Blockchain lecture Fudan

1. Cheng University of information engineering, the first blockchain engineering major, blockchain is still very popular. The SMIC blockchain platform launched by Changsha high tech Zone also enlists enterprises to go on the chain, and then enterprises can make transactions on the chain.

2.

On August 6, 2018, Mr. Cai Yi, financial instry consultant of Huawei Company and founder and CEO of Huaxuan technology, was in daga | blockchain & amp; AI (core group) made a special topic sharing, the theme is: the current situation and Prospect of blockchain finance. The following text is arranged according to the speech of the lecture and has been reviewed by the author

Cai Yi: Consultant of financial instry of Huawei, founder and CEO of Huaxuan science and technology, founder of shared reading association, member of China Writers Association, engaged in financial science and technology research for more than ten years, and is a senior expert in digital transformation of banks

good evening, everyone. I'm very glad and honored to share some thoughts with you here

let's make a simple self introction: my name is Cai Yi. I worked as a writer in my youth. I wrote some books, magazines and novels in the 1990s. At that time, there was no Internet. After work, I have been engaged in the information work of financial instry, from financial channels to data centers, from outlets to technology, witnessed the development of financial technology, and also found some problems. After 2014, I worked as an investment partner and in recent years as a financial instry consultant in Huawei. From the cognitive level, I worked as a consultant for the talent development of digital transformation in the financial instry

in 2015, I started Huaxuan technology and sharing reading club. At present, we mainly focus on the cognition of blockchain and the implementation of financial technology solutions. At the cognitive level, interactive sharing and knowledge management are carried out in the way of book club. At the technical level, the process and scene of the financial instry are reshaped by combining blockchain, big data and AI technologies. I am interested in blockchain and often study and discuss with some friends. Of course, some views are still superficial. I hope you can exchange more criticisms and corrections

the elite think tanks in the United States once believed that the core of maintaining global leadership is science and technology, which must rely on economy, and the core of economy is finance. So what is the future of finance

today's topic is: the current situation and Prospect of blockchain finance. I would like to introce it mainly from three aspects:

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briefly introce finance and financial system

the current situation of blockchain finance

prospect of blockchain finance

First of all, let's talk about the concept of finance. The word "finance" originated from Japan after the Meiji Restoration (1868), which is somewhat related to the gold standard established by Japan in 1897. At the beginning of the 20th century, it was introced into China from Japan. It was first proposed by Finance Minister Liang Qichao in 1902. At that time, Zhang Zhidong raised his objection. Therefore, after the Sino Japanese War of 1894, China remained in the silver standard, but it also made China avoid the Great Depression of 1929

The original meaning of finance is "money accommodation", which refers to the circulation of funds in the society. Later, its meaning has been expanded to indicate transactions and economic activities related to money and credit. In fact, there is another reason: gold used to be the only medium in international trade, and its value and wealth were based on gold. Therefore, when making standard gold bars, people need to melt gold into shape, which may be the original meaning of the word "finance", that is, to melt metal

Finance is the general name of currency circulation and credit activities and the economic activities associated with them.

let's look at the definition of Finance later: finance is the general name of currency circulation and credit activities and the economic activities associated with them. In a broad sense, finance generally refers to all the economic activities related to the issuance, custody, exchange, settlement and financing of credit currency, Even including the trading of gold and silver, the narrow sense of Finance specifically refers to the credit currency financing

In short, the contents of finance can be summarized as the issuance and withdrawal of money, the absorption and payment of deposits, the issuance and recovery of loans, the trading of gold, silver and foreign exchange, the issuance and transfer of securities, insurance, trust, domestic and international currency settlement, etc. To put it more bluntly, finance has two-way feedback. The institutions engaged in financial activities mainly include banking, insurance, securities, trust, financial leasing, etc. We all know this better and have frequent contact with it. Therefore, to understand the meaning and institutions of finance, we also need to understand China's financial system

2 China's financial system the development of China's financial system can be roughly divided into five stages:

initial formation stage, the first five years (1948-1953): the establishment of the people's Bank of China (1948). At this time, the PBC is far from what we want now. But it marks the beginning of new China's financial institution system

In the second five years (1953-1978), the people's Bank of China (PBC) is the only financial institution in China that deals with all kinds of banking business, integrating the central bank and ordinary banks. In fact, reunification means that we the model of foreign countries. I will not talk about specific countries

