Application of blockchain banking

1. Before, when we talked about decentralized applications, we always thought of foreign procts, such as Ethereum. But when we talk about this topic today, I think more about China's own Asch, a new generation of decentralized application development based on side chain technology<

arch is a decentralized application development, and it is also the first decentralized application in China. Its purpose is to help developers quickly create decentralized applications. The system is easy to use, flexible and safe
in terms of mode, it is similar to Ethereum and belongs to blockchain service, but the implementation mechanism is quite different. Taking Ethereum as an example, its biggest feature is that it greatly expands the functions of the script engine, adds new instructions such as reading blockchain, charging and jumping, and relieves stack memory, function call depth and script length restrictions. However, this method has a big disadvantage that the application code itself and the data generated by the application exist in the same blockchain, resulting in the rapid expansion of the blockchain
but arch is different. Its extensibility is not realized by transaction script, but by side chain. There is a main chain and several side chains (mainly provided by developers) in the ash system, but each chain only supports a limited number of transaction types. The logic of transaction or contract is written directly by the host language, not by the transaction script
the advantages are as follows: firstly, it reces the difficulty of contract programming; secondly, it avoids blockchain expansion; thirdly, each application can customize personalized blockchain parameters<

ash does not directly crypti (decentralized, blockchain based app store) or lisk (it is a new generation, allowing JavaScript development and distributed applications to use an easy-to-use, fully functional ecosystem), But it will refer to crypti's architecture and reuse some of its code, but not too much
there are two main differences.
crypti uses dpos, on which we add pbft algorithm to enhance consistency and rece double payment risk
we use C + + language to write some key moles, and nodejs is still used to write the non performance hot parts.

