The influence of blockchain on payment and clearing of central b

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

2. 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.

3. Q: What is blockchain technology? A: Blockchain technology can be understood as a public accounting mechanism. It is a technical solution rather than a specific proct. The basic idea is to establish a set of public account books on the Internet, in which all users in the network keep accounts and check accounts together, so as to ensure the authenticity and non tamperability of information. The reason why it is called "blockchain" is that the structure of blockchain storage data is composed of a chain of "storage blocks" on the network. Each block contains all the information exchange data in the network within a certain period of time, and the chain continues to grow over time. Q: What is the relationship between blockchain and bitcoin? A: Bitcoin used to be one of the most successful applications of blockchain technology. Specifically, the blockchain is a series of data blocks generated by the use of cryptography Association, and each data block contains the information of effective confirmation of multiple bitcoin network transactions. It can be said that bitcoin is a "killer application" of blockchain idea. Blockchain is the underlying technology of bitcoin, but its role is not limited to bitcoin. Q: What are the technical features of blockchain? A: Based on open source software and peer-to-peer network, blockchain can bring more advantages than traditional network in currency related fields such as transaction payment. These advantages include: decentralization, no need to trust the system, disintermediation, tamper proof, encryption security. Q: How does blockchain technology improve the authenticity and non tamperability of data? A: The newly added data blocks are linearly added to the end of the original block in chronological order, which constitutes the blockchain. In this process, the data is distributed in each computer. This decentralized storage method improves the authenticity and non tamperability of the data. When a transaction occurs, users all over the world can act as regulators. If we do not recognize the legitimacy of the transaction, the transaction cannot be concluded, and the data on the blockchain is maintained by us collectively. Q: Is there any potential defect in such a brain burning "blockchain"? A: Blockchain also has some defects to be solved, such as security risks, work efficiency and resource consumption. Since the supervision of blockchain depends on all nodes in the network, theoretically speaking, if you master more than 50% of the computing power of the whole network, you will be able to successfully tamper with and forge blockchain data. Secondly, e to the distributed storage, each node in the blockchain needs to keep a database, and any transaction in the network needs to be authenticated and recorded by other nodes, so the efficiency of the system is low. Finally, because the operation of the blockchain relies on the computing power contributed by the network nodes, these computing power do not proce actual social value, so it is generally considered that these computing power resources are "wasted". Application of blockchain in various fields when blockchain technology is published, many people think it is possible to realize DAC. DAC (full name) can be translated into distributed autonomous system, which refers to an organization system that runs autonomously without intervention and management through a series of open and fair rules. DAC has many forms. It may be a digital currency, a system or an entity, or even a driverless car. This kind of organization system can provide valuable services for customers in the form of currency transfer (such as bitcoin), asset transaction, domain name service, or any other business model. Therefore, through the idea of information sharing, blockchain technology is likely to bring profound changes in cost rection and security improvement to various instries. Application scenarios that existing blockchain technology can achieve: proof of existence can be used to confirm rights in the field of Internet finance, that is, blockchain can really realize "proving your mother is your mother". The smart contract guarantees the validity of the contract, such as the generation required by the electronic signature law; Reliability of methods for storing or transmitting data messages; The reliability of the method of maintaining content integrity; The reliability of the method used to identify the sender. The blockchain of the Internet of things can solve the problem of the coding standard interaction interface of the Internet of things. When an e-signature is signed by identity verification, the signature data is only under the exclusive control of the signer. Any changes to the e-signature after signing can be found, and any changes to the content and form of the data message after signing can also be found. The market forecasting community, August, is an example. Anyone can access and use August anywhere in the world, which may bring unprecedented liquidity and trading volume to the market. Asset trading NASDAQ OMX Group Inc is testing blockchain technology, which NASDAQ believes has the