Babbitt Column | Scan from WeChat to see future asset trading

First, it's easy to scan

Since we have WeChat and Alipay, our lives have been much more convenient. We can scan everything directly if we want to buy anything, and only scan it if we want to transfer money to others.

However, if we buy goods, we only need to scan them, so why do n’t we only need to scan assets when we buy assets? If the transfer of our funds only needs to be scanned, then why not transfer our assets? The essence of these two should be the same.

Sweep the things that cannot be solved

Sweeping is of course very convenient, but if you must find out problems that cannot be solved by sweeping, you can also find it.

For example, consider the following scenarios:

The first one: you want to scan the code, but you only have WeChat, but the other party only has Alipay, what do you do at this time?

No. 2: You have WeChat and Alipay, but the other party only accepts USD and GBP payment.

No. 3: You have WeChat and Alipay, but now you want to buy not ordinary goods but assets. For example, if you want to buy stocks, WeChat and Alipay cannot directly solve it. What should we do in this case?

These three issues represent different aspects, we look at them one by one.

The first problem is when we only have WeChat and the other party only has Alipay. At this time, although we have money in our account, and they are all Renminbi, I could n’t transfer it directly to Alipay by WeChat. They had to be transferred once through a bank card, an extra procedure, and an extra fee. Needless to say, the key is that the withdrawal needs to wait for a period of time and cannot be completed immediately, which is very troublesome.

Since it is all paid in RMB, why can't WeChat transfer it directly to Alipay? The reason is also very simple. They belong to different companies. They have different databases behind them. There is no mechanism for data exchange between different databases. And this problem is basically unsolved at present. Payment is a big cake. There are many interests in the game after payment. It is difficult to make the two of them spontaneously combine. Unless the government level promotes it for a long time, Inside, we all need to have WeChat Scan and Alipay Scan both apps, and they cannot communicate with each other.

However, this awkward situation may not exist in the era of blockchain. With the development of blockchain cross-chain technology, many assets (currency) can be connected together through different cross-chain protocols. The database of most blockchain projects is itself open, and there is no difficulty in data acquisition and exchange. At that time, as long as you have a wallet, you can directly scan to realize the transfer of different types of assets, or directly implement the payment function.

Question 2: I have WeChat and Alipay at the same time, but the other party only accepts payments in US dollars or other currencies. Although Alipay and WeChat have been making overseas efforts in recent years, their efforts are still far from enough. At present, many companies cannot use WeChat and Alipay as third-party payment tools when doing foreign trade. Of course, the problem is not only with third-party payments. The main reason is that different countries have different sovereign currencies, and this currency is regulated by the state power. At this stage, they really cannot be freely circulated. It will involve a lot of illegal activities such as money laundering, tax evasion and tax evasion.

In fact, the root cause is that the world does not have a unified currency system, but the political system in which the world divides and conquers. If one day the world has a common currency system, or some common recognized currency, then it will be much easier to do business with each other at that time, and you can scan it directly to realize the transfer.

Of course, we now have Bitcoin and some other digital currencies, which can basically solve this problem. Bitcoin is currently a globally recognized universal currency. Although the price fluctuates greatly, it has initially had this meaning. In many cross-border trades, many merchants have also started using Bitcoin as a payment intermediary, and Bitcoin is basically capable of this task. At this stage, for example, we go abroad to buy things, from a small cup of coffee to large goods or large trades. Basically, it can be completed with Bitcoin. Presenting the Bitcoin address can realize transactions and scans. Cross-border transfers.

Question 3: Although we have WeChat and Alipay at the same time, there is no way for WeChat and Alipay to directly purchase various assets. For example, we want to buy financial products such as stocks, funds, and futures. At this stage, we cannot directly use the money on Alipay and WeChat, and naturally we cannot scan it directly. We must first transfer the funds to the bank card, and then to the corresponding ones. On the securities account, purchase specific investment products.

This intermediate process is simple to say and cumbersome to do. But why can't I buy this asset directly via WeChat Scan? For example, if I want to buy stocks, then I write directly on the stock software how many shares I want to buy, how much the price, and then directly scan the code to buy successfully? This should be reliable in theory and the most efficient.

Because:

At this stage, our currency system and asset system are split. They are two completely different systems. If you want to exchange currency for assets or exchange assets for currency, it involves the interaction of the background data of the two systems.

For example, I often give the example: you buy and sell stocks on the exchange. At present, we use the T + 1 system to buy and sell stocks on the exchange. That is to say, if you sell the stock on the day, you must wait for the next day if the funds arrive . If you encounter holidays, you have to postpone them later. If you encounter holidays like the 11th and Spring Festival, you may have to wait a week. But now that exchange technology is so developed and banking technology is so developed, why do we have to wait so long? Why isn't it in seconds?

Because exchanges, banks, and securities registration and settlement agencies are three different departments. If you simply trade stocks on the exchange, your trading time is calculated in seconds. However, once other departments are involved, such as settlement with banks, this requires a process of reconciliation and settlement. This process takes time, which is the reason for inefficiency.

In the future, if the blockchain is mature and the currency and assets are issued based on the blockchain, then the two are equivalent to the same system. The data exchange behind it will save a lot and improve the efficiency a lot. Although some account opening, risk evaluation, and binding procedures cannot be avoided at this time, the subsequent efficiency will be greatly improved. The most important thing is that if the two belong to a system, you can use your mobile phone to scan assets and convert currencies.

Third, the future blockchain-based financial system

Asset trading and sweeping are just one of the corners. Behind this is a new financial world based on blockchain.

I mentioned earlier that assets and currencies issued based on the blockchain have many advantages. It is open, transparent, and has no borders. It operates completely based on code. In this financial system, it has higher efficiency, lower costs, and trading varieties More, more liquid, investors all over the world are on it. Through this new financial system, it can also link traditional financial assets, and traditional financial assets will also be put on the new clothes of the blockchain.

Until that day, our currency and assets are issued based on the blockchain and both are managed by smart contracts. Our currency can be used all over the world. Our currency can directly purchase assets without the need for complicated procedures. Different assets Can be directly converted between, or stocks can be directly converted into funds, funds can be directly converted into bonds, the gap between different assets may be opened, and all operations may be performed only by scanning the mobile phone, As simple as sweeping payment on WeChat and Alipay today.

Having said that, I think of another topic:

Previously, if you were asked to explain the mobile Internet to others, you might not be able to explain it in 1,000 words. But as long as you swipe your mobile phone to shop or transfer money, swipe your mobile phone to log in to the APP to watch the video, he will immediately understand, oh, this is the mobile Internet.

Similarly, if we explain the blockchain to others, it may not be explained in 3000 words. On what day, when we can use our mobile phone to scan directly to realize global payments and transfers, and to do business in the world; when we can use our mobile phone to scan directly to realize the direct conversion of different assets, when we can use our mobile phone directly Scanning is very efficient to achieve the transfer between currency and assets. When we can directly use our mobile phone to perform transfers, dividends, voting, repurchase, destruction, and issuance, we believe that ordinary people will really understand What is a blockchain.

Maybe this day is when the blockchain really landed and entered millions of households.