| Since its emergence in 2008,Bitcoin has been highly regarded and sought after by the financial technology community.In 2017,Bitcoin and RMB exchange rates once exceeded 1:30000.In September2017,the Chinese financial regulators forbid the issuance and trading of ICOs to prevent financial risks.There has been controversy over the legitimacy of Bitcoin over the global financial community and governments,but for technical applications,the underlying technology of bitcoin,the blockchain,is still valued by governments,financial institutions,and technology companies,and its research has never ceased.Blockchain applies to a variety of financial applications scenariosbecause it's feature of decentration,tamper-proof and safety.The International Monetary Fund pointed out in the "Digital Currency Report" that the blockchain has the potential to change the finance status;The British government released a white paper on the blockchain-"Distributed ledger technology:beyond the blockchain",in which they made it clear that the blockchain will be widely used in the traditional financial industry.Nasdaq has established a blockchain-based private equity trading platform-Linq;Citigroup,HSBC,Wells Fargo and other banks have joined the R3 blockchain coalition and actively carry out related research work.Accelerating the development of blockchain technology has been written into the "13th Five-Year Plan of National Informatization" by China's State Council,and local government also actively promote the technology of the blockchain and develop the industries related to the blockchain.However,30%of financial practitioners in China said they didn't know blockchain technology at all,and 40%only learned about blockchain technology in news or reports,indicating that the popularity of blockchain technology is still at a low level in our country.Moreover,in our country's development of blockchain technology,there are some problems such as few core patented technologies and insufficient research in key fields.Compared with the development of blockchain technology in Europe and the United States,there is a big gap.This is a question worthy of vigilance in the financial field of our country.It is also one of the main purposes for which the author wrote this essay.By consulting hundreds of literature about blockchain at home and abroad,including the White Paper on blockchain development in countries such as Britain and China,the research reports of consulting firms such as McKinsey,Goldman Sachs and Deloitte and the research results of technology companies such as Alibaba,Tencent and Baidu,the author noticed that the current literature only focuses on the characteristics of blockchain and the feasibility of its application in various fields,but doesn't specify which application scenarios are applicable to the financial sector and how to solve the existing business pain points.The purpose of this paper is to explore how to solve the pain points of existing services by using blockchain technology and to point out the problems and defects of the blockchain technology in these applications by studying the application of blockchain technology in the financial field.Finally,we put forward pertinent suggestions on the development of blockchain technology in the financial field of our country.This article is divided into five parts:the first part is introduction,which mainly expounds the research purpose and method of this article;The second part discusses the concepts involved in this article and the principles of blockchain technology,including the "Byzantine General" and "Double Flower" and other issues of trust;The third part focuses on the six major application scenarios of blockchain technology in the financial field:digital currency,cross-border payment and settlement,securities issuance and trading,supply chain finance,audit compliance and digital tickets.In the study of these applications,the author first elaborates on the business pain points existing in the traditional scenario and then studies the solution and the resulting benefits based on the blockchain technology;The fourth part studies and explores the problems existing in the blockchain technology applied to the financial field,the author elaborates the problems of current blockchain technology from the technical aspects,the application aspects and the regulatory aspects respectively.In terms of technology,we mainly discuss the shortcomings of blockchain technology itself,such as energy consumption,we focus on the security and privacy of blockchain when come to application,as for the regulatory aspects,we mainly discuss the regulation of blockchain.In the fifth part,we make some recommendations on the development of blockchain technology applied to financial sector in our country,including the development of appropriate laws and regulations,participation in domestic and international blockchain alliance.This article has many deficiencies,including but not limited to:(1)Blockchain technology is a research hotspot in the field of finance science and technology that has only emerged in recent years.Both research and application are in the initial stage and have not been fully verified and practiced in actual financial application scenarios.(2)With the rapid development of blockchain technology in recent years,there is an endless stream of information about the blockchain.However,the applications and technical details of blockchain technology are rarely disclosed.Although I try my best to update and revise this essay,some of the expositions may still be flawed. |
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