opportunity to transform traditional financial trading methods into bitcoin like ones. The bitcoin mode of e-commerce can be applied directly. Is it possible for e-commerce to become a "harmonious" market without supervision? Social news magmavc has invested $400000 in getgems (formerly known as gems), a start-up project for decentralized social communications applications. File storage directly impacts and even subverts the traditional cloud computing architecture. Chain, a data API blockchain API service provider, has received a $9.5 million investment led by Khosla ventures. Wall Street's financial companies are investing in blockchain and seizing the beach. Visa, NASDAQ and Citigroup also invested in chain, an old Jinshan blockchain start-up, with a financing amount of US $30 million. In the financial field, what can blockchain do? Specifically, in the financial field, in addition to providing a trading platform for bitcoin, Jiuding investment believes that blockchain technology can also greatly improve various asset trading systems other than the existing digital currency. For example, it plays an important role in the post transaction market proceres such as the liquidation and settlement of financial derivatives, foreign exchange, private equity, energy credit linked investment procts and other assets. In terms of speed, the time required for settlement audit in the U.S. securities market is 2 to 3 days. The application of blockchain technology is expected to rece the settlement audit time from hour level to minute level or even second level, thus recing the settlement risk by 99%, and recing the capital cost and system risk. In the blockchain, transaction confirmation and settlement are carried out at the same time. After the node transaction is confirmed by the system, it is automatically written into the distributed ledger, and the corresponding distributed ledgers of all other nodes are updated at the same time. The automatic operation mechanism can greatly shorten the settlement cycle. In terms of expenses, under the current settlement mechanism, in order to achieve a shorter settlement cycle, it is necessary to increase the settlement cost and initial investment expenses significantly. The emergence of blockchain technology makes it possible to rece the settlement cycle more efficiently and quickly, and rece the transaction intermediate proceres, so as to save a lot of money, which is the market space of the related blockchain instry. In terms of security, the integration of blockchain technology into smart contract technology can process complex derivatives transactions programmatically, making clearing more standardized and automated. The time linear stacking feature of the block itself can help the regulators identify and discover illegal operations. At the same time, the smart contract can change the compliance inspection into automation and minimize the possibility of violation from the beginning of liquidation. The 24-hour uninterrupted operation of blockchain technology can also make the data exchange processing of Pan state exchange more stable and reliable. In addition to securities transaction settlement, blockchain can also be used to register and issue digital asset ownership. Blockchain technology can greatly enhance program automation, while smart contract can write many complex derivatives trading terms into the registration and issuance program supported by blockchain technology. When a transaction occurs, blockchain network can quickly and correctly execute. In November 2015, LINQ, a new blockchain technology project cooperated by Nasdaq and chain, has completed the first private equity transaction using the blockchain based issuance and trading platform. The application prospect of blockchain in the field of accounting has also attracted the attention of a large number of people in the instry. Accounting, auditing and compilation cost a lot for global enterprises and the four accounting firms. Automatic accounting based on blockchain technology can greatly rece the relevant costs. The company does not need to recruit special auditors to audit the account book, and all transactions can be stored in the internal blockchain. Due to the irreversibility and time stamp function of the blockchain, the external auditors and regulators of the four major accounting firms can monitor the company's account books in real time by tracking these blockchains. At the same time, the institutions can greatly rece the dependence on the auditors to audit financial transactions and make the audit business more efficient. With the increasing maturity and application expansion of blockchain technology, blockchain start-ups in developed countries have sprung up. At present, the world's leading blockchain companies generally focus on transaction, payment, clearing, Internet of things and other pain point businesses. Some companies have achieved a certain scale, and have developed a relatively clear business model. At the same time, many companies have extended their business in the blockchain instrial chain, covering payment, transaction, risk control, etc., making full use of the multi-point coordination effect. At present, Jiuding investment is also focusing on the projects and applications of various blockchain technologies.

