In addition to being researched and developed projects by major companies, the blockchain on the tuyere has also been made a great attempt by China Merchants Bank, and it is very successful.
Recently, China Merchants Bank teamed up with Wing Lung Bank and Wing Lung Shenzhen Branch to successfully realize cross-border RMB remittance between the three parties using blockchain technology. This business is the world's first inter-bank cross-border RMB clearing business based on blockchain.
It is understood that the blockchain-based digital bill trading platform promoted by the central bank has also been successfully tested. The Postal Savings Bank also established a blockchain custody system not long ago.
Blockchain technology has attracted much attention in recent years for its potential to increase transparency and reduce middleman friction through consensus and immutable transaction records using a shared distributed ledger. When long-term challenges can be solved with new technologies, change is imminent. According to a recent study published in the IBM Institute for Business Value, executives are realizing that they must break with tradition and change to keep pace with competitors advancing innovative online business models.
Blockchain technology provides a secure way to send digital assets without the need for a trusted third party (such as a bank). Additionally, tools such as smart contracts can automate many of the tedious processes in the banking industry, from compliance and claims processing, to assigning wills.
Global banking is currently a $134 trillion industry. Banks provide payment guarantees, loans, credit and other services, which provide great convenience for daily economic activities. The development of blockchain technology will destroy all these businesses of the bank, including:
Payments: Blockchain technology facilitates faster payments with lower fees than banks.
Clearing and settlement systems: Blockchain technology and distributed ledgers can reduce operational costs and bring us closer to real-time transactions between financial institutions.
Fundraising: Blockchain companies gain immediate liquidity through initial coin offerings (ICOs), creating a new, implicit economic model that enables them to unbundle capital from traditional financial services.
Securities: By tokenizing traditional securities such as stocks, bonds and alternative assets, blockchain is changing the structure of capital markets.
Loans and credit: Blockchain can make borrowing money easier and lower interest rates.
The application prospect of blockchain technology in the financial field is widely optimistic. Using the "distributed bookkeeping" feature of blockchain technology, fund settlement information arrives "on the chain" synchronously, is shared by all, and is updated in real time. In the field of cross-border payment and settlement It is the best in terms of practicality and adaptability, and is known as "the most perfect cross-border payment solution". The new payment method complements traditional payment channels, avoiding the legality and regulatory issues faced by blockchain electronic money.
Therefore, blockchain + payment, especially cross-border payment, will definitely create more possibilities and collide with more sparks in the future.
Of course, we must face up to some application-level problems of blockchain technology, such as the inappropriateness of the single-chain data structure for certain scenarios, the security and privacy issues brought about by distributed shared ledgers, the difficulty of unifying rules for smart contracts, and the core consensus mechanism To be optimized, these problems seriously restrict the application of blockchain technology in the financial field.
There is a long way to go. Under the background of accelerated research and development of major banks and major enterprises, it is believed that the application of blockchain in many fields will be perfectly implemented.