What is the suggestion of the 130,000-word blockchain report of the Mutual Gold Association for the application in the financial field?

Source of this article: First Financial

Author: Duchuan

On the evening of April 14, the China Internet Finance Association Blockchain Research Working Group officially released the "China Blockchain Financial Application and Development Research Report (2020)" (hereinafter referred to as the "Report"), which is 130,000 words long and is under in-depth investigation. After 47 practitioners in China and 112 blockchain application projects in the financial field, they proposed countermeasures for steady development.

The "Report" believes that China has a good foundation in the field of blockchain, technology research and development, standard development, ecological cultivation, industry management and other work are proceeding in an orderly manner. The application scenarios and application logic of blockchain technology in the financial field have been relatively clear and relevant. The application exploration is gradually deepened, and the landing scenarios and practical cases are constantly enriched, mainly showing three characteristics:

• The nation's first provincial-level blockchain application innovation industry alliance was established in Chongqing
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• Inspiration of stablecoins: analysis of the "Black Thursday" crisis and construction of a new borrowing and buffering model

First, there are many application explorations, which are closely integrated with business needs. The survey found that the blockchain application scenarios of research institutions mainly involved supply chain finance, trade finance, insurance technology, cross-border payment, and asset securitization, accounting for 32.6%, 11.2%, 11.2%, 7.9%, and 6.7%, respectively.

Secondly, there are diversified participants, and the path of exploration is different. According to the information filing of the State Cyberspace Administration Blockchain Information Service, the number of filing entities involved in the financial sector accounts for more than 40%, and the types involve financial technology service providers, banks, fund companies, insurance companies, micro-loan companies, and commercial factoring. Companies, etc.

In addition, the R & D efforts of the underlying technology have been strengthened, and they generally pay attention to information security and performance breakthrough innovation. About 40% of the research institutes stated that they adopted the self-developed bottom platform. Among the 11 organizations that have adopted the self-developed underlying platform in key research and analysis, nearly half of the platforms have been open sourced or partly open source planned, and most platforms have supported transaction processing speeds of thousands per second. More than half of the platforms can be implemented in specific experimental environments. With a transaction processing speed of tens of thousands per second, performance has weakened the application constraints in some financial scenarios.

The "Report" believes that the integration and development of blockchain and finance is still at a relatively preliminary stage. It also faces some practical challenges in terms of technological maturity, independent innovation, scenario fit, and system rules completion. The financial industry is urgently needed. Do a good job in all basic work.

Based on this, the "Report" puts forward countermeasures and suggestions on the application of blockchain technology in the financial field: at the level of policy supervision, it is necessary to strengthen research and tracking, establish regulations to promote compliance; at the level of industry organizations, build platforms and bridges, and research standards cohesion; At the level of practitioners, explore core technologies and focus on application promotion scenarios.

At the level of policy supervision, one is to strengthen the research and analysis of blockchain security risks, closely follow the development trends, actively explore the development laws, adhere to the principle of "all financial activities should be included in supervision", and strictly implement the Blockchain Information Service Management Regulations and other existing regulatory provisions guide and regulate financial institutions and technology companies to jointly promote the reliable, controllable, and trusted application of blockchain technology in the financial field, and promote the deep integration of blockchain technology and finance The second is to make full use of the supervision technology including blockchain technology to strengthen the supervision capacity building and enhance the supervision efficiency. At the same time, strengthen the knowledge and ability of the local government and financial management personnel to use and manage the blockchain technology, and gradually establish and block A regulatory system that adapts to the development level of the chain technology; third, pay close attention to the possible problems and challenges brought about by cross-border capital flows, terrorist financing, money laundering, and tax evasion by applications such as cryptocurrencies, continue to track international regulatory developments, and actively participate in relevant cross-border activities Research and formulation of environmental supervision rules and standards; Fourth, for violations The law of development and operation of wrongful damage financial order and chaos, should keep the pressure up, continue to take measures cracked down hard, and firmly curb the unhealthy trends, and effectively guide the block chain technology development and effective cutting of such chaos.

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