2017 blockchain summary
The following are the reasons why 2017 will be the most critical year for blockchain:
the lasting value of bitcoin
bitcoin, the initial tool of blockchain, ended 2016 with a high profile, which is a good omen
just after the new year, fortune reported that
"after the prosperity of 2016, the price of bitcoin has reached $1000, which has increased by 120% since the beginning of this year, and recently reached the highest point in three years. The reasons, including the devaluation of RMB, the risk of China's currency control and geopolitical instability, have been considered as the key factors for the success of cryptocurrency. Another reason for bitcoin's landmark year is its staying power - the longer it stays, the more familiar it will be, and more like a real store of value. "
whether it is fair or not, the feasibility of blockchain technology is always closely related to the performance of bitcoin. If the decentralized database can succeed in the financial field, it can also be widely used in other places. According to convention, the healthy development of digital currency has triggered a discussion on how to integrate blockchain into new areas. With healthy bitcoin, blockchain can expand rapidly in other fields
existing participants
of course, this has existed for some time, because the blockchain has been firmly bound to bitcoin. Over the years, many groups have invested a lot of money to apply the technology to a wider range of areas, while adding new features and creating new applications. If 2017 is a great year for blockchain, these existing players must be ready to grow with it
this trend is marked by the addition of 8 new members to the hyperledger project before the end of 2016. Software company CA technologies, blockchain project factcom foundation, healthcare alliance hashed health, Korean koscom, accounting company ledgerdomain, trade ecosystem developer lykee, sovrin foundation and telecom company Swisscom all joined in the project
Thehyperledger project has entered 2017 with an eye-catching membership list, and plans to introce blockchain feasibility case studies in actual use cases
new investment
the sign that the technology will make progress this year is that companies all over the world have laid the foundation for using blockchain status. Companies around the world applied for or accepted 356 patent applications related to blockchain or digital currency in November last year, almost double the number in the first month of 2016, according to the report of blog technology
Marc Kaufman, financial technology intellectual property expert at Reed Smith, told blog:
"we have witnessed an exponential growth in the number of patent applications, and we expect to see thousands of blockchain patents in the next five years."
the company is submitting patents in such a rapid way because the blockchain has finally achieved its goal from Utopia to digital ledger tool. With the increase of the number of patents, the new discovery of the index blockchain will enjoy wider legitimacy in 2017
it is only time to know the development trend of blockchain in 2017, and vice versa. However, it is obvious that the status of blockchain technology can be seen by all, which also proves the expectation of early investors for its potential and may develop new potential in the future
blockchain has also become a hot topic in the financial sector in China, and all major domestic financial institutions have tested blockchain projects. China Post and IBM have jointly developed a set of blockchain asset custody system; Puyin group launched the tea based digital currency Puyin
1. Germination stage: the real germination stage of blockchain was from 2007 to 2009. In 2008, a Japanese American with the pseudonym of Nakamoto first expounded a new fantasy report on electronic money in the form of a synonym on the cryptography discussion group, and bitcoin came out. As early as 2007, Nakamoto began to explore a series of new technologies to create a new currency. On October 31, 2008, bitcoin white paper was released, and on January 3, 2009, bitcoin system officially began to operate
the main technologies supporting bitcoin system include hash function, distributed ledger, blockchain and asymmetric encryption; It can be seen that these technologies build the initial version of the blockchain, and it can also be said that the blockchain is the underlying technology of bitcoin. During the three years from 2007 to 2009, bitcoin was an experimental stage in which a very small number of people participated, and the real commercial activities had not really started
2. "Geek" niche stage: here, "geek" refers to people who are crazy about Internet technology and take technological innovation as fashion and life. On February 6, 2010, the first exchange of bitcoin appeared. On May 22 of the same year, someone bought two hamburgers with 10000 bitcoins. On July 17 of the same year, the exchange Mt. GOx was established, marking the official inflow of bitcoin into the market. Nevertheless, the only people who can really understand and enter the market to participate in bitcoin trading are geeks who are keen on Internet technology. They discuss bitcoin technology on the forum, mine for bitcoin on their own computers, and then buy and sell bitcoin on Mt. GOx. Now these geeks have become billionaires
3. Market brewing stage: the price of bitcoin was $13 at the beginning of 2013, but on March 18 of the same year, the government of Cyprus closed the bank and stock market e to the financial crisis, which made the price of bitcoin soar, and the highest price rose to $266 in April. On August 20 of the same year, the German government confirmed the currency status of bitcoin. On October 14, China network announced the opening of bitcoin payment channel. In November, the US Senate hearing also confirmed the legitimacy of bitcoin. On November 19, the price of bitcoin rose to US $1242, forming a new high. Nevertheless, the foundation for blockchain to enter the mainstream social economy is not yet available, and the soaring price of bitcoin is only e to over optimistic expectations. The containment of China's banking system, the collapse of Mt. GOx and other events made the price of bitcoin continue to fall. At the beginning of 2015, the price of bitcoin has dropped below $200. From 2013 to the beginning of 2015, the public began to understand bitcoin and blockchain
