China Banking Association Ba Shusong: Blockchain is a cure for the problem of the credit market

On June 22, China Securities Journal published the article of the China Banking Association's chief economist and the chief Chinese economist of the Hong Kong Stock Exchange, Ba Shusong, "The blockchain is a good solution to solve the problem of the credit market." Applying the blockchain to the shared credit information field can achieve the following value enhancements: First, the encryption algorithm can realize the privacy protection of the data owner, and realize the data sharing and sharing under the premise of protecting privacy. Second, the blockchain can guarantee the unchangeable modification and traceability of the credit data. Third, when a node contributes to the network, the blockchain can automatically motivate it. Fourth, through the consensus mechanism, the blockchain network can achieve the unity of data sharing dimensions among databases of different organizations. Fifth, when the node contributes to the network, the blockchain can use the intelligent contract to realize the automatic and fair incentive mechanism without the centralized background. Sixth, the blockchain network can ensure the security of information. Seventh, the blockchain network has extremely high scalability.