2. What can blockchain do? Blockchain, a great technology with the birth of bitcoin, can greatly rece transaction costs and improve efficiency in the financial field, which is enough to make Wall Street excited. However, this is only the tip of the iceberg, and its potential application prospects are very wide, which will subvert all aspects of our lives in the future. Internet is an information network with 0 and 1 flowing in it. Blockchain is a value network, which plays a role in value transmission, which is different from Internet in data transmission. When it comes to value transfer, there is a very simple scenario, such as payment. I have 100 yuan in hand. I want to transfer to the group by wechat red envelope or wechat transfer. In this transaction process, a third party is required to participate, while the transmission mode of blockchain is point-to-point transmission, without any intermediate node, This is a big difference between blockchain and our existing architecture. When it comes to point-to-point payment, many people think of bitcoin, because most people know about blockchain from bitcoin. What's the difference between blockchain and bitcoin? Blockchain is the technology behind bitcoin; Blockchain is a basic technical architecture. Through a specific data structure and consensus algorithm, an autonomous system with multi-party participation is designed and implemented. A specific data structure is actually the name of the blockchain itself, that is, its data is put in a block of data blocks, and then the data blocks are connected and implemented by a chain“ "Consensus algorithm" is a very important concept in blockchain. Without synchronic algorithm, there will be no blockchain. Introction to Bubi blockchain since its establishment, Bubi blockchain has been focusing on the R & D and innovation of blockchain technology and procts. It has a number of core technologies, and has made substantial innovation in many aspects, forming a number of core technology achievements, such as: mathematically proven distributed consensus technology, fast large-scale ledger access technology Multi Chain general ledger technology supporting business form expansion, interconnection technology between heterogeneous blockchains, etc. On April 25, "gege integral" introced the integral system into the concept of blockchain, opened up by multiple parties, issued and exchanged integral, and promoted the circulation of integral. All cooperative institutions can jointly participate in transaction verification, account book storage and real-time settlement; The third-party payment platform of the enterprise points issuer makes the points in and out more flexible. Bubi has developed its own basic blockchain service platform, which has been applied in equity, supply chain, credit and other fields. Bubi has been committed to building an open value circulation network with the core of decentralized (polycentric) trust, so that digital assets can flow freely. So far, let's analyze the difference between blockchain and bitcoin? 1. Essential difference. For the world, bitcoin is a digital currency based on cryptography, while blockchain, as we have just said, is a protocol of value transmission. There is an essential difference between the two, because one is digital currency and the other is a protocol of value transmission. 2. Algorithm. The consensus algorithm of bitcoin is based on a work algorithm called workload proof, pow. There are many different consensus algorithms in blockchain, including bitcoin POW algorithm, POS algorithm and DPS algorithm. 3. Transaction speed. Bitcoin has a maximum of seven transactions per second. Please note that we are talking about the maximum rather than the average, because this is a very strict definition. For blockchain, the number of transactions per second can reach tens of thousands or so, so this is also a major difference between blockchain and bitcoin. Because many people will confuse that the transaction speed of blockchain is seven transactions per second, which is wrong. This is a limitation of bitcoin. Blockchain can achieve very high transaction speed according to its different consensus algorithms and linking methods. 4. Link form. Bitcoin is a blockchain based on the Internet, that is to say, we call it public chain. Blockchain can be in the form of public chain, private chain or alliance chain. 5. Limitations. It is suggested that you do not touch some digital currencies related to blockchain. What is the reason? Bitcoin, as a digital currency, although it has very different characteristics, it does not comply with financial regulation. In other words, the 21 million bitcoins were issued without national authorization and national credit as a multiple. Blockchain also has some limitations. Although it is only a protocol and a technology, it is still a new technology in its infancy. To sum up, blockchain is a relatively low-level protocol and a technical infrastructure, on which there are various consensus algorithms. If the blockchain is 1, the consensus algorithm may be 10 to 20, but there may be 1000 or 2000 applications on it. In other words, bitcoin is only one implementation of many blockchain applications. Therefore, bitcoin and blockchain are not equal. Bitcoin is only a very primary implementation of blockchain. What can blockchain do? What about blockchain? In the bill market, the digital bill based on blockchain technology can become a safer, more intelligent and more convenient bill form. The point-to-point transaction with the help of blockchain can break the existing function of bill intermediary and realize the disintermediation of bill value transmission; The construction and data storage of the digital bill system do not need the central server, which saves the development cost of the central application and access system, reces the maintenance and optimization cost of the system under the traditional mode, and reces the risk of the system centralization; Based on the non tamperability of information in the blockchain, once the bill transaction is completed, there will be no default phenomenon, so as to avoid the behavior of "selling more than one vote" and asynchronous payment and endorsement, and effectively prevent the bill market risk. The securities exchange market is also a promising field of blockchain technology. At present, the traditional securities trading mode has the disadvantages of long trading process, low trading efficiency and high comprehensive cost, and there are strong intermediaries and regulatory agencies, so the rights of financial consumers are often not guaranteed. With the application of blockchain technology, buyers and sellers can directly pair through smart contracts, and the efficiency of transaction execution can be greatly improved. Through the distributed digital registration system, settlement and delivery can be automatically realized. Because the data entered into the block is irreversible and can be copied to each data block in a short time, the information entered into the block chain actually has the effect of publicity, so the occurrence of transactions and the confirmation of ownership will not be controversial. What can blockchain do? What about blockchain? Although at present, there is no mature underlying blockchain technology platform solution, technical problems such as capacity scalability, privacy protection, non net settlement and non recourse need to be solved, and large-scale application of blockchain technology also needs to reset it architecture and reengineer business process, these are only technical problems. The real test of blockchain technology rooted and growing in the financial field is the regulatory agencies and financial institutions. Will the inherent "de supervision" and "de centralization" characteristics of blockchain make the market players have no power to drive technological innovation. However, because the blockchain is a technology based on mathematical algorithm, the establishment of trust relationship between all parties does not need the help of intermediaries or authority centers, and the cost of establishing trust relationship is almost zero (on the premise of the establishment of blockchain financial infrastructure and ancillary infrastructure), and the blockchain code is open-source, no geographical restrictions, and the network pattern is distributed and interconnected, It lays a technical foundation for the establishment and development of Inclusive Finance and shared finance in the future, and creates material conditions for the integration and unification of global finance. From this point of view alone, blockchain technology is bound to establish a core position in the future financial development, and rely on and complement each other with finance, and win-win in the future.

