Research On The Innovation Of Inclusive Financial Model Based On Block Chain

Most of the clients of traditional financial institutions in China are large financial institutions and individuals with good credit status,and the demand for collateral is higher,which leads to the failure of our vulnerable groups to obtain the services of the mainstream financial system at a low cost.Financial innovation has been under way to make up for the lack of space in mainstream financial services,such as P2P lending and crowdfunding as the representatives of internet finance.The emerging Internet financial model provides effective financial supply by reducing the transaction costs and breaking the constraints of time and space.But some problems begin to appear in the credit,risk control and other aspects,thus restricting its development.In this context,this paper hopes to innovate a new inclusive model based on block chain to solve the problems of current inclusive financial model.The block chain is a distributed shared data solution based on the consensus mechanism.It has the advantages of decentralization,de-mediation,de-trust,centralized maintenance,transparent transaction information,and so on.The inclusive financial model based on block chain can reduce transaction and time costs,improve transaction efficiency,quickly establish a trust relationship between the two sides of the transaction,and achieve the real transaction information symmetry.And as a non-intermediary management of the autonomous operating system,block chain creates the trading environment reducing the existing financial and technical conditions under the central system management and maintenance costs.The use of these block-chain technologies in financial markets transforms the indirect finance of the financial system into direct finance,closed finance into open finance,and the promotion of niche finance to inclusive finance.This paper analyzes the existing problems in the inclusive financial system in China,and then analyzes the roles and problems of the current financial model including the traditional financial model and the Internet financial model in the development of inclusive finance.Thus,this paper innovates a new inclusive financial model based on block chain as a supplement to the current financial model in order to solve the existing problems of China's inclusive financial model.