In the third five years (1979-1983), the Bank of China (established in 1912), the Agricultural Bank of China (established in 1951) and the Construction Bank of China (established in 1954) were restored or established one after another, but the people's Bank of China still integrates currency issuance and credit. We can see that after the reform and opening up, China's financial instry has developed very fast

the diversified financial institution system has begun to take shape. Ten years (from September 1983 to 1993): it has formed a financial institution system with the people's Bank of China as the core, the four major professional banks of instry, agriculture, China and construction as the main body, and other financial institutions coexisting and cooperating. After 1987, there were Bank of communications, China Merchants Bank, Shenzhen Development Bank, CITIC and Hengfeng. In 1988, Ping'an, Guangfa and Xingye appeared. Everbright, Huaxia and Shanghai Pudong Development Co., Ltd. appeared in 1992, and the Securities Regulatory Commission was set up in the same year

the stage of building and improving the social * * market financial institution system (since 1994): it has formed a relatively complete financial institution system with "one bank, three meetings" as the leading role, large, medium and small commercial banks as the main body, and a variety of non bank financial institutions as the auxiliary wing. In 1994, three major policy banks (China Development Bank, Export Import Bank of China and Agricultural Development Bank of China) were established. In 1995, Minsheng Bank, the first private commercial bank, was established (which is of great significance). In 1998, urban commercial banks emerged and CIRC was established. In fact, the CBRC appeared relatively late, and it was only established in 2003. Since then, the pattern of "one party, three meetings" has been formed. However, not long ago, the China Banking Regulatory Commission and the China Insurance Regulatory Commission merged into the China Banking and Insurance Regulatory Commission. You can pay attention to this

from the perspective of evolution, the normative research of finance is often linear

that is, we often take a certain evolution form as the standard (usually developed market economy system, such as the Soviet Union, Germany, the United States and even Japan), describe the progress path of the financial system from non marketization to marketization, from inefficient allocation of financial resources to efficient allocation, and focus on explaining the gap of the standard form and the reasons

In fact, we can find from the development process of China's financial system just now: since 1978, China's financial system has evolved in the direction of marketization, standardization, diversification and internationalization, All kinds of financial institutions show a "network" and "strong connection" business form, that is, the connection degree between banks, banks and other financial institutions, as well as financial sub markets has increased significantly, and the credit connection is increasingly close, mixed and complicated

the ecological environment of financial instry has also undergone some obvious changes. On the one hand, traditional formal financial institutions seek to speed up transformation and innovation, and strive to seize the opportunity in business strategy, market positioning, management structure, format and proct innovation. On the other hand, a large number of emerging financial institutions have emerged

financial format also presents new characteristics such as real estate financialization, non bank institutions "banking" and asset securitization

The above changes are beyond the imagination of the instry, regulators and policy makers, and will bring a series of impacts:

on the positive side, the scale and composition of the financial system have been expanded, the business expansion and financial service capacity of financial institutions have been improved, the financial market has been developed, and innovative payment has developed rapidly. That's what we're going to talk about in financial technology

in a common saying, when the forest is big, there are all kinds of birds. The negative aspects are mainly reflected in the following aspects: the interaction between the

financial system and the real economy tends to be complex, and the role of the financial system in promoting and amplifying asset bubbles is underestimated. p>

the reticulation and strong correlation of the financial system widen the gap between the financial instry and financial supervision, and weaken the effectiveness of traditional supervision. China's current financial supervision system has only been in operation for more than ten years

the transmission path and mechanism of monetary policy through the financial system have changed (the transmission chain of monetary policy has been lengthened or deformed, the conctivity and effectiveness have declined), and the initiative and effectiveness of regulation are facing new constraints. Since its establishment in 1996, the current monetary policy framework has been constantly improved in response to the development of economy and financial market, but the complexity of the financial system in recent years has put it to a new test. Broad money M2 is also impacted by financial deepening, electronic payment and other factors, and further weakened by the shadow banking system

all kinds of cross market, cross business and cross-border behaviors to evade supervision make a variety of risk factors intertwined, such as: capital pool operation with serious mismatch of maturity and procts hides large liquidity risk, proct nesting leads to risk transmission, insufficient shadow banking supervision, local debt, real estate, external shocks, etc., all of which bring great challenges to the stability of the financial system

without comparison, there is no harm, and China's financial system as a whole is relatively backward. This kind of backwardness is mainly reflected in the backwardness of bank innovation: the people's Bank of China announced in October 2015 to abolish the "interest margin protection", while the interest rate of the United States had been completely marketized as early as April 1986, and China was nearly 30 years late