3. Because the digital currency, which is the first generation of blockchain technology, has a huge impact on the financial field, the research and application of blockchain technology has become an important task in today's financial field. In essence, blockchain technology still belongs to a kind of technical means and tools. Its application in the financial field and the real economy is parallel. It has its own relative independence, but it also has a certain degree of intersection. That is to say, its role in promoting the real economy is indirect. 1. No matter in finance or entity, one of the bases of transaction between supply and demand is trust. The current bank to enterprise, enterprise to enterprise and enterprise to person are all linked by money. With the further popularization and wide application of blockchain technology, enterprises and enterprises, or indivials can issue digital currency (Digital credit) by themselves in the future, and the status of banks will change from monopoly operation to equal competition operation in the market. Therefore, the wide application of blockchain technology in the financial field has an indirect impact on the real economy. 2. Blockchain technology is the bridge between reality (entity) and virtual world. Through blockchain technology, the real world can be reconstructed, reconstructed and redefined in the virtual world. For example, the digital currency of real paper money in the virtual world, the digital stock transaction of real stock transaction in the virtual world, the digital settlement, digital customs clearance, digital documents and bills of real import and export trade in the virtual world can greatly improve the efficiency of business process and save the transaction cost. At present, all transactions are inseparable from the bank. The bank plays a central role in the transaction. The application of blockchain technology by the bank will certainly improve the efficiency of its settlement and indirectly promote the efficiency of the real economy, but this impact will graally weaken in the future. Because the biggest feature of blockchain technology is decentralization, its distributed accounting system is a network system without center. 3. In fact, the application of blockchain technology is to value and credit the information flowing on the Internet. Through the blockchain, the information with (use value, exchange value, cultural value) in the Internet is reorganized and newly constructed to form a value Internet. It is of great significance. It will bring revolutionary promotion to both the financial instry and the real economy.

4. 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.

5. Chongqing jinwowo analysis: blockchain also comes with the technology of transaction confirmation. To realize the automatic confirmation of movable property rights for all participants in the supply chain, and form a common non tamperable record on the block chain, so as to solve the pain points in the existing right registration and right realization.

6. The central bank has not launched a digital currency, which can not keep up with the PPP model. This is obviously a false publicity and a pyramid scheme. This project is similar to the previous MMM mutual financial community
it is suggested that this project can also go to the police. If you don't understand digital currency, you'd better not play it. If you are interested in digital currency, you can pay attention to bitcoin, Ruitai, Laite and other mainstream digital currencies.

7. With the advent of "digital era" and the development of financial technology, the environment that banks are facing is more complex, and the pressure of "financial disintermediation" is further increasing. The operation of commercial banks is faced with such transformation and development issues as data capitalization, service scenario and flat architecture. Blockchain can effectively promote the transformation of traditional business forms of banks, rece losses, enhance trust and efficiency, and help banks to establish a more flat structure and more agile mechanism. In fact, not only banks, but also other instries can apply blockchain. The blockchain service platform project launched by Changsha high tech Zone is a blockchain + public service mode, and enterprises are being recruited to join the chain. In the future, relevant enterprise affairs and government affairs can cooperate on the chain.

8. Hello, there is a public service platform of SMIC blockchain (Changsha) in 2020, which seems to have cooperated with Bank of Changsha.
it is an application case of bank blockchain in Hunan, you can check more information to understand
hope to help you.

9. According to McKinsey's analysis, the impact of blockchain technology is most likely to occur in the main application scenarios of payment and trading banking, capital market and investment banking business
digital currency: to improve the convenience of currency issuance and use, for example, the central bank plans to issue its own digital currency; Cross border payment and settlement: realize point-to-point transaction and rece intermediate costs; Bill and supply chain financial business: rece human intervention, rece costs and operational risks; Securities issuance and Trading: realize quasi real-time asset transfer and accelerate the speed of transaction clearing (European crowdfunding is a typical model); Customer credit investigation and anti fraud: rece the cost of legal compliance and prevent financial crimes.