China Banking Association Summit: Short-term blockchain is a double-edged sword for financial industry operations and earnings

On November 8, at the 2019 Trusted Blockchain Summit hosted by China Telecomtsu, the Chief Information Officer of the China Banking Association said that the era of blockchain influence and subversion of traditional banks has arrived, but it is still in the first phase of development. In terms of safety, standards and supervision, further improvements are needed. Peak said that in the short term, the blockchain is a double-edged sword for financial industry operations and revenue. He said: "Some people say that the blockchain is much more, and the bank's intermediary business income may not be available; in the future, the blockchain will be more developed, and the first one is the payment; others say that the accounting firm may not be in the future because of the listed company. After the related projects are on the chain, there is no need for auditing and notarization of the firm. Therefore, the blockchain is a double-edged sword. In the long run, commercial banks still need to develop blockchains, which not only improve efficiency, but also create one. Kind of possibility."