4. The mainstream period of blockchain: on June 23, 2016, the United Kingdom left the European Union, the fifth nuclear test of North Korea in September, Trump's election in November and other events, the uncertainty of the world's mainstream economy led to the recovery of bitcoin with the function of risk aversion. The market demand was large, and the increase of trading volume made the price of bitcoin soar from $400 in 2016 to $20000 in 2017, The wealth effect of bitcoin and the transaction overflow caused by network congestion of bitcoin have led to the outbreak of other series of virtual currencies, as well as a variety of blockchain applications, resulting in the emergence of a large number of blockchain assets that are 100 times, even 1000 times and 10000 times, which has aroused the crazy pursuit of the world, Subsequently, the Chicago Mercantile Exchange launched bitcoin futures trading, marking that bitcoin has officially entered the mainstream investment proct series, and bitcoin and blockchain have entered the global attention
5. Instry landing stage: after the market frenzy in 2017, the virtual currency and blockchain have been adjusted in terms of market, supervision, cognition, etc. in 2018, returning to rationality. In 2017, many blockchain projects that follow the blockchain technology will graally die out with the cooling of the market, and the projects with real blockchain applications will be initially implemented. 2018 is not only the first year of the blockchain, but also a gold rush period for the blockchain. After the waves wash away the sand, what remains is relatively good gold
from the perspective of the history of blockchain development, blockchain technology is not yet mature and is currently in the growth period. The specific practical application of blockchain is only used in the financial field. It still needs a long way to go to apply blockchain from other instries. However, we should grasp the trend of blockchain and actively learn from the new field of blockchain.
in the early stage of the development of the blockchain instry, many enterprises and institutions formed a blockchain alliance to share the research results of blockchain technology and seek wider application of blockchain technology
in the past two years, blockchain alliances have emerged. As of July 2017, there are R3 composed of more than 40 international banks, hyperledger initiated by Linux foundation, Zhongguancun blockchain Instry Alliance located in the core hinterland of China's Internet, China ledger alliance jointly initiated by 11 institutions, gold chain alliance jointly established by 25 financial institutions, and so on Russia's blockchain alliance, known as "Russian version R3", seeks to combine with micro finance, Qianhai international blockchain ecosphere alliance led by Shenzhen Qianhai administration, and Lujiazui blockchain Financial Development Alliance in Lujiazui
many organizations and talents join to promote the vigorous development of blockchain.
Blockchain instry has great growth potential, and five aspects promote the healthy development of Technology Virtual reality and other technologies are another emerging technology that will have a significant impact on the future, which is expected to promote human beings from the era of information internet to the era of value Internet
some countries and regions in the United States, Japan and the European Union have promoted the development of blockchain as an important national development strategy, and vigorously promoted the development and application of blockchain technology. China also attaches great importance to the technological innovation and instrial development of blockchain. With the joint participation of it and other enterprises, a large number of new enterprises, new procts, new models and new applications have emerged. The application of blockchain in the fields of finance, government affairs, energy, medical and other instries has graally expanded, and is becoming an important force to drive the technological proct innovation and instrial transformation of various instries
the development of blockchain can be divided into three stages, namely, blockchain 1.0, represented by bitcoin and related financial infrastructure applications, and blockchain 2.0, represented by smart contract. At present, it is graally moving towards blockchain 3.0, which is based on blockchain technology and more complex in-depth application of smart contract
statistical analysis of blockchain investment and financing in the first half of the year. According to the statistical data of in depth analysis report on business model innovation and investment opportunities of China's blockchain instry published by foresight Instry Research Institute, in the first half of 2018, the amount of financing in the blockchain field was about 10.7 billion, with a year-on-year growth rate of 1426% compared with the same period in 2017; The number of investment and financing events in the field of blockchain has reached 205, and it is expected that the investment in the field of blockchain will usher in another peak this year
according to the distribution of investment and financing rounds in China's blockchain field, the proportion of investment rounds in the start-up period (before round b) is more than 95%, with the joint investment of many instry pioneers, and most enterprises are still running around
statistics and growth of blockchain investment and financing in the first half of 2014-2018
