China Securities Journal: The impact of blockchain technology on the financial industry is upending

The China Securities Journal stated that the impact of blockchain technology on the financial industry is upside down. First, in terms of financial transaction data, the data stored in the blockchain system is more secure, and the blockchain technology itself can effectively ensure the security and authenticity of transaction data. The decentralized characteristics of blockchain technology can make data more transparent and fundamentally solve the problem of large amounts of data being concentrated and forming information silos in third-party financial institutions. Secondly, the blockchain technology itself can not only realize the permanent storage of data information, but also can add additional information to the data to realize the identification of the data information and the confirmation of property rights. This mechanism can effectively solve the big data sharing and privacy protection Internal contradictions. This means that each individual can have its own data assets, which can also bring corresponding credit and other derived values. Finally, blockchain technology relies on program algorithms to achieve open and transparent trading rules, enabling all participating nodes to run automatically, maintain together, and support credit together, break the elite monopoly in the traditional financial system, and enable the public to participate in the development of inclusive finance. .