulators (such as the securities and Exchange Commission) come to set uniform rules and manage them. Blockchain technology makes the system no longer need the supervision from enterprises or government entities, so as to regulate the operation of the system. Blockchain provides a mechanism called "workload proof", which allows each computer node in the system to participate in the approval of each transaction. The system has built-in check and balance mechanism to ensure that no computer in the system can deceive the system. All of these reviews and supervisions are completely automated by the computer. At present, there are many other consensus models that can replace the "workload proof" mechanism, but still retain the core idea that each client or node can manage the system point-to-point. What's more, blockchain makes every element in the system completely transparent. Therefore, for such a large-scale community all over the world, blockchain technology can easily review and manage it - "supervision from the public", thus effectively recing fraud. Imagine how much it can save costs and improve efficiency
2.2 compliance with the law and easy tracking
actors (users) and their behaviors (sending money or assets to others) are recorded on the blockchain. Any transaction between the two parties can be tracked and inquired, and can be proved in court. This is because all transactions need a set of public key / private key to encrypt and decrypt processing and transactions. Once they are added to the blockchain, they are permanent and unchangeable. Any record, once written to the blockchain, cannot be tampered with. Anyone holding assets or digital currency on the blockchain will have their own public key on the blockchain. When a transaction occurs, it needs to be signed by the previous holder who controls these assets using the private key. Blockchain also allows a variety of mechanisms for transactions. For example, it can be set to require two people to jointly sign a transaction. In a system without endorsement of enterprises or government, the legally binding mechanism can greatly enhance the trust factor for the system
2.3 built in business continuity
a global platform can not bear the risk of downtime when concting major transactions. Blockchain, a complete point-to-point network, has many distributed nodes and computer servers to support, which has high reliability. Every node in the system keeps a of the complete blockchain data. This makes the whole network highly fault-tolerant, if any part of a few nodes have problems, it will not affect the other parts of the network continue to operate. This makes it possible to achieve 24 / 7 all-weather operation characteristics like disaster recovery center or database rendancy center without using complex technology
2.4 evolution model without burden
in the system, there are a series of rules and key points to help decide who has the right to approve the transaction and what needs to be reviewed before the transaction is written into the blockchain. Blockchain technology can fork out new versions according to different environments and business model requirements. The new version also needs to conform to the overall concept of blockchain. All these changes must be approved by all members of the system, and everyone can get the same benefits. In addition, these changes will not affect the transactions that have occurred and confirmed on the blockchain. For a system, it has enough robustness and flexibility. People often compare the similarities between the Internet and blockchain, including their growth potential and business prospects. These two systems have very similar characteristics. The Internet does not need or does not have a centralized management department (except for a few for the management of agreed URL and domain name registration), but also has enough rendancy and strong fault tolerance. The Internet has been developing for so many years, from basic text to rich graphics, video, animation, and all this has not affected other existing systems and content. Blockchain has fully proved its function and practicability in bitcoin system. Just as the famous Chinese philosopher Lao Tzu said, "the tree that embraces is born at the end of a tree."; The platform of nine layers starts from the base soil; A journey of a thousand miles begins with a single step. " I think this should be the creed of all the pioneers of blockchain technology
as a rookie of Bubi blockchain, I tell you so much!
2. Because the digital currency, which is the first generation of blockchain technology, has a huge impact on the financial field, the research and application of blockchain technology has become an important task in today's financial field. In essence, blockchain technology still belongs to a kind of technical means and tools. Its application in the financial field and the real economy is parallel. It has its own relative independence, but it also has a certain degree of intersection. That is to say, its role in promoting the real economy is indirect. 1. No matter in finance or entity, one of the bases of transaction between supply and demand is trust. The current bank to enterprise, enterprise to enterprise and enterprise to person are all linked by money. With the further popularization and wide application of blockchain technology, enterprises and enterprises, or indivials can issue digital currency (Digital credit) by themselves in the future, and the status of banks will change from monopoly operation to equal competition operation in the market. Therefore, the wide application of blockchain technology in the financial field has an indirect impact on the real economy. 2. Blockchain technology is the bridge between reality (entity) and virtual world. Through blockchain technology, the real world can be reconstructed, reconstructed and redefined in the virtual world. For example, the digital currency of real paper money in the virtual world, the digital stock transaction of real stock transaction in the virtual world, the digital settlement, digital customs clearance, digital documents and bills of real import and export trade in the virtual world can greatly improve the efficiency of business process and save the transaction cost. At present, all transactions are inseparable from the bank. The bank plays a central role in the transaction. The application of blockchain technology by the bank will certainly improve the efficiency of its settlement and indirectly promote the efficiency of the real economy, but this impact will graally weaken in the future. Because the biggest feature of blockchain technology is decentralization, its distributed accounting system is a network system without center. 3. In fact, the application of blockchain technology is to value and credit the information flowing on the Internet. Through the blockchain, the information with (use value, exchange value, cultural value) in the Internet is reorganized and newly constructed to form a value Internet. It is of great significance. It will bring revolutionary promotion to both the financial instry and the real economy.
3. Blockchain is a technology that can completely change the underlying design of the financial system, because it can realize the undifferentiated record between the ownership of all assets in the market and the transaction records of all market participants, so it can completely eliminate the intermediate links of clearing and trusteeship, which are used to confirm the ownership before, ring and after the transaction; In addition, as an electronic information record, blockchain can be combined with computer algorithm to realize the automation of transactions, that is, intelligent contract. There are many derivative applications of blockchain combined with other financial technologies, each of which can replace a kind of market intermediary. Blockchain is to financial services what TCP / IP is to the Internet: once the underlying standards are recognized and popularized, specific applications like bitcoin and R3 will appear in every corner of financial services. Bitcoin uses blockchain technology to query and record. For example, if I register an account in haobtc and transfer the money, I need to query the status in the block browser in the account or the block browser in BTC. In this way, the blockchain technology helps me solve the problem of daily transfer currency query.
