Analysis: A paper on the impact of the Fintech three-year plan on the blockchain industry
Written in the opening: Recently, Tide's article found that his article was quoted and excerpted in a large-scale article on the platform of the media, and was continuously shared, but the author of the article did not quote the source. If you check the weight of the graduation thesis, it is estimated to have a repetition rate of 70%. Here, I hope that the original author and the platform that published the article can respect the original labor results of the person based on the facts, indicate the source and source of the citation, and give the original author the most basic respect.
Recently, the central bank issued the " FinTech Development Plan (2019-2021) ", which is the first top-level design document issued by the central bank for the financial technology industry. For the future blockchain, financial big data, smart payment, sand Box supervision and other aspects have a strong guiding significance. I didn't intend to look at the specific content of the document. I just wanted to find some articles about the impact of the central bank's documents on the blockchain and DeFi on the Internet, but unfortunately most of them are news releases, and there is almost no in-depth analysis.
The reason is that I think that many of the vocabulary involved in the document are obscure. Secondly, I have a deep understanding of the meaning of the document, and I have taken the time to write a text. Throughout the weekend, I studied the original text of the document, combined with my own knowledge system to find out the issues that everyone cares about. What is the content of the document in the vernacular, what impact will it have on the future development of the blockchain industry and the DeFi industry, and what are the benefits? And opportunities. I believe that whether it is an entrepreneurial team or an industry staff, reading policies can better find the direction of industry development and expand a larger strategic living space.
I will introduce two parts: refining and interpreting the development goals of the document and the content of the blockchain; and analyzing the impact of the document on the blockchain industry.
Interpretation of documents
First, several important development directions mentioned in the document
1. Improve efficiency with financial technology
Original document: With the help of machine learning, data mining, smart contracts and other technologies, financial technology can simplify the transaction between supply and demand, reduce the marginal cost of financing, and open up new and new ways to reach customers, and promote financial institutions in profit model, business form, assets and liabilities. Optimization of credit relations, channel expansion, etc., continuously enhance core competitiveness, and continue to empower the financial industry transformation and upgrading.
Analysis: What problems do these technologies need to solve? At this stage, the central bank's currency from M0 to M1, M2 and even to the shadow bank, the money from a dollar of cash plus the currency multiplier, into a 10 yuan credit scale, but this process has a large number of Traditional licensed financial institutions lay profit margins and work very inefficient, and most of the credit scale flows into the real estate market and state-owned enterprises. It is not injected into the small and medium-sized enterprises that the mother wants to support, but it is necessary to know that the small and medium-sized enterprises have solved More than 70% of the society is employed.
Nowadays, many young people may have more dealings with Alipay WeChat, and they do not have the experience of starting their own entities and going to financial institutions for loans. Believe me, the financial institutions of today, because of their own interests, efficiency problems, technical problems, will only force you to the edge of the black hole or bankruptcy of usury.
In this development direction, smart contract technology is mentioned. In fact, some people in the central bank have already made clear the prospects and possible scenarios of blockchain smart contract technology. How many years have smart contract technology been born? In the eyes of policy makers, it has been able to compare with machine learning technology and data mining technology that has been developed for many years. I believe that if the application of smart contract technology reaches the traditional financial industry in the future, it will be upgraded to a higher strategic level. Therefore, Yang Ma wants to use financial technology to directly skip the exploitation of middle-tier financial institutions from the commercial banking stage, directly use data mining and smart contract functions, and conveniently and efficiently deliver funds directly to SMEs to enhance economic vitality. Increase the income of the people.
2. Data modeling and fund tracking.
Original document: Using advanced technology to model and analyze business operation data, real-time monitoring of capital flow, information flow and logistics, providing scientific basis for resource coordination and management, guiding funds from high-pollution, high-energy-capacity over-capacity industries to high-tech New industries with high added value will promote the sustainable development of the real economy.
Analysis: What problems do these two goals need to solve? At this stage, many central financial institutions will invest their money in industries that are not supported by the state when they do credit business. Let’s take the real estate industry. The country is now putting more pressure on real estate financing, a penny. Do not want to flow into real estate, but some financial institutions are willing to invest funds in real estate companies for KPIs and risk control, because real estate projects in the short term, low risk, fast return, high profits, and do not need active management Ability and other professional knowledge, so designing a lot of structured financing, shell financing, channel financing and other means to evade the supervision will invest the funds into the real estate enterprises.
