Verification of cross border financial blockchain

1.

Three questions blockchain (economic hot spot)

recently, news about bitcoin is very eye-catching, and blockchain is on fire. In the capital market, the rise and fall of various blockchain concept stocks is like a roller coaster. It can be seen from the sensitive capital market that the blockchain is on the way and is highly concerned by all parties

"blockchain technology is essentially a kind of database technology, specifically a kind of ledger technology. The account book records the asset changes and transactions of one or more accounts. In fact, it is a kind of database with the simplest structure. The daily accounts we usually record in the small account book and the statements sent by the bank are typical account books. " Wang Jun, chief researcher of Tencent Financial technology think tank, said that security is a major feature of blockchain technology, which is mainly reflected in two aspects: one is the distributed storage architecture. The more nodes there are, the higher the security of data storage is; The other is the ingenious design of tamper proof and decentralization, which makes it difficult for anyone to modify data without following the rules

take the online shopping transaction as an example, the traditional mode is that the buyer purchases the goods, and then sends the money to the intermediary platform of the third-party payment institution. After the seller delivers the goods and the buyer confirms the receipt, the buyer informs the payment institution to send the money to the seller's account. The transaction mode supported by blockchain technology is different. Buyers and sellers can trade directly without any intermediary platform. After the transaction between the buyer and the seller, the system publishes the transaction information in the form of broadcast, and all hosts receiving the information record the transaction after confirming that the information is correct, which means that all hosts have done data backup for the transaction. Even if a machine has problems in the future, it will not affect the data recording, because there are countless machines as backup

when it comes to blockchain, many people associate it with bitcoin, and many even equate blockchain with bitcoin. He Fei said that bitcoin is a way of presenting blockchain, but blockchain is not the same as bitcoin. Blockchain is the underlying technology and infrastructure of bitcoin, and bitcoin is a successful application of blockchain, but it does not mean that blockchain can only be applied to bitcoin

What is the use of

blockchain

can solve the pain points and difficulties in many fields such as finance, public welfare, supervision, anti-counterfeiting, but there are many applicable conditions

financial service is the first application field of blockchain technology. The application of blockchain technology can solve the pain points in payment, asset management, securities and other fields

taking the payment field as an example, the cost of reconciliation, clearing and settlement among financial institutions, especially cross-border financial institutions, is high, involving many manual processes, which not only leads to high costs for users and financial institutions' back-end business, but also makes it difficult to develop micro payment business. The application of blockchain technology helps to rece the cost of reconciliation and dispute resolution between financial institutions, and significantly improve the processing efficiency of payment business. In addition, the cost and efficiency advantages brought by blockchain technology in the field of payment enable financial institutions to better handle the small cross-border payment which was considered unrealistic e to high cost in the past, and contribute to the realization of Inclusive Finance

for example, in order to solve the problem of high reconciliation cost among financial institutions, in August 2016, Weizhong bank and Shanghai Huarui Bank launched the inter agency reconciliation platform of micro loan, which is also the first application scenario of banking alliance chain running in the proction environment in China. Zhang Kaixiang, chief architect of Weizhong bank's blockchain, believes that the high cost problem that the traditional "batch file reconciliation" model has failed to solve for a long time is exactly where blockchain technology can be used. Subsequently, Bank of Luoyang and Bank of Changsha have also been connected to the inter agency reconciliation platform. Through the blockchain technology, the inter agency reconciliation process in the micro loan business has been optimized, achieving the goals of quasi real-time reconciliation, improving operation efficiency and recing operation cost. Up to now, the platform has been running stably for more than one year, with zero failure, and the number of real transactions recorded has reached tens of millions

in the field of public welfare, blockchain technology is also promising. The first application scenario of ant financial services involving blockchain is public welfare, which helps a group of hearing-impaired children get a donation, and then uses blockchain technology to promote public welfare to be more open and transparent. Hu Danqing, senior proct expert of ant financial services technology laboratory, said: "the blockchain public welfare platform is like a post office dedicated to mailing funds on the Internet. Every sum of money donated by users will be packaged into a package, which will be delivered through the blockchain platform. Every node we pass through will be stamped with a postmark and finally delivered to the recipient. This can ensure that every sum of money donated by users is transparent, traceable and difficult to tamper with. "

