Application of blockchain cross border payment

1. Absrtact: blockchain technology is the underlying technology of bitcoin. Without any centralized organization operation and management, bitcoin has been running very stably for many years (perfectly for seven years), and there has been no problem (no missing account). Therefore, some people have noticed its underlying technology and abstracted bitcoin technology, which is called blockchain technology, Or distributed ledger technology
what is centralization

the so-called centralization means "ownership" or ownership by the company. For example, Tencent's q-coin, which is issued by Tencent, is a kind of centralized electronic currency, including the total amount and the issuing method, is supervised and controlled by Tencent. You can use it, trade and go shopping, but you always have to operate in the framework of Tencent, and the final right of interpretation belongs to Tencent

the issuing mode of bitcoin is preset by the program and encryption algorithm, and runs on multiple nodes all over the world. No one or organization can modify it (everyone has his own account book, so it is impossible for one person to control everyone's account book at the same time. If there is such a technology, why should it be so complicated, If you want to blackmail money into your account, you will be the richest man in the world. There is no one left, And it is not controlled by any single person or organization
take an example: for example, Lao Zhang borrows 100 yuan from Lao Li, but Lao Li is afraid that he will default, so he asks the village head to do notarization and write down the account. This is called centralization. But if you don't find the village head, you can use the loudspeaker to shout in the village: "I Lao Li lent Lao Zhang 100 yuan! Please put it in the account book. "We all put this account in our own account book. This is called decentralization
anyone who transfers money between them will release information through loudspeakers. After receiving the information, everyone will record the transaction in their own account book. With distributed ledgers, it doesn't matter if Lao Zhang or Lao Li's ledgers are lost, because Lao Zhao, Lao Ma, Lao Wang and other families have ledgers

the main advantages of blockchain are that it does not need intermediary participation, the whole process is open and transparent, and the cost is low, and the data security is high

at present, blockchain is in a stage where everyone talks about blockchain, but can't perceive its actual technical charm. Since 2017, it has graally come into our sight, and we have graally realized that bitcoin is more fierce than real estate speculation (the price of mining machinery has skyrocketed! The news is on the screen But I still don't know

so, in which fields can blockchain be applied, what kind of changes will it bring to our future life

the core key: everyone has an account book, everyone has an account book, and the information recorded in each person's account book is consistent and synchronous, and the information is completely transparent. If it is fake, it will be the public enemy of the whole people, which greatly increases the cost of data fraud

core key 2: decentralization, which does not need a central system to manage data, prevents some people from changing data and damages the interests of the majority of people

Application:

1. Account security and privacy protection: currency transfer, exchange, payment system. Blockchain can help prevent data manipulation and fraud, prevent distributed denial of service attacks (DDoS), and effectively protect users' network privacy. Key words: anti counterfeiting, anti-counterfeiting, loan payment

2. Copyright regulation and interest disputes: for example, when a song is downloaded, from the author to the procer and then to the singer, they can get payment in real time through the blockchain, without having to wait for a long time like the traditional way, or even get no reward e to right disputes. Instead of waiting for publishers to provide royalty checks, creators can freely control the process from publishing to payment through blockchain application. Key words: real time receipt, no property dispute

3. Internet of things + artificial intelligence: the intelligent devices in the Internet of things based on the blockchain will be used to monitor the real-time situation of urban infrastructure such as bridges, roads, power grids, etc. the blockchain can connect these intelligent devices together for unified management to help them monitor more efficiently. This will help people better understand how to build a smart city in the future. Key words: unified monitoring, intelligent city

4: proof of existence: in life, once you are asked to prove that you are you, that your mother is your mother, that you have never been married, that the house belongs to you, and so on, things seem very simple. Once it falls on you, it is a great trouble. The application of blockchain technology can perfectly solve the above embarrassment. At that time, all the information that belongs to you will be recorded accurately and can not be tampered with. No one has the right to change it. When the technology develops to a certain stage, birth certificate and marriage certificate may be recorded on the blockchain. Keywords: no keywords

in addition to the application scenarios mentioned above, blockchain technology can also be applied to e-commerce, data storage, logistics and other fields. As long as we grasp the characteristics of blockchain technology, it will become easy to understand.