data source: China attaches great importance to the development and application of blockchain technology. Driven by multiple forces such as policy, technology and market, the pace of blockchain innovation has been accelerating. It has been deeply integrated with cloud computing, big data, Internet of things and other technologies. The scope of exploration and application has also expanded from digital assets to supply chain management, intelligent manufacturing, instrial Internet, social welfare, right protection and other fields
five aspects to promote the healthy development of blockchain technology, promote the high-quality development of digital economy
1, in-depth study and grasp the development trend of blockchain technology and instry. Pay close attention to the international development frontier, jointly promote the research of blockchain related technology and instry, promote the standardization of blockchain development instry behavior, and create a good development environment
2. Strengthen the construction of core technology capacity of blockchain
establish and improve the collaborative promotion mechanism among backbone enterprises, universities and research institutions, guide it enterprises to strengthen technical reserves, accelerate the breakthrough of key core technologies, and improve the performance, efficiency and security of blockchain
3. Support entrepreneurship and innovation in the field of blockchain
encourage cross-border integration between blockchain enterprises and user units, guide instry organizations to establish public service platforms, support third-party organizations to carry out evaluation and detection of blockchain services, promote rich instrial applications of blockchain, and serve the transformation and upgrading of the real economy
4. Actively build and improve the blockchain standard system
accelerate the development and application of key standards, and graally build a perfect standard system. Actively connect with ITU, ISO and other international standards organizations, substantially participate in more international standardization work, and actively contribute more "Chinese power"
5. Accelerate the improvement of the policy environment for blockchain development
support qualified enterprises to carry out application innovation and mode innovation, and guide and encourage enterprises, universities and scientific research institutes to jointly cultivate professional talents needed for blockchain development. Support eligible blockchain enterprises to enjoy the preferential tax policies of the state to support the development of software instry and small and medium-sized enterprises
the instrial scale is small, but the growth potential is huge
the blockchain economy is on the eve of the outbreak period. The financial instry is relatively widely used, and the application of other instries has also entered the stage of exploration and development. It is estimated that from 2017 to 2022, the direct market value of blockchain will increase from US $410 million to US $7.68 billion, with a compound annual growth rate of 79.6%. It is estimated that all kinds of extended business based on blockchain will reach US $100 billion in 2020
instry application areas continue to expand
the financial instry takes the lead in the application of blockchain technology, and many financial applications have been implemented; Medical instry is an important area of blockchain application, which can better protect privacy, improve service quality and management efficiency; The demand of social authentication for blockchain is rising rapidly to solve the proof problem caused by information asymmetry; The application of blockchain technology in communication, supply chain and other fields is expanding rapidly
from cable TV companies to retail enterprises, all walks of life are trying their best to keep their most precious property: monopoly. The traditional view is: "if you control the entrance and channel, then consumers have little choice."
however, we see that companies like Netflix and Amazon break the old pattern and provide more choices for our lives. Similarly, in the field of digital currency and finance, some of the largest financial institutions are facing serious challenges
it is expected that decentralized business and demand will rise in 2019, which will provide more opportunities for successful blockchain companies. At the same time, but this opportunity also means risk. If, as in 2018, the founders or entrepreneurs of blockchain companies make too many promises, and the projects are suspected of exaggeration, they may lose their reputation and first mover advantage< For decades, the world's largest financial institutions have controlled most of the financial systems of the global economy
however, blockchain companies have begun to gain fair competition opportunities through access to banking services and real-time payment. In 2019, the blockchain instry will enter the field of securities, loans and other derivative financial procts in addition to financial payment. Companies like securitize *, Dharma, dydx, compound finance and the ocean are committed to building decentralized finance
in the past few years, mobile application companies such as rap, gojek and paytm have been expanding their business, with payment, investment, remittance, loan and insurance procts emerging. As many Asian economies move from cash to the digital economy, they are rapidly attracting users of new banks
Asian regulators have provided clearer guidelines for blockchain and digital currency projects because they believe that blockchain is a catalyst for economic growth and may become a sunrise instry in the future
in addition, more than 80% of digital currency trading volume comes from Asia, so digital currency investors are eager to establish reliable infrastructure. If Grab, Gojek and Paytm can benefit from digital money investors, they will begin to support the block chain more, providing awesome experience for payment, loans and other derivatives.
