Seven weapons of blockchain technology in the financial field
In exploring the innovation and application of chain operation, finance is the most important field. At present, the main application, exploration and practice of chain operation are all over the financial field. However, there is a lack of professional applications in China and in blockchain in the financial field. It is urgent to understand the application of blockchain in the financial industry, financial cloud conference industry, application research and exploration blockchain and cloud computing in the financial industry. Typical applications include Bitcoin, Letcoin and other electronic currencies, and more secure, open, distributed billing systems, payment and settlement systems. Recently, two generations of blockchain technologies, such as Pulsation and Islian, have been in the stage of applied research and development of push blockchain. In developed countries with settlement, deposit, foreign exchange, investment banks and commercial banks, brokers and other financial institutions have begun to promote the application of cross-border payment exploration, securities transaction settlement and securities issuance.
(I) Digital currency Bitcoin is the most widely and successfully applied blockchain technology. On the basis of Bitcoin, this has also spawned a large number of other types of centralized digital currencies, collectively referred to as "competitive currency" or "shanzhai currency". The famous competitive coin, coin, coin, butterfly dog ripo coin, etc. Among them, it is the first currency to increase the number of currencies by changing some parameters of competitive currency, Bitcoin; Wright uses some new data blocks of improved bitcoin technology (mainly improved mining proof algorithm) to shorten the time from minutes to half minutes in bitcoin. GouGouBi() is an algorithm based digital currency with small amount. It is the second largest virtual digital currency in the world after the number of users. There are tens of thousands of digital currencies in the world, which are still in operation, about more than, of which more than half are self cloning competitive currency, Lite currency. () For payment settlement at this stage, commercial banks must be used for commercial transaction settlement and settlement of the payment banking system. This traditional way involves bank transactions, banks, counterparties, clearing organizations, foreign banks (agents or foreign branches of banks) and many other organizations and processing procedures. In this process, each agent has its own accounting system and needs to establish an agent relationship with each other; Each transaction needs to be recorded, cleared and reconciled with the other party in the bank, resulting in a long process and high use costs. Compared with traditional payment methods, block payment can directly carry out end-to-end payment for both parties. It does not involve intermediate organizations, which can greatly improve the speed and reduce costs. In particular, cross-border payment, if a universal distributed inter-bank financial transaction blockchain technology can provide global cross-border system building based on real-time payment services, cross-border payment will become convenient and cheap for any currency of users. In the field of cross-border payment, the payment system has started pulsating experimental applications, mainly for trade union members, commercial banks and other financial institutions to provide block based foreign exchange transfer plan agreements. At present, there are ripples in the software provided by different banks to access the network. Member banks can keep their original accounts, and ripple protocols can be used as long as the small system changes. ". At the same time, "the bank payment transaction information is hidden through the encryption algorithm, and the transaction details cannot be seen from each other. Only the bank's accounting system can track the transaction details to ensure privacy and the security of commercial bank financial transactions." Digital Bill At present, the International Blockchain Alliance, together with Ether Plaza and Microsoft, has jointly developed a set of trading system based on blockchain technology commercial paper, including Goldman Sachs, JPMorgan Chase, UBS, Barclays Bank and other international well-known financial institutions to participate in the test, and the open test of trading, Bill, Bill redemption and other functions. The technical support structure of the existing electronic bill system is completely different, and the type of digital instruments can be based on the further integration of the characteristics and advantages of electronic bills.