3 the institutional framework and basic problems of China's financial system

Second, the * * third party acts as a credit intermediary to guarantee the realization of asset transfer transactions

the third is the transaction settlement and clearing completed by the centralized clearing organization

Based on this, there are also four problems:

1) credit system and trust mechanism. Traditional finance must have strict transaction records to accumulate credit. Without transaction records, it is difficult to achieve financing or loans, because there is no technical means to ensure the safety of transactions between the two sides

(2) transaction settlement takes a long time. The time of traditional financial transactions has been speeding up, but the settlement time is still relatively long, especially for cross-border transactions, which often can not arrive immediately

(3) the cost of intermediary service is high. The traditional financial transaction system is very important

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4.

Thank you for your invitation. I am engaged in the blockchain instry, and I can answer your questions

at present, there are more than 10 blockchain instrial parks that have been established or will be established in China, and the more famous one is Hangzhou blockchain Instrial Park, Chongqing Yuzhong blockchain entrepreneurial Instrial Park, Shandong Qing "chain bay", Changsha "Lugu" blockchain Instrial Park, Wuhan "Kelly chain Valley", and other places such as Shanghai, xiong'an, Cheng, Guangzhou, Guiyang have blockchain supporting infrastructure

Hangzhou blockchain Instrial Park

let's talk about the most famous one, Hangzhou blockchain Instrial Park, China. I still remember that at the launching ceremony, Li Xiaolai, the tycoon of the currency circle, not only set up the platform for the blockchain Instrial Park, but also announced the establishment of a 10 billion global blockchain innovation fund, xiongan fund. Hangzhou government even put forward the vision of "building a city of blockchain"

at that time, when many media reported the launching ceremony of Hangzhou blockchain Instrial Park, they said that "10 blockchain future science and technology projects signed on site and settled in Hangzhou blockchain Instrial Park in China". As a result, for quite a long time, there was no enterprise really settled down, and there was a suspicion of seizing policy subsidies

Qing chain Bay

and then Qing chain Bay, this instrial park is actually good. First of all, it has the strong support of the government. In July 2017, at the opinion Conference on the development of block chain instry in North District of Qing, it was proposed to strive to establish a block chain instry highland based on Qing and facing the whole country by 2020. Chain Bay officially settled in North District of Qing on September 13, 2017, It covers an area of more than 40000 square meters

secondly, chain Bay is supported by top universities in China. In May 2018, Qing chain Bay Shuangqing blockchain Application Forum, CO sponsored by Qing chain Bay and Internet Instry Research Institute of Tsinghua University, was held, and nearly 20 "Tsinghua Department" blockchain enterprises settled in chain Bay. So chain Bay is better than Hangzhou blockchain Instrial Park. What's worse is that the competitiveness of Qing is weaker

Changsha "Lugu" blockchain Instrial Park

this instrial park actually has some embarrassment. Where is the embarrassment? Because it was too late to be officially announced, the unveiling ceremony of Changsha blockchain Instrial Park and the launching ceremony of Changsha blockchain incubator were held in Changsha high tech Zone on November 23, 2018. See, last November, when the digital currency market entered the freezing point. Whether practitioners in the blockchain instry are willing to admit it or not, the market will indeed have a great impact. Therefore, the development of Changsha blockchain instrial park can only be said to be out of season

Why do I introce Changsha's blockchain Instrial Park? Because the Changsha government supports blockchain the most. It can be seen that local governments have issued relevant supporting policies, but most of them are part of a package of economic and scientific and technological plans, and most of them only put forward goals without specific measures. Changsha Government has issued a series of supporting policies for blockchain, and the specific amount of subsidies, so Changsha Instrial Park can still look forward to the future development space

Wuhan "Kelly chain Valley" blockchain incubator

this blockchain incubator in Wuhan is my favorite. First of all, from the perspective of location advantage, Wuhan is the center of eight provincial thoroughfares, and the transportation network covers the surrounding provinces; In addition, Hubei is a big province of science and ecation. The ecational resources of Wuhan city are second only to those of Beijing, Shanghai and other cities. It is rich in talents and scientific and technological resources. The development prospect of blockchain is huge

secondly, the strength of Kelly chain valley itself is very strong. By the end of 2020, it will build 120000 square meters of high-quality office space, basically covering 1.5 tier cities, and is expected to invest more than 200 million in venture capital funds. Relying on blockchain technology, it will establish blockchain nodes, provide blockchain enterprise registration, equity registration and transfer services for settled enterprises, and build a leading innovation mode of joint office and enterprise resource sharing based on blockchain technology in China