In terms of the regulators, the funds apparently flowed into the enterprises outside the real estate, but eventually returned to the accounts of real estate companies. Therefore, in the direction pointed out by the document, the blockchain industry can also have a lot to do. First, the modeling and analysis of enterprise operational data requires blockchain technology. In the future, if enterprises want to obtain efficient and efficient credit support, they must first need it. Tampering, credible and ready to conduct data analysis and mining of the books, then this requires blockchain technology to refactor the company's books, the chain (this direction has been the efforts of several European teams) And the call authority of the final ledger is subject to real-time supervision by financial institutions and regulatory agencies.
When the company needs financing, it raises the financing demand. The financial institution opens the business account book of the chain for analysis, and directly credits according to the funding gap. The whole process may be completed within a few minutes. Of course, those enterprises that have black books and tamper with data will also Unable to get credit support, and eventually eliminated by the market, the overall credit environment formed a virtuous circle.
At the same time, the block flow technology is also needed in the monitoring of capital flow mentioned in the article. The central bank's digital currency proposed by the central bank some time ago may be based on this goal. At this stage, the central bank's digital currency claims that it only involves tracking of some M0. However, I personally feel that the traditional financial institutions facing the central bank at this stage are too powerful. The internal reform is very difficult. Therefore, we can only trace from some M0 as a compromise. The ultimate goal is to complete the real-time tracking of all M1 and M2 in the society.
There is no need to say more about the logistics information mentioned in the article. Now the logistics information platform based on blockchain technology has already landed a lot, and it is very successful. Ping An One Account will track supply chain loans to upstream and downstream enterprises based on logistics information. This part of the content is very large, and the Tide is free to write a special interpretation of the large-scale chess of the 80 trillion RMB market under the logistics informationization and Ping An account.
3. Financial technology empowers inclusive finance
Original document: Financial technology has become a new opportunity to promote the development of inclusive finance. Through financial technology, the digital divide has been narrowed, and the problems of higher cost, insufficient income, efficiency and security that are in the face of inclusive financial development are solved.
Analysis: Knocking on the blackboard, what is Inclusive Finance? Inclusive finance was proposed by the United Nations in 2005. It refers to providing appropriate and effective financial services to all sectors of society and the masses with financial services needs at an affordable cost. Small and micro enterprises, farmers, urban low-income groups and other vulnerable groups are Its key service objects. This part of the content personally feels that it is the key direction of the development of the blockchain industry in the future. Whether it is the current stage of speculation or DeFi, the blockchain technology can best fall to the ground and is the most inclusive. Because blockchain technology can naturally achieve point-to-point transmission of funds and value as well as fine-grained financial services.
To give a simple example: Now people can buy BTC for 100 yuan RMB, but haven't seen anyone use 100 yuan to go to the bank to buy money? Can the same 100-dollar stock market buy 1 lot of stock? But why can't I enjoy financial services with only 100 yuan? Even if you get 6% annual return, you can buy 6 buns. This is also a huge opportunity for the DeFi industry. Now, when traditional financial institutions raise funds for asset management and foreign investment, they can't lower the investment threshold to a low level so that the public can participate. Limited technology problems, low fundraising threshold means comparison Management of fine-grained assets and account management, while lowering the threshold will increase the management costs, fund-raising costs, and fund-raising efficiency of financial institutions. In this case, it is not profitable to do business with a single active management type or channel business, so we It can be seen that the high-yield products of bank financing are always 5 million, and the boss's surname cannot participate at all.
Through financial technology, we will continue to narrow the digital divide and enable blockchain and other technologies to empower the financial industry, so that finance can be refined to serve everyone, every penny, reduce the gap between the rich and the poor, and break the pattern that finance only serves the rich. Although the amount of money invested by each individual may be small, the efficient blockchain technology and DeFi platform in the future can gather every dollar in the hands of everyone and quickly invest in high-yield asset management products.