back to the original heart
in the past few years, the digital currency instry has deviated from its original financial vision, which is well illustrated in Nakamoto's bitcoin white paper. Just like the prosperity and depression of the Internet, almost all imaginable real cases, such as the logistics chain of tracking the freshness of flowers, are attracting people's attention with the hot word of blockchain
however, just like the early Internet, real landing cases must match the development stage of technology
Netflix, for example, could not successfully stream TV programs in 2000, when less than 1% of people used broadband. In the past few years, it has become more and more obvious that payment is a real case of massive application of blockchain
in 2019, blockchain companies will develop rapidly in decentralized financial applications (such as loans and insurance procts) based on the smart contract platform
I always find that the best application landing occurs in specific market segments. As long as blockchain companies can focus on procts that solve specific problems, we will see more competitive and innovative blockchain companies
and that's a good thing for the instry as a whole.
Blockchain platforms include Ethereum, Asch and other underlying application development platforms
Ethereum, an open source public blockchain platform with smart contract function, provides decentralized Ethereum virtual machine to process point-to-point contract through its special cryptocurrency ether (ETH)
arch, a decentralized application platform based on side chain technology. Asch is designed to lower the threshold of developers, such as using JavaScript as the application programming language and supporting relational database to store transaction data, which is believed to be very attractive to developers and small and medium-sized enterprises
extended data
in 2008, Nakamoto first proposed the concept of blockchain. In the following years, blockchain has become the core component of electronic currency bitcoin: public account book for all transactions
by using peer-to-peer network and distributed timestamp server, the blockchain database can be managed independently. The blockchain invented for bitcoin makes it the first digital currency to solve the problem of repeated consumption. Bitcoin's design is a source of inspiration for other applications
bitcoin is the absolute mainstream of digital currency, and digital currency is in full bloom. Bitcoin, litecoin, dogecoin, dashcoin are common. In addition to currency application, there are various derivative applications, such as Ethereum, Asch and other underlying application development platforms, as well as NXT, SIA, bitstocks, maidsafe, ripple and other instrial applications
Blockchain Yearbook: since the second half of 2016, more than 10 blockchain instrial parks have been established or will be established in China. In addition to Shanghai, Hangzhou and Guangzhou, which have been maintaining a strong momentum in the field of Finance and science and technology, other provinces and cities such as Wuhan, Chongqing, Qing and Suzhou have also laid out blockchain instrial parks Blockchain Yearbook not only summarizes the latest detailed information of global blockchain instrial parks, but also includes the support policies of local governments for blockchain
according to the blockchain Yearbook, as of the end of November 2018, the number of blockchain companies with blockchain as the main business in China has reached nearly 1000, and the instry has initially taken shape. At present, many local governments are also actively positioning blockchain technology from the instrial height, and the policy system and regulatory framework are graally developed and improved
I. blockchain Instrial Park
1. Shanghai Collaborative Innovation Center was established in the earliest but the lowest profile
in November 2016, Zhongguancun blockchain instry alliance and Shanghai Intellectual Instrial Park reached cooperation to jointly create Zhongguancun blockchain Instry Alliance Shanghai collaborative innovation center. At the same time, Shanghai intelligence instry sky blockchain incubation base and Shanghai equity trading trusteeship center were officially established, which means that China's first application blockchain incubation base is officially located in Baoshan, Shanghai
according to the regulations of the park, all kinds of enterprises registered in the park will be given a certain proportion of supporting policies according to the contribution of the enterprises
on the day of the establishment of Shanghai Collaborative Innovation Center, Shanghai Ruizi Investment Management Co., Ltd., Shanghai kuaibei Network Technology Co., Ltd. and Shanghai miaojao Network Technology Co., Ltd. entered. Nearly two years since its establishment, the low-key park has not been exposed much
2. Hangzhou has three blockchain entrepreneurial Parks: occupying the right time, favorable location and favorable people
in the 2018 government work report, the Hangzhou government explicitly listed the blockchain instry as one of the seven future instries to be cultivated in Hangzhou. At present, Hangzhou has formed three major blockchain instrial parks represented by xixigu blockchain Instrial Park, China (Xiaoshan) blockchain entrepreneurship and innovation base, and China Hangzhou blockchain Instrial Park
xixigou blockchain Instrial Park was established in April 2017, located in xixigou Internet Finance Town, Qianjiang Xixi Hejing, and invested and operated by Hangzhou urban investment asset management group
China (Xiaoshan) blockchain entrepreneurship and innovation base was established by the cooperation of China Institute of electronic technology standardization, Hangzhou Xiaoshan District People's government and China Wanxiang Holding Co., Ltd., and settled in Xiaoshan in May 2017