blockchain technology can be used to crack down on counterfeit goods. Hu Danqing introced that ant financial services has applied blockchain technology to the traceability of authentic procts. At present, some seafood procts from Australia and New Zealand, such as milk powder, are swept away with Alipay, so they can know if they are genuine procts. Different from previous businesses' self input of commodity information, blockchain allows multiple "bookkeepers" to complete bookkeeping fairly, independently and non repudiately. "

for financial supervision, blockchain technology can also play a role. According to the white paper of FISCO bcos, the underlying platform of financial blockchain, issued by the financial blockchain cooperation alliance (Shenzhen) in 2017, blockchain provides consistent and easy to audit data for financial regulators. Through the data analysis of inter agency blockchain, it can supervise financial business faster and more accurately than the traditional audit process. For example, in the anti money laundering scenario, the balance and transaction records of each account are traceable, and any link of any transaction will not be separated from the regulatory line of sight, which will greatly improve the anti money laundering efforts

some people in the instry believe that blockchain 1.0 is mainly aimed at digital currency; Blockchain 2.0 aims at smart contracts and can be applied in financial markets; Blockchain 3.0 will apply to more scenarios, and even create a "blockchain era"

He Fei believes that blockchain can indeed solve the pain points and difficulties in many fields, but blockchain is not omnipotent and has many applicable conditions

for example, the decentralization of blockchain technology is suitable for multi-party participation scenarios, and if it is only unilateral or bilateral participation, the value is not great. Due to the need for each node to check, blockchain technology is not suitable for those high-frequency trading activities

for another example, blockchain emphasizes openness and transparency, which is not suitable for scenarios with high data privacy requirements

will blockchain become a new outlet

technology is not yet mature enough. We must be alert to the concept of speculation. In particular, we should distinguish between technological innovation or fund-raising innovation. We can not block the chain chain concept of

block chain so that we will not become a "Internet plus". p>

in recent years, the development ecology of blockchain has been graally improved and enriched. Instry insiders believe that with national policy support, extensive attention and financial support, blockchain technology can achieve graal and stable progress. Although the prospect of blockchain technology is broad, we should also keep an ordinary mind

"despite the current blockchain craze, we still believe that it is still in a very early stage." Hu Danqing said that at present, there is a virtual heat in the concept of blockchain. Instead of using technology to solve practical problems, it is hot to raise money and speculate on valuation. In particular, most of the so-called ICO (initial token issuance) that are hot are innovation of fund-raising tools, which has nothing to do with technological innovation

blockchain technology can indeed create great value, but some risks can not be ignored

"blockchain technology is not very mature, and its application scenarios are relatively limited, so we should be more alert to the concept of capital market speculation." He Fei said that behind the blockchain boom, there will inevitably be some companies that want to speculate. They do not really carry out business, but just try to make a profit in the capital market. They should be careful to prevent the emergence of "bad money drives out good money", which will lead to the withdrawal of institutions that really want to carry out business from the market and affect the application of blockchain technology

Hu Danqing suggested that for the current blockchain craze, regulatory authorities should be more active in intervening, distinguish between technological innovation and fund-raising innovation, encourage government organizations, credible experts and instry participants to help the public identify, comprehensively curb fund-raising innovation in the name of blockchain, and let the actual controller of ICO bear responsibility for fund-raising behavior“ The basis for judging whether it is technological innovation or fund-raising innovation is actually very clear, that is, whether it starts with trust and whether it creates practical value by solving the trust problem. "

in order to better promote and use blockchain technology in the future, we need to continue to improve the infrastructure and strengthen the formulation of relevant laws and policies