Similarly, for the people with financing needs, sometimes the amount of financing needs is not large, but there is no suitable financial institution to provide effective low-cost financing (please don’t take 40%+ high-cost online loans and Cash loans come with me.) The future blockchain DeFi technology can also effectively solve the needs of ordinary people. The blockchain network lending between people will have a lot to do. At present, many teams are working hard in this direction. .
For the "efficiency" problem mentioned in the original text, it probably refers to the efficiency of cross-border transfer of small funds, and the financial efficiency of contacts reaching everyone. The problem of cross-border transfer has been solved through blockchain technology at this stage. The specific case of the Ali Alibao blockchain team and the foreign team actually landing can also be easily found online.
Second, the relevant content mentioned in the document to support the development of blockchain
1. Strengthen the development and application of distributed databases
Figure 1. Original file about enhancing distributed database content
Analysis: Here we can pay attention to two opportunities. One is to "play the technology and innovation capabilities of technology companies, jointly develop new products, develop new industries, and gather new kinetic energy." To put it bluntly, nowadays, under the background of strong financial strength and talent strength, each major traditional financial institution will set up a financial technology branch in each institution, and the general strength will also set up a financial technology development research department. It is an advocacy technology startup company to work with it to develop new products.
Don't worry that Alibaba and WeChat and other technical teams will seize the opportunity, because the first time ago, a central bank leader’s speech has confirmed that the financial technology oligarchy is relatively excluded and the winners are taking advantage of it. Second, the traditional financial institutions and Internet technology giants cooperate. At the time, it will not be a heart. Ali Tencent Baidu has its own banking license. The best technology of the best products will not spread to other competitors with certain competitiveness in the future.
Second, we can pay attention to "developing standard specifications for distributed data finance applications, clear management requirements from technical architecture, security protection, disaster recovery, etc., and ensuring the stable application of distributed databases in the financial field." When the general policy documents refer to supervision, the specific regulatory rules are already on the way. I believe that many of the head blockchain technology companies will be called by the central bank policy research office to talk about specific blocks. The regulatory issue of chain finance. In short, this is not a good thing to look at, there are specific regulatory rules, and the team that is working honestly will have some opportunities, the market phenomenon of black smoke will soon disappear, but if the regulations are very strict, it is very likely It has affected the enthusiasm of the blockchain team to start a business.
2. Improve the network identity authentication system (cryptography and traceability at the same time establish a sound and convenient diversified identity recognition system).
Figure 2. Original file for sound network authentication content
Analysis: To put it simply, the cryptographic algorithm and network identity authentication should be mentioned. The first purpose of this part of the policy direction is to enhance Internet identity supervision by technical means, effectively prevent Internet financial crimes, and reduce Internet crime pursuit. Difficulties in filing a case. I think this is a systematic project. There is a need for blockchain technology, but it is not necessarily necessary. The entrepreneurial team is working hard in this direction and is likely to contribute to GJ.
Potential impact on future blockchain and DeFi industry development
- Overall, it is very beneficial to the blockchain industry and the DeFi industry. For the first time, the official calibre affirms the importance of technology and development of financial technology and blockchain, and blockchain technology entrepreneurs can also get rid of In the past, the mention of blockchain made people feel like a liar.
- Clarify the direction in which financial technology can be developed, suitable scenarios, whether the various technical teams are independent entrepreneurs or third-party service providers, they can find out the basis of policy support according to the planning documents, and obtain investment in the project in the future. Financing, recruitment and other aspects will be more convenient. At the same time as the documents are issued, some first-line excellent investment institutions such as Sequoia, Softbank, IDG, Jingwei, etc. will also incorporate blockchain entrepreneurship projects into their financial technology investment maps.