China Hangzhou blockchain Instrial Park, located in Yuhang District, was established in April 2018, and Li Xiaolai, the big man of the currency circle, also attended the ceremony. At the launching ceremony, Yao Yongjie, chairman of Hangzhou longlan investment, announced the establishment of xiong'an global blockchain innovation fund with a total scale of RMB 10 billion
3. Wuhan blockchain Instrial Park encourages college students to start blockchain businesses
Beijing
on November 9, 2018, Zhongguancun Management Committee, Beijing Municipal Bureau of financial work and Beijing Municipal Commission of science and technology jointly issued the "Beijing financial technology development plan (2018-2022)"
the plan brings blockchain technology into the scope of Beijing's "financial technology" development plan, actively promotes the development of underlying technologies that affect the application of financial technology functions, and improves all kinds of technology market facilities, including artificial intelligence, big data, Internet technology (mobile Internet, Internet of things), distributed technology (cloud computing, blockchain), security technology (quantum computing Biometrics, encryption technology, etc
on September 29, 2017, the Beijing Municipal Bureau of financial work and other eight departments jointly issued the implementation measures for the construction of the capital's green financial system, which mentioned the development of green financial information infrastructure based on blockchain and the improvement of the security level of green financial projects
on April 6, 2017, the Management Committee of Zhongguancun Science and Technology Park printed and issued the "ZhongGuanCun national independent innovation demonstration zone to promote the deep integration of science, technology and finance, innovation and development support fund management measures", which mentioned that financial technology enterprises should be supported to provide services for financial regulators and financial institutions, and carry out the demonstration and application of artificial intelligence, blockchain, quantitative investment, intelligent finance and other cutting-edge technologies, Improve the efficiency and convenience of financial services
enterprises shall be given financial support according to 30% of the amount of technology application contract or purchase agreement signed between financial technology enterprises and financial regulators or financial institutions, and the maximum amount of support for a single project shall not exceed 5 million yuan
on December 30, 2016, the Beijing Municipal Bureau of financial work issued the "13th five year plan for the development of financial instry in Beijing", which mentioned that blockchain should be classified as a technology of Internet Finance and encouraged the development of this technology
on August 10, 2016, Beijing Municipal Bureau of financial work issued the performance tasks of Beijing Municipal Bureau of financial work in 2016, in which Article 8 mentioned promoting the introction of Zhongguancun Internet finance comprehensive pilot scheme and the establishment of Zhongguancun blockchain alliance
Shanghai
on April 28, 2017, the Shanghai Internet Finance Instry Association issued the self discipline rules for blockchain technology application of Internet Finance practitioners, which requires blockchain technology to serve the real economy, pay attention to the balance between innovation and standardization, and security, and clarify the bottom line of financial stability and information security, Internet financial institutions applying blockchain technology should report to local regulatory authorities and instry self regulatory organizations, and actively accept instry supervision and self regulatory management. The reporting information should at least include project name, responsible person, business model, business risk, risk control measures, etc
on March 7, 2017, the development and Reform Commission of Baoshan District of Shanghai printed and issued the key points of financial services in Baoshan District in 2017. It was mentioned that the construction of Miaohang blockchain incubation base and Songnan Shanghai Internet finance evaluation center should be followed up to promote the development of financial technology companies as an important part of Baoshan financial ecosystem relying on professional teams and market forces, We should form a development model in which venture capital funds and angel investors gather actively, science and technology finance support is strong, and enterprise investment motivation is fully stimulated
On December 8, 2017, the office of the people's Government of Huangpu District and the office of the Management Committee of Guangzhou Development Zone issued the measures for promoting the development of blockchain instry in Guangzhou Development Zone, Huangpu District, Guangzhou, aiming at the instrial and commercial registration place, tax collection and management relationship and statistical relationship within Huangpu District, Guangzhou Development Zone and its entrusted management and subordinate parks, Blockchain enterprises or institutions with sound financial system, independent legal personality, and commitment not to move away from their registered and office address within 10 years, not to change their tax obligations in the area, and not to rece their registered capital shall implement incentive measures such as cultivation award, growth award, platform award, Application Award, Technology Award, financial support, activity subsidy, etc. This is the biggest policy measure in China at presenton September 25, 2017, the Shenzhen Municipal People's Government printed and issued several measures to support the development of the financial instry in Shenzhen. It was mentioned that the financial technology special award focuses on excellent projects in the fields of blockchain, digital currency, financial big data application, and the annual award amount is controlled within 6 million yuan