Wang Jun believes that there is still room for optimization and improvement of core technologies of blockchain such as consensus algorithm; On the other hand, the processing efficiency of blockchain is difficult to meet the requirements of some high-frequency application environments in reality. At present, the mainstream blockchain technology platforms are originated in foreign countries. Domestic blockchain technology service providers should patiently start from the bottom development, achieve independent and controllable technology, and strive to lead the development of global blockchain technology. Enterprises with blockchain application scenarios should actively embrace new things and scientifically evaluate the demand for blockchain, instead of blockchain for the sake of blockchain

He Fei believes that the government can issue relevant policies to guide the enterprises who are interested in the R & D and application of blockchain technology, and at the same time, clarify some suitable application scenarios of blockchain and areas encouraged by the state

the white paper 2016 on the development of China's blockchain technology and application suggests that government departments at all levels should learn from the advanced practices of developed countries and regions and, in combination with the development of China's blockchain technology and application, timely issue support policies for blockchain technology and instrial development, focusing on supporting key technology tackling, major demonstration projects, the construction of "innovation and entrepreneurship" platform, and the development of China's blockchain technology and application System solution development and public service platform construction. At the same time, it is suggested that domestic key enterprises, scientific research institutions, universities and user units should strengthen cooperation to speed up the research of core key technologies such as consensus mechanism, programmable contract, distributed storage and digital signature

can bring money to the enterprise will become the outlet

2.

Blockchain finance is actually the application of blockchain technology in the financial field

blockchain is an underlying technology based on bitcoin, and its essence is actually a decentralized trust mechanism. Through sharing in distributed nodes to maintain a sustainable database, the security and accuracy of information can be achieved. The application of this technology can solve the trust and security problems in the transaction, and the blockchain technology has become an optional direction for the future upgrading of the financial instry. Through the blockchain, both parties of the transaction can carry out economic activities without the help of the third-party credit intermediary, so as to rece the cost of the global transfer of assets

extended data:

since 2016, the major financial giants have also heard the news and launched blockchain innovation projects one after another to explore the possibility of applying blockchain technology in various financial scenarios. In particular, Puyin group took the lead in creating a "blockchain +" standard digital currency. Standard digital currency refers to the process of assets identification, evaluation, right confirmation and insurance completed by a third party organization. After careful digital algorithm, it is written into the blockchain to form the standard corresponding relationship between assets and digital currency, which is called standard digital currency

in order to realize the great leap forward development of blockchain finance, promote the new development of China's economy, accelerate the global asset circulation, and realize the dream of rejuvenation that has been struggling for generations, Puyin group will hold the Guiyang strategic development ceremony of Puyin blockchain finance in Guizhou on December 9, 2016, at which the discussion on the realization of digital circulation of assets, block chain financial transaction mode, and block chain financial transaction mode will be held It also discusses the application of blockchain service and social public instry

3.

Fried coins or something

at present, the application of blockchain technology is virtual currency. Therefore, virtual currency is also known as the first real birth proct of blockchain. The popularity of virtual currency is also obvious to all, which has set off a frenzy of investment in many countries. According to foreign media reports, the number of virtual currency transactions in the United States has reached 5 million; South Korea is estimated to be the craziest nation in the world, with one in every 50 people speculating, and 31% of the working class buying and selling virtual currency; Venezuela has also issued the world's first virtual currency with the nature of national sovereignty - oil currency

with the popularity of virtual currency, market investors are not only satisfied with the conventional trading mode of buying low and selling high, but also actively seek more simple and convenient trading ways to obtain more profits. The virtual currency trend trading method was born and successfully captured the hearts of investors in a short time, becoming a major mainstream trading mode

according to

{rrrrrrr}

, the trend trading method of virtual currency is exclusively launched by speedxo, an international financial service provider with deep experience. It mainly deals with the currency pair composed of virtual currency and real currency, and it can make profits as long as it is bullish or bearish. For example, if an investor trades in "bitcoin / US dollar", he or she only needs to judge whether the price will rise or fall after 30 seconds, and buy up or down according to the trend. If he or she buys in the right direction after 30 seconds, he or she can get 93% of the net income of the investment amount. It is this kind of rise and fall are profitable, time-consuming, no need to take advantage of the market, the trend trading method quickly swept the entire currency circle

4.

