Research On The Application And Supervision Of Blockchain Technology In My Country's Financial Market

With the birth and development of blockchain technology,all sectors of society are paying close attention to this new technology,and many traditional industries have begun to seek new directions and new growth points for the integration and development of blockchain technology.Although blockchain technology has broad application prospects,as an emerging technology,it still faces many key challenges such as security,supervision,capacity,and timeliness.Blockchain is a decentralized accounting system that includes distributed ledgers,new databases,and smart contracts.Taking the different technology-bearing subjects as the classification standard,blockchain technology can be divided into public blockchain,proprietary blockchain and alliance blockchain.Blockchain technology has three basic characteristics: decentralization,encryption,and a distributed consensus mechanism.There is a necessity of combining blockchain technology with financial markets.The combination of blockchain technology and financial markets can reshape the credit mechanism,reduce transaction costs and prevent moral hazard.In recent years,reducing intermediate links,reducing transaction costs,expanding the scope of financial services,and improving the quality of financial services have been the direction of reform in China's financial industry.The superiority of blockchain technology is precisely in line with the reform direction of the financial industry.It can be said that the combination of blockchain technology and financial markets is its inevitable development trend.The application of blockchain technology in the financial market has three problems: technical preparation,application practice and legal supervision.In terms of technical preparation,blockchain technology has difficulties in distinguishing between centralization and decentralization,and there is the possibility of crackingpasswords;in application practices,there are large-scale transaction security issues,disposal capabilities,and other issues;and data in legal supervision Problems such as lack of effectiveness in processing capacity,difficulty in defining legal areas,and difficulty in identifying targets.As far as the current prospects of blockchain technology in China's financial market are concerned,it will take some time and process to coordinate the development of centralization and decentralization.R & D pays more attention to the licensing chain and may further develop from the ideology;in the financial industry Further embody the alternative influence,with the financial industry as the core to further affect the physical industry;decentralization will cause many difficulties in supervision,and the rapid development of blockchain technology will reflect the lag of legislation.Therefore,practitioners,technical measures and other aspects form a perfect "minimum standard" threshold,make provisions for the storage or custody of private keys,and be alert to the financial risks brought by ICO behaviors;establish blockchain technology application standards and establish digital as soon as possible Audit standards for currency and smart contract terms,building big data and risk warning mechanisms on the blockchain.Develop regulatory guidelines,strengthen platform supervision,reasonably distinguish the characteristics of financial blockchain applications,establish classified supervision,conduct intelligent supervision research,and adopt an inclusive supervision sandbox mechanism.