Economic Analysis On Solving Credit Problems In E-commerce By Blockchain Technology

Blockchain technology is one of the most rapidly developing new Internet technologies during recent years.In 2008,Satoshi Nakamoto's working paper Bitcoin:A Peer-to-Peer Electronic Cash System described the operation mechanism of bitcoin in detail,indicating the birth of block chain technology.Digital currency is also the earliest application field of blockchain technology.Since 2015,block chain technology has also been widely used in intelligent contracts and other fields.However,most of the analysis of blockchain remains at the technical level,such as centralization,reducing the intermediate cost,and so on.First,combined with the knowledge of information economics,by analyzing the economic meaning of credit,this paper sets up an explanation framework of credit issues.Credit is an incomplete contract."Incomplete" mainly refers that credit is formed by three constraints:institutional constraints,technical constraints and cognitive information constraints under the assumption of limited rationality.The severity of these constraints will affect the transaction costs caused by asynchronous time and space in the transaction.Credit is also a kind of implicit contract,which refers to the uncertainty of the credibility of the subject.The interpretation framework of credit problem is analyzed from three levels of objective,subjective and emergence motives,and then it is refined to four aspects:technology,system,cognition and information constraint.On the objective level,the intertemporal and cross domain problems lead to the transaction cost of time and space.From the constraint point of view,technological progress leads to the shortening of the time distance,and human beings can better overcome the distance between space and time,thus restricting the time and space transaction cost.On the subjective level,the cognitive constraints and information constraints in the temporal and spatial scale combine with institutional factors in the governance environment,which forms a constraint on the natural instincts of human behaviors to gain advantages and avoid disadvantages.From the point of view of motivation,when the time-space transaction cost exists,and it will take advantage of the advantages and avoid disadvantages,it will generate credit risk.When risk is accumulated to a certain scale,it will become a credit problem.This is due to the lack of constraints,and it is mainly reflected in the limitations of technological progress and the defects in the formulation of the system.Then,this interpretation framework is used to analyze the existing credit problems in e-commerce and explain how blockchain can overcome these problems.Blockchain technology enjoys technology characteristics of the data recording irreversible,can not be tampered with,improve the reliability and authenticity of information,ensure the safety of the transaction,in the cognitive realization of the trust;blockchain technology further break the information asymmetry,change the monopoly of information intermediary platform and fully achieve sharing of information.Blockchain technology design of trading system based on the current trading system reduces the operating cost and execution and supervision cost.Finally,the application of blockchain technology in different phases of current e-commerce is analyzed to discuss how problems in the actual scene are solved.The spatial scope of electronic commerce transaction process involves larger areas.Blockchain technology can be used in supply chain logistics,payment and settlement,trading post evaluation and other aspects of electronic commerce,and can effectively reduce the operation time and cost of contract enforcement and supervision costs,building a more perfect credit evaluation system.