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

5. First of all, EOS network has less traffic. Although the circulation volume of usdt of Ethereum network has just exceeded 20 billion, e to the congested network and high handling charges. The advantages of wavefield Tron are large flow, low cost, high penetration rate, rising flow and users! The large-scale release of wavefield versions of usdt, Eth and BTC on the wavefield Tron chain proves the high compatibility of wavefield ecology and the powerful throughput. Thank you for your question. I hope it will be helpful to you

6.

, the world's first electronic wallet cross border remittance service based on block chaining, was launched in Hongkong in June 25th. Hong Kong Alipay AlipayHK users can send remittances to Philippines purse Gcash through block chain technology. p>

ant financial services said that alipayhk cooperated with gcash to become the first e-wallet in the world to use blockchain in the whole link of cross-border remittance, and Standard Chartered Bank was responsible for the day-to-day capital clearing and foreign exchange. Gcash users can consume immediately after they arrive at the account. Cross border remittance can also arrive in real time like domestic transfer, 7 × 24-hour uninterrupted, cost-effective, safe and transparent, it can be said to redefine the "cross-border remittance"

7.

In recent years, it has become a well-known fact that the wave of science and technology has changed the financial instry. Focusing on the application and research of big data, cloud computing, blockchain, artificial intelligence and other technologies in the financial field has become a hot spot, further giving birth to the new concept of financial technology. Financial technology covers a wider range of fields than Internet finance. Based on Internet technology, it uses more cutting-edge information technologies such as big data, cloud computing, Internet of things, blockchain and artificial intelligence to improve financial efficiency and create new value. Its main business fields include payment and settlement, fund raising, asset management and technical services

since 2017, the trend of financial technology has become more prominent. On the one hand, the people's Bank of China has formally established the financial technology committee, which defines the status of financial technology and its important role in driving financial innovation and better serving the real economy; On the other hand, the five major banks of instry, agriculture, China Construction, and communications have reached cooperation with the five Internet companies of Internet, Alibaba, Tencent, Jingdong, and Suning respectively, which shows that the banking instry attaches great importance to the field of financial technology and follows up quickly

according to relevant experts, new technologies such as big data, artificial intelligence and blockchain are becoming more and more mature and are being applied in the field of financial services to try to solve the security and trust problems between finance and real economy. This means that driven by financial technology, finance and the real economy are developing together, and a new era of service capacity and level is coming

1. Financial technology forces the transformation of banks' thinking mode: as the basic business of commercial banks, trade finance undertakes the comprehensive service connotation of payment, settlement, deposit, loan, financing and credit guarantee, and highlights its importance in bank operation with the advantages of strong debt pull, high income output and low resource consumption. Through financial technology, in addition to recing repetitive work, improving the accuracy of verification and the convenience of interaction, we can also mine previously imperceptible information, relationships and trends through the comprehensive analysis and application of structured and unstructured data, and mine new business opportunities on the basis of improving the ability of data acquisition, analysis and Application, so as to improve the ability of risk prevention and control. Therefore, trade finance business also needs to conform to the trend, change the mode, and use financial technology to improve the ability of trade finance services

With the development of network technology, banks have accumulated a certain amount of technology in the field of trade finance. For example, in the process of bank opening L / C, the application data can be directly extracted and transformed into L / C by using the relatively mature digital technologies such as OCR (optical character recognition) and ICR (intelligent character recognition), replacing the tedious manual input. In March 2017, the cross-border e-commerce payment system of China Everbright Bank was officially launched. The system is designed according to the characteristics of the one-stop demand of cross-border e-commerce, integrating the settlement and sale of foreign exchange, collection and payment. The third-party payment institutions can successfully complete the diversified operations of online settlement and sale of foreign exchange, collection and payment of foreign exchange, and provide the whole process of cross-border payment financial services for cross-border e-commerce payment transactions. The launch of the cross-border e-commerce payment system of Everbright Bank has opened up the domestic and foreign capital flow channels of the third-party payment institutions, and improved the bank's cross-border financial service system