2. It's a way to solve many formality problems. Blockchain is decentralized and transparent. Now many payment channels are studying blockchain technology, maiteng

3. Nengdi
blockchain technology refers to a way for the whole people to participate in bookkeeping. There is a database behind all the systems. You can think of the database as a big ledger. At present, they keep their own accounts.

4. Xu Mingxing is optimistic about the application of blockchain in cross-border payment. Xu Mingxing thinks that blockchain technology will solve many problems in cross-border payment. Traditional cross-border payment needs to go through a number of financial institutions, such as remittance bank, central bank, agent bank, payee bank and so on. To solve cross-border payment based on blockchain technology will save any third-party intermediary link, achieve transaction settlement, and can complete payment very quickly.

6. Imapp2.0 version of blockchain application center has been officially launched
imapp2.0 version of blockchain application center has been officially launched. Imapp is the world's first blockchain app store with universal dividends, which aims to create a super entrance to the blockchain instry and make it easier for users to use blockchain applications. The interface of imapp 2.0 is more concise and beautiful, the function adds news and DAPP, and the content enriches the guessing game. Through imapp, users can browse, forward, download, update and open the application to obtain imapp ecological token IA. The official imapp has reached a strategic cooperation with the bitcoin diamond foundation. Ecocard ia can exchange bitcoin diamond BCD at a certain proportion.

7.

The biggest feature of blockchain technology is decentralization, which will rece a lot of costs for the banking instry

First of all, decentralization means that the trust building mechanism between banking systems no longer needs intermediary, which saves the cost of intermediary

Secondly, the development of digital currency will realize the real-time digital transaction of banks. For example, in bill transaction, bank's bill transaction always relies on the third party to realize the transfer of valuable documents. Even for electronic bill transaction, it also needs the information of central bank's ECDs system for mutual authentication. The blockchain technology can realize the point-to-point value transmission, which no longer needs centralized system control. This not only speeds up the bill transmission speed, but also reces the mistakes caused by human factors. The rection of process will naturally rece the demand of the bank for personnel and save the labor cost of the bank

finally, it will also have an impact on clearing and settlement. The bank's clearing and settlement business has always been completed by the central settlement, with low efficiency. Settlement through blockchain technology will greatly improve the efficiency of banks

blockchain technology also plays an important role in the cross-border payment business of banks. Today, with the highly developed global trade, cross-border payment is becoming more and more frequent. Banks often act as third-party services in cross-border trade, such as electronic transfer, asset custody and so on. However, cross-border payment generally takes about two days to get to the account, which is inefficient and reces the utilization rate of funds in transit. In the blockchain technology, both sides of cross-border payment can complete through the point-to-point way, realize all-weather payment and real-time arrival, thus speeding up the speed of clearing and settlement, and improving the efficiency of bank business processing

another feature of blockchain technology is de risking. Banks can establish their own blockchain, which can ensure that the transaction information and transaction records of bank customers are true and effective, and will not be tampered with arbitrarily. Banks can effectively identify customers' information, understand all aspects of customers' situation, identify abnormal transactions of customers, and prevent being cheated by customers, So as to rece the cost of bank supervision

8.

Why is the Internet era coming to an end and the blockchain era coming

Once the

blockchain develops, it will burst out more innovation. As the first proct of blockchain, bitcoin has proced many innovations since its birth. For example, small cross-border payment, recording transfer transactions between currencies, recording various stocks, registering housing property rights, recording program codes, etc.

the steam age liberates social proctivity, the electrical age enlivens social cooperation ability, the Internet age connects the world, and the blockchain era will let us truly realize freedom

9.

Although the current blockchain technology is still in the initial stage, the advantages of this technology have begun to be reflected. In many fields, blockchain can proce great value, and I believe there will be more landing application scenarios in the future,

blockchain + cross border payment

at present, the mainstream way of cross-border remittance is wire transfer, and its cycle is generally as long as three to five working days. In addition to certain handling charges, intermediary banks will charge certain handling charges, Swift (Global Interbank Financial Telecommunication Association) will also charge a higher fee for the message exchange of its system. In China, a single fee of 150 yuan will be charged for cross-border remittance through the Bank of China

and the use of blockchain technology allows the remitter and the payee to pay and settle directly, eliminating all intermediate costs, so that cross-border payment and settlement can be completed point-to-point quickly. While improving the speed of settlement, it can also achieve all-weather payment, real-time arrival, simple embodiment and no hidden cost