4. If you look closely at these two fields, you will find that they have begun to develop away from each other. Although digital currency is technically inseparable from blockchain, blockchain technology is not limited to digital currency. It is favored by various technical companies in terms of proct traceability, data transparency and distributed consensus. So what impact does the central bank's entry into digital currency have on the blockchain instry, It's not going to change much. At present, the ant gold clothing behind Alipay is the largest patent application company in the global block chain.
what benefits most from this is the domestic currency circle. In 2017, digital currency and related fund-raising activities were banned in China, which is quite negative in the eyes of ordinary people. In fact, the central bank's initiative to explore into cryptocurrency is the recognition of the core concept of digital currency. With this incentive, domestic enterprises will actively enter the instry and inject fresh blood into the instry, which is the most important
about this, you can see the reports of blockchain media, such as golden finance, coin easy to know column, chain news and so on.

5.

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

6.

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

7. There are two roles and four moles in the cross-border payment solution based on euz. The two main roles are the gateway and customer participating in the euz payment. They are as follows:
the first role is gateway, which can be bank, market maker, liquidity provider, etc. The main function of the gateway is to let the legal assets in reality enter the blockchain payment and settlement network
the second role is customers, which can be all kinds of international trade customers. Customers are the parties involved in the blockchain payment transaction, and jointly participate in the confirmation of transaction information. In the process of transaction, once either party does not confirm the transaction, the transaction cannot be formally effective. Through this common verification, the risk of information opacity is greatly avoided, and the risk of cross-border payment in international trade is reced
the four functional moles in blockchain payment and settlement are the core business logic moles in cross-border payment
the first function mole is network connector. It is a tool to help all kinds of institutions access blockchain payment network as gateway. Network connector is a "plug and play" function mole, which can be integrated with the existing international payment and settlement system, so that banks can process cross-border payment business through blockchain. The mole is connected with the remitting bank and the receiving bank to exchange personal information, expenses, delivery details, payment details, etc. After the system confirms the transaction information of both parties, the mole connects the blockchain payment ledger for settlement processing, and notifies all parties to confirm the transaction
the second function mole is blockchain payment ledger. Banks, market makers, etc. access blockchain payment books as nodes
the third function mole is the market maker client. The market maker submits digital assets to the blockchain payment account book, and the settlement platform can realize the function of market maker through internal exchange settlement or integration into the blockchain payment network through this mole
the fourth function mole is transaction client. Customers can directly operate blockchain payment settlement through the client.

8. In theory, this is a good idea, which can better regulate people to use blockchain technology
from the perspective of blockchain technology development, it can be divided into three stages: the first stage is the application of digital currency such as encrypted currency, transfer, remittance and digital payment system; The second stage is the application of encrypted stocks, bonds, futures, loans, smart assets and smart contracts; The third stage will be applied in government, health, science, culture and art. At present, the application of blockchain technology is only in the process from the first stage to the second stage< At present, blockchain banking business includes: 1. P2P cross-border payment and remittance of point-to-point transactions, trade settlement, and trading of securities, futures and financial derivatives contracts. 2. Registration. Blockchain has a reliable database to record all kinds of information, and has the characteristics of credibility and traceability for the stored anti money laundering customer identity data and transaction records. 3. Right confirmation. For example, the proceres such as the right identification of the transferred items registered in the equity law system can be realized through the blockchain technology. 4. Intelligent management. Because the "smart contract" has the automatic detection validity and meets the program conditions, the contract will automatically process the interest payment and dividend, avoiding the risk of credit default caused by human intervention
R3 in foreign countries is a blockchain alliance, which can be regarded as an institution to formulate unified standards. Ethereum and distributed content publishing platform decent are projects based on blockchain technology.

9.

[actual role of blockchain]

closer to our life, blockchain has realized "de trusting" or "de trusting based on people"

we trust wechat payment, in essence, we trust Tencent; We put money into the bank, in essence, we trust the banking company. These "traditional" trust may have various flaws and loopholes, such as the breach of certain contracts

and blockchain technology provides a new solution model, namely "100% code based trust model", which is a fully mechanized trust model without any artificial other trust factors. In fact, this trust model is more secure and has strong landing ability. It does not stay in the concept ~

[what does rate3 do]

rate3 is a blockchain project in Singapore. It takes into account that global trade has almost completely raised the beam of improving the living standards of the world's residents in the past few years. In fact, the application of blockchain technology can improve the existing trade and further create wealth for indivials and enterprises through the transaction of certificated digital assets

but the biggest difference between rate3 and other blockchain projects is that it aims to build a cross chain bridge for enterprises and indivial users

to be exact, rate3 is currently developing a tool that can span Ethereum and star network, and can carry out asset authentication and identity management, hoping to build a bridge for users to enjoy the advantages of both public chains

the technical highlight of rate3 is that "rate3 double agreement" includes cross-border payment agreement and credit scoring agreement. Through the former, rate3 aims to help enterprises use star network for cross-border payment and clearing. Through the latter, rate3 uses Ethereum to provide a portal for further use of financial services: decentralizing credit scoring, promoting credit lending, and building bridges for other financial institutions

rate3's vision is to achieve a more transparent and inclusive certificated future. This vision has also been supported by many famous venture capital institutions (distributed capital, Jingwei China, hash capital, etc.)

you can go to Rate3 official website to know about web page link WeChat official account can also search Rate3~

directly.