Analysis 丨 How the blockchain broke through the financial industry's dilemma

Why is the financial industry considered to be the most suitable for blockchain landing, but the landing effect is not very good?

Blockchain technology has gradually attracted wider attention since 2017, and has quickly formed an industry. It can be seen that the power of this technology itself. At the beginning of the development of the industry, in fact, everyone is generally optimistic about the implementation of the blockchain in the financial industry. It is believed that the distributed trust-removal capability of the blockchain can help the financial industry evaluate business risks and reduce the risk of the financial industry. Control costs. However, after several years of development, the number of blockchain projects in the financial industry has not been as large as expected, and most projects have not played as much as expected, and most of the projects that have been implemented have also It is a low-frequency and fringe business, which does not effectively solve the pain points of the financial industry.


Sometimes we think that the shortest road may be the most difficult one, or even the road that will not work at all in the short term.

The reasons for falling into this predicament are many, but the main reasons are as follows:

First, the financial industry is a highly risk-sensitive industry that makes money by taking risks. There is strong supervision from the top of the line and two sessions, and there are restrictions on its own business characteristics, so any business and IT technology innovation process in the banking industry is gradual. The technology of the blockchain is more invasive to the business and technology of the financial industry, so it is bound to be more difficult and require longer cycles.

Secondly, although blockchain technology has the characteristics of authenticity, credibility, and traceability, how to effectively support the existing financial industry's business is a very complicated problem. People who really understand the business and understand the blockchain are required. Plan the business and sort out the business of the financial industry. In fact, this problem is also the scenario construction problem that we have been talking about . Financial customers have direct business goals for the construction and optimization of scenarios, rather than simply being chained for the purpose of on-chain.

Thirdly, blockchain is just a technical means. In many scenarios, blockchain technology is not irreplaceable . Many traditional technology combinations can actually complete the scenario construction, and they are more mature and efficient. Chains do not have exclusive advantages.

Finally, although the blockchain technology has been developing and its performance has been greatly improved, the distributed technology architecture naturally has no advantages in performance , so it is more objective and pragmatic to be able to recognize this and find a suitable application range. Attitude.

Where is the development direction of the blockchain?

1. Acknowledge the disadvantages of your performance and admit that you are immature. This is not shameful. The prophets can fight beautiful battles. In the financial industry, not all high-frequency services. Finding multi-agent low-frequency business scenarios is actually a strategy that can be considered at this stage.

2. Look for services with low coupling with the existing IT architecture, because this will not cause too much intrusiveness to the existing IT architecture, so it will be more easily accepted by financial customers.

3. Avoid defining the blockchain as a large platform to support global business, because currently the blockchain does not have the ability of this underlying architecture, and customers in the financial industry will not accept this kind of structural transformation, which is too risky. It is probably a more reliable idea to use the blockchain as a loosely coupled tool whenever possible.

4. Relying on the existing business capabilities of the financial industry, finding new business innovation points, forming horizontal integration and interaction between industries, and driving ecological construction through business innovation are the most important points.

The emergence of new technology always has to go through a painful process before it can slowly come to the foreground. This is normal. Blockchain development has a long way to go, but as long as it has national support and continuous investment in human and material resources, it will surely slowly succeed.