Liu Shiping, director of the Center for Financial Technology of the Chinese Academy of Sciences: Some domestic enterprises and financial institutions have begun testing water blockchain applications.

According to China News Network, Liu Shiping, director of the Center for Financial Technology of the Chinese Academy of Sciences, said that the banking industry can effectively reduce cross-border payments through the blockchain technology at the "New Digital Economy Engine and Blockchain Technology Innovation Application Summit" held in Yiwu, Zhejiang. The risk of settlement, saving payment costs, while promoting the circulation of bills, avoiding fraud and one-ticket sales; the securities industry can realize point-to-point securities issuance and trading through blockchain, which greatly simplifies the process; the insurance industry can pass the blockchain. Establish a credibility platform to effectively identify fraud. He also pointed out that some domestic enterprises and financial institutions have begun to actively test the application of water blockchain, such as asset securitization, digital bills, and bank credit reporting.