on August 17, 2017, Shenzhen Economic and trade and Information Commission issued the notice of Shenzhen Economic and Trade Information Commission on organizing and implementing the 2018 special support plan for information security of new generation information technology in Shenzhen strategic emerging instries, which mentioned that it is necessary to support blockchain technology
on November 3, 2016, the Financial Development Service Office of Shenzhen Municipal People's government issued the 13th five year plan for the development of Shenzhen's financial instry, which mentioned supporting financial institutions to strengthen the research and exploration of emerging technologies such as blockchain and digital currency
Chongqing
on March 7, 2018, Chongqing municipal government issued the notice on implementing and promoting the task division of the guidance on supply chain innovation and application, which mentioned that it is necessary to study the use of blockchain, artificial intelligence and other emerging technologies to establish a credit evaluation mechanism based on supply chain
on November 7, 2017, Chongqing Economic and Information Technology Commission issued the opinions on accelerating the cultivation and innovative application of blockchain instry. It is mentioned that by 2020, we will strive to build 2-5 blockchain instry bases in Chongqing, introce and cultivate more than 10 leading enterprises in the domestic subdivision field of blockchain, and more than 50 blockchain enterprises with core technology or growth type, The introction and cultivation of more than 500 middle and senior talents in blockchain will build Chongqing into an important instrial highland and innovative application base of blockchain in China
as people's misunderstanding of blockchain technology graally dissipates, we will see that next year, the financial services, insurance and medical instries will carry out comprehensive deployment of blockchain technology
blockchain technology will subvert our payment system internationally - the old profit model and other processes will become obstacles, and payment will become faster, cheaper and safer
however, as blockchain becomes more and more mainstream, we can no longer ignore the main obstacles on its development path. For example, the banking instry must develop a clear roadmap for blockchain adoption and cooperate on the basis of global standardization
2, the standardization process is about to start
with the more and more extensive application of blockchain, it will become extremely important to establish standardization methods between each other. But there are complex and political processes that can get in the way - there are conflicts of interest between instry organizations, and companies are trying to gain a clear advantage
with the implementation of various blockchain schemes, we will see that the situation will change to the process of standardization and integration. Once competing organizations graally realize the benefits of alliance and start to accelerate the trade process, strengthen detection and optimize data management
in 2017, there may be only a few dynamic blockchain alliances left, but instry players will have to cooperate and reach an agreement on a flexible and universal open logo. Governments and regulators will also play an important role in protecting consumers and encouraging innovation
stakeholders driving the development of blockchain standards will need to be creative and can envision a future in which these standards can be used to create new and powerful tools
3, fintech is accelerating development
fintech is bringing great changes, from simple payment to complex global financial operations are being subverted by it
the in-depth changes that are expected to happen next year are as follows:
blockchain combined with machine learning can jointly accelerate the existing process and optimize efficiency
emojis, payment, will be more widely used, and mobile devices will become more and more secure
lending network will become one of the hottest areas of blockchain
all countries in the world will be more interested in the development of digital currency
4, it's time to subvert the field of payment
in the field of payment transaction, blockchain technology is used to overcome the problems existing in the agent banking system and international remittance
there are many proceres and incoherent processes in cross-border non cash transactions, which can be eliminated by eliminating the third-party institutions, direct currency transfer and efficient inter-bank settlement. This possibility of creating a competitive market for liquidity providers may ensure the optimal exchange rate for international exchange and payment transactions
payment systems are based on local banking regulations and practices, but lack of common standards, which reces the ability of seamless transmission of data and background information, and brings settlement and non settlement risks
the extensive implementation and use of blockchain will change and subvert the existing financial services instry and payment system on a global scale
in addition, although the blockchain was very popular in 2016, there was very little substantive progress. Only coin Ying China and China Post really put it into practice, and other projects just stayed in the theoretical stage.