4. There are two roles and four moles in the cross-border payment solution based on euz. The two main roles are the gateway and customer participating in the euz payment. They are as follows:
the first role is gateway, which can be bank, market maker, liquidity provider, etc. The main function of the gateway is to let the legal assets in reality enter the blockchain payment and settlement network
the second role is customers, which can be all kinds of international trade customers. Customers are the parties involved in the blockchain payment transaction, and jointly participate in the confirmation of transaction information. In the process of transaction, once either party does not confirm the transaction, the transaction cannot be formally effective. Through this common verification, the risk of information opacity is greatly avoided, and the risk of cross-border payment in international trade is reced
the four functional moles in blockchain payment and settlement are the core business logic moles in cross-border payment
the first function mole is network connector. It is a tool to help all kinds of institutions access blockchain payment network as gateway. Network connector is a "plug and play" function mole, which can be integrated with the existing international payment and settlement system, so that banks can process cross-border payment business through blockchain. The mole is connected with the remitting bank and the receiving bank to exchange personal information, expenses, delivery details, payment details, etc. After the system confirms the transaction information of both parties, the mole connects the blockchain payment ledger for settlement processing, and notifies all parties to confirm the transaction
the second function mole is blockchain payment ledger. Banks, market makers, etc. access blockchain payment books as nodes
the third function mole is the market maker client. The market maker submits digital assets to the blockchain payment account book, and the settlement platform can realize the function of market maker through internal exchange settlement or integration into the blockchain payment network through this mole
the fourth function mole is transaction client. Customers can directly operate blockchain payment settlement through the client.
the first role is gateway, which can be bank, market maker, liquidity provider, etc. The main function of the gateway is to let the legal assets in reality enter the blockchain payment and settlement network
the second role is customers, which can be all kinds of international trade customers. Customers are the parties involved in the blockchain payment transaction, and jointly participate in the confirmation of transaction information. In the process of transaction, once either party does not confirm the transaction, the transaction cannot be formally effective. Through this common verification, the risk of information opacity is greatly avoided, and the risk of cross-border payment in international trade is reced
the four functional moles in blockchain payment and settlement are the core business logic moles in cross-border payment
the first function mole is network connector. It is a tool to help all kinds of institutions access blockchain payment network as gateway. Network connector is a "plug and play" function mole, which can be integrated with the existing international payment and settlement system, so that banks can process cross-border payment business through blockchain. The mole is connected with the remitting bank and the receiving bank to exchange personal information, expenses, delivery details, payment details, etc. After the system confirms the transaction information of both parties, the mole connects the blockchain payment ledger for settlement processing, and notifies all parties to confirm the transaction
the second function mole is blockchain payment ledger. Banks, market makers, etc. access blockchain payment books as nodes
the third function mole is the market maker client. The market maker submits digital assets to the blockchain payment account book, and the settlement platform can realize the function of market maker through internal exchange settlement or integration into the blockchain payment network through this mole
the fourth function mole is transaction client. Customers can directly operate blockchain payment settlement through the client.
5. Chongqing jinwowo analysis: blockchain also comes with the technology of transaction confirmation. To realize the automatic confirmation of movable property rights for all participants in the supply chain, and form a common non tamperable record on the block chain, so as to solve the pain points in the existing right registration and right realization.
6. Hello, there is a public service platform of SMIC blockchain (Changsha) in 2020, which seems to have cooperated with Bank of Changsha.
it is an application case of bank blockchain in Hunan, you can check more information to understand
hope to help you.
it is an application case of bank blockchain in Hunan, you can check more information to understand
hope to help you.
7. According to McKinsey's analysis, the impact of blockchain technology is most likely to occur in the main application scenarios of payment and trading banking, capital market and investment banking business
digital currency: to improve the convenience of currency issuance and use, for example, the central bank plans to issue its own digital currency; Cross border payment and settlement: realize point-to-point transaction and rece intermediate costs; Bill and supply chain financial business: rece human intervention, rece costs and operational risks; Securities issuance and Trading: realize quasi real-time asset transfer and accelerate the speed of transaction clearing (European crowdfunding is a typical model); Customer credit investigation and anti fraud: rece the cost of legal compliance and prevent financial crimes.
digital currency: to improve the convenience of currency issuance and use, for example, the central bank plans to issue its own digital currency; Cross border payment and settlement: realize point-to-point transaction and rece intermediate costs; Bill and supply chain financial business: rece human intervention, rece costs and operational risks; Securities issuance and Trading: realize quasi real-time asset transfer and accelerate the speed of transaction clearing (European crowdfunding is a typical model); Customer credit investigation and anti fraud: rece the cost of legal compliance and prevent financial crimes.
8. The first is definitely because of policy support. Most of the blockchain instrial parks are dominated by the government. The second is the participation of local enterprises, including capital and technology. The third is to have blockchain application projects that can be supported. Changsha high tech Zone also has a blockchain Instrial Park. Now it has launched a SMIC blockchain service platform project, It is also a blockchain application landing project.
9. I don't think so. The original God's mine is refreshed frequently, and there are many refresh points, so don't worry about others digging your mine
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