the blockchain enterprises settled in Kelly chain valley will obtain management consulting services in the incubator, including general business agency services, strategy formulation, management system, human resource management system, market analysis and professional knowledge training. Through the cooperation with the blockchain special committee of China Electronic Chamber of Commerce, Asian SPT Research Association, and other high-end resources in the blockchain instry, the incubator has also established a "blockchain University" personnel training mechanism. In addition to holding blockchain lectures every two weeks, it will also hold various public welfare research and training activities to gather blockchain experts, venture geeks and blockchain enthusiasts, Build a talent highland for the development of China's blockchain instry to make up for the shortage of domestic blockchain talents

in addition, as far as I know, Kelly chain Valley has several blockchain applications. For example, the more famous TD public chain is Kelly chain Valley incubation. Recently, it is still doing the global super node election

the above are several good blockchain instrial parks and incubators in China, I hope they can help you

5.

With all walks of life have begun to enter the blockchain instry, blockchain has undoubtedly become the world's largest wind in 2018. Since 2014, more than a dozen top universities in Europe and America, including MIT, Stanford University and Princeton University, have successively opened blockchain courses

now, it is no longer limited to the teaching of blockchain technology, and some people are ready to challenge the traditional ecation mode with blockchain technology. According to the times of higher ecation, a group of scholars from Oxford University announced that they would establish the world's first blockchain University, Woolf University

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Course Platform demo according to the official website of Woolf University

actively promote the block chain credit certification

"hope the degree certificate will be widely recognized in the future"

however, there are no doubt many problems to be solved when applying an emerging technology to a new concept. Professor Michael sharens, a professor at the Open University of the UK, said that although the founding of Woolf university is a subversive force in the field of ecation, how to ensure high standards of teaching is a big problem. Although blockchain can ensure the teaching interaction between teachers and students, it can not guarantee the quality of teaching

in this regard, Dr. blocky told the media that the key to the quality of ecation is not whether there is a physical campus, but the ability of teachers. Of course, the school will also have relevant teaching quality supervision measures. First of all, only scholars with real doctoral degrees can join the platform as teachers, and they must upload certificates for verification

secondly, the top five colleges of the university will be composed of scholars with doctoral degrees from world-class universities. After the establishment of five high-quality colleges, Woolf will be open to other scholars one after another

in addition, a ranking system was established among colleges according to the number of teaching and the average score of students. Finally, the university will set up a review system for academic fraud and cheating, which will be regularly reviewed by the dean of the college

then, in addition to ensuring the quality of teaching, how can the academic records of blockchain obtain formal academic recognition

Dr. brocky said that blockchain can help the credit certification process, because the information records it provides are highly accurate and completely reliable. The European Commission has recently published a report on blockchain in ecation, but it will take some time to complete this process

before obtaining official permission, blockchain records will be temporarily used as a part of the application process. For the degree certification of early-stage students, the university will cooperate with existing universities and still use the traditional way to certify credits. In addition, at the initial stage of its establishment, the university will invite ecational institutions such as Oxford college to join the platform and make full use of their existing degree certification mechanism. At the same time, the University of Virginia Woolf has begun to actively seek ecation certification in the European Union and the United States, hoping that in the next 10 years, the degree certificate of Virginia Woolf University will be widely recognized

Dr. blocky said that Woolf university is the future ecation model, which combines online and offline ecation, and connects the world's outstanding students and teachers by building a global talent network“ I hope this model can improve the overall quality of ecation and provide a new way for students to acquire knowledge and achieve success, no matter where they are

6. As one of the sponsors of this forum, Chongqing jinwowo, with a brand history of
14 years and the top CIO event in Asia Pacific region, will hold the China
CIO Summit Forum in Chongqing from July 26 to 29.

7. As I have known before, it is a digital asset trading platform

8. Yes, what he does is blockchain virtual currency. Through lectures, conferences and other activities, Yu Lingxiong has graally formed a highly recognizable personal coin circle.

9. Blockchain should be popular in China. I have also heard Zhai Shanying talk about blockchain technology. Blockchain can be said to be a comprehensive technology. Take the phenomenon of people touching porcelain for example, blockchain technology is to let everyone in the world understand the experience of touching porcelain. The emergence of a technology, there should be pros and cons, so do not blind everything, the market will give us the answer.