- At this stage, some blockchains or DeFi technology startup teams will have a broader strategic living space in the future. While developing their own projects, they can also cooperate with the financial technology departments of traditional financial institutions or financial technology subsidiaries to participate in shares. While jointly promoting the development of new blockchain projects and usage scenarios, we will deepen integration. In the future, you will have me, and I will have you, forming a living body of online and offline organic cooperation to occupy the market. At the same time, in the process of lack of money for the team and the stagnation of their own projects, through cooperation, they can also enhance their profitability and develop their own perspectives on financial product design thinking. Some teams may not agree with my thoughts. I feel that the blockchain must have a geek spirit. There must be no cooperation and anti-review spirit. This is understandable, but the first barrel of Ma Huateng in the early stage of development was not China Telecom. Will you come later? After fifteen years of mixed reform, who is asking Tencent to participate in the stock market? In the vertical and horizontal, there is no absolute black or absolute white in the commercial ecology. Is it not good to use the milk of traditional financial institutions to nourish the future of DeFi?
- For the DeFi project, the document planning is relatively friendly. It points out the problems that the national society needs financial technology to solve, and the applicable scenarios. This means that the relative draws the restricted area, what can be done, what can't be done, and no need to think about it. It is. In the future, there will be plenty of opportunities in inclusive finance, supply chain finance, corporate ledger monitoring, and capital flow monitoring. DeFi's team can also provide efficient, transparent, and granular financial products for the market, as well as some professional third-party outsourcing. Service, the market prospects are vast. In @Maxwell's "100 DeFi Projects You Must Know" article, we can also see that there are thousands of DeFi startups around the world, from stable coins, decentralized exchanges, wallets to payment networks. Leverage platforms, insurance platforms, infrastructure and other aspects, blockchain entrepreneurs all over the world are working on this track of DeFi, and with the introduction of domestic development plans, some domestic entrepreneurs will also create More peace of mind.
- From the earliest Nakamoto's invention of Bitcoin to the popularization of blockchain technology and the development of derivative projects, decentralization, anti-censorship, and non-tampering have always been the basis for the survival of blockchains. I have always been Resisting the opaque, inefficient, unbalanced, plundering, and greedy issues of centralized financial institutions is obsessed with blockchain technology. Now planning requires traditional traditional central financial institutions to use blockchain technology to empower themselves. Will shake the core of the earliest blockchain, the enemy of the blockchain has now learned to pick up blockchain technology as a weapon of competition, I don't know if this is good or bad, but as long as everyone in the future can be fair By enjoying financial services, the ability of financial institutions to provide services transparently, efficiently, and at low cost is also a vision to improve centralized financial institutions.
- The affirmation of the guiding plan is supervision. The DeFi project will definitely be affected by domestic supervision in the future. Most of the subdivided DeFi projects may lose policy support, but fortunately many projects are globally synchronized, and some may be generated. Threat, but not too big.
to sum up
Along with the sound of the first shot of the digital currency issued by the central bank and the introduction of the three-year plan, the traditional centralized financial institutions have started the financial technology revolution within themselves. This is very painful. The past business system and business scale are basically the same. They are all in the hands of commercial banks, and the central bank wants to reform, but only slowly and step by step. However, most financial institutions in the past have used their own resource advantages, as well as license advantages and scale advantages to develop their business. The management does not have the motivation to reform the internal financial technology in the short term.
However, this plan is also good for the blockchain entrepreneurs and DeFi entrepreneurs. Our competitors have been training ourselves in the blockchain technology. If the market size of DeFi is large in the future, it will affect the tradition. Organizations, they will raise the spears in our hands without hesitation, and we will compete in an unequal, the time window has become smaller and smaller. Finally, I saw many technical teams in the industry working hard to improve their products and implement their own projects. I also hope that they will communicate with some traditional financial institutions while they are busy, understand the real needs, and understand the real Where is the market, in order to improve its business model and enhance its profitability and market adaptability.
Author: TideChain (The author is a 9-year fund investment banking practitioners, the company responsible for multiple structured financing, asset securitization, mergers and acquisitions and other business, but also the nearly 10 years of block chain lovers.)
Disclaimer: All articles of Tide Brothers are original. Anyone who refers to the original article of Tide Brothers, please contact me (Wechat id: TideChain) or partner (Wechat id: porscherain). If you find that any individual or platform has not authorized to extract or misappropriate the original content of the original article, I will solve it through legal channels and apply for the corresponding loss claim.
Interested in DeFi product structure design, asset securitization, blockchain funds, business model design and other projects are also discussed with the author.