2. The banking instry actively tested the "blockchain + trade finance business": (1) domestic letter of credit . In July 2017, Minsheng Bank and China CITIC Bank pioneered the blockchain based domestic letter of credit information transmission system (BCLC) (phase I). This is the first time that the domestic banking instry has applied blockchain technology to the field of L / C settlement. It can not only shorten the sending time of the original paper-based letter of credit, but also make all aspects of the letter of credit more transparent and traceable, and avoid errors and fraud. In September 2017, Suning Bank successfully connected to BCLC. In April 2018, Ningbo Branch of Minsheng Bank successfully handled the first blockchain domestic letter of credit business through BCLC. The successful trial of the first blockchain domestic letter of credit not only effectively improved the efficiency of L / C issuance, improved the customer experience, but also broadened the trade and financial channels 2 Forfaiting transaction , in November 2017, China Construction Bank completed the first blockchain Forfaiting transaction (including the financing form of buying bills or buying out bills), with an amount of nearly 100 million yuan. This is another major breakthrough innovation of CCB in the field of "blockchain + trade finance" after the application of blockchain technology in the field of domestic letter of credit. In September 2017, Hangzhou United Bank joined the "China trade finance blockchain alliance" initiated by China Construction Bank to actively support the development of blockchain trade finance. In January 2018, Hangzhou United Bank and Zhejiang branch of China Construction Bank completed the first inter-bank blockchain Forfaiting transaction in China. With the help of trade finance blockchain, it connects the buying bank and the selling Bank of Forfaiting. Through online matching of transaction inquiry and quotation, online operation of process and other functions, it realizes the electronization of transaction documents and visualization of transaction process, effectively improves the timeliness, security and convenience, and shows the integration role of blockchain in financial technology, It also breaks through the cross system limitation of blockchain technology 3 International Factoring , in January 2018, China Construction Bank launched its first international factoring blockchain transaction, becoming the first bank in China to apply blockchain technology to international factoring business, and for the first time realizing the "fablock eco" with the direct participation of customers, factoring commercial banks and other parties in the instry. In the field of factoring, it creatively integrates both sides of the basic trade into the blockchain, and realizes the automatic identification and assignment of qualified accounts receivable through intelligent contract technology. The whole transaction is visualized and traceable, which effectively solves the operational problems of complicated message transmission and complicated right confirmation process in the development of factoring business, It is of great and positive significance to prevent the fraud risk in traditional trade financing and improve customer experience

3. Improving the ability of data becomes the core competitiveness of developing trade finance: Science and technology is not omnipotent, because of the inherent complexity of financial risk, financial risk will not disappear because of the development of technology. And with the rapid entry of Internet giants, financial technology companies, instry leaders and other non banking institutions, it will create a new competitive pattern. In addition, it is difficult to predict the risk generation mode, the change of transmission path and the acceleration of transmission speed that the new technology may bring. In such a competitive situation, banks must make full use of their own information base, and with the help of the favorable conditions of digital financial management carried out by a large number of enterprise customers, as well as the integration of procurement, proction, sales and financial data management, to comprehensively promote the digitization of trade financial services. With the help of financial technology to establish high-quality database, strengthen the basic ability of stable and fine data analysis, and provide long process and multi scene applications in trade finance services, providing data support for accurate prediction, accurate marketing, accurate innovation and accurate pricing

8. Of course, there are many aspects of technical support, which need professional knowledge to answer.

9. I finished my internship in March this year. I think it doesn't matter where I practice. Choose something more convenient for you. For example, if you are closer to home and have a classmate with you, you will know all kinds of tiredness