What are the applications of blockchain?

1. What are the applications of blockchain?

A brief introduction to the application of blockchain technology in the financial field

1, the application of blockchain technology in the banking industry

The biggest feature of blockchain technology is decentralization, and this feature will reduce a large number of costs for the banking industry.

First of all, decentralization means that intermediaries are no longer needed to establish a trust mechanism between banking systems, saving the cost of intermediaries.

Secondly, the development of digital currencies will make it possible for banks to digitize transactions in real time. For example, in the bill transaction, has always relied on the third party to realize the transmission of valuable certificates of the bank's bill transaction, even if it is the transaction of electronic bills, but also need to interact and authenticate through the information of the central bank's ECDS system. The blockchain technology can realize the transmission of point-to-point value, no longer need a centralized system for control, which not only accelerates the speed of the transmission of bills, more importantly, can reduce the errors caused by human factors, the reduction of the process will naturally reduce the bank for the demand for personnel, saving the bank's labor costs.

Finally, in the clearing and settlement will also have an impact. Banks' clearing and settlement business has always been done by centralized settlement, which is less efficient. Settlement through blockchain technology will drastically improve the efficiency of banks.

Blockchain technology also plays a larger role in the cross-border payment business of banks. In today's highly developed globalized trade, cross-border payments are becoming more and more frequent, and banks often act as a third-party service function in cross-border trade, such as conducting electronic transfers and asset custody. However, cross-border payments generally take about 2 days to arrive at the account, which is inefficient and reduces the utilization rate of funds in transit. In blockchain technology, the two sides of cross-border payments can be completed in a point-to-point manner, realizing round-the-clock payments, real-time arrival, thus accelerating the speed of clearing and settlement, and thus improving the efficiency of banks in processing business.

Another feature of blockchain technology is de-risking, banks can establish their own blockchain, which ensures that the transaction information and transaction records of bank customers are real and effective, and will not be tampered with arbitrarily, and the bank can effectively identify the information of the customer, understand all aspects of the customer's situation, identify the abnormal transactions of the customer, and prevent from being deceived by the customer, and also timely detection of illegal, transfer of funds and other criminal acts, thus reducing the cost of bank supervision.

2. Application of blockchain technology in the insurance industry

Blockchain technology also has incomparable advantages in the insurance industry. From the perspective of data management, the application of blockchain technology by insurance companies can effectively improve risk management and control capabilities, including both risk supervision of insurance companies and risk management of policyholders.

The application of blockchain technology in the insurance industry can strengthen the internal risk supervision of insurance companies. Blockchain technology can record the daily operation process of insurance companies on the nodes, which can realize the control of the company's fund flow, investment situation, how much compensation and other operations in the event, and improve the company's risk management and control ability.

In addition, blockchain technology is safe, reliable, and cannot be tampered with at will, which ensures that the information received by the policyholders is true and effective, making the risk management ability of the policyholders enhanced.

3, the application of blockchain technology in the securities industry

The application of blockchain technology in the securities industry can increase the flexibility of securities issuance, and the company issuing securities can adopt smart contracts, and by setting the way and time of securities issuance, it can even issue securities 24 hours a day under the most ideal state.

Under the operation of smart contracts, the automatic matching of buyers and sellers is realized, and the settlement and clearing steps are automatically completed through a distributed digital registration system. The transaction records on the blockchain will not be changed casually, so the entered information in fact produces the effect of public disclosure, and thus the stock exchange produces the right of ownership confirmation will not have any dispute.

In addition, blockchain technology makes the securities trading process more open and transparent. Through blockchain technology, the securities industry does not need a centralized institution to operate and manage, and does not need investment banks to carry out underwriting, so as to realize the real peer-to-peer transactions, and to reduce the illegal behaviors such as backdoor operation and insider trading in the securities transactions.

4, blockchain technology and financial infrastructure

Blockchain technology is a decentralized mechanism for value exchange, which will lead to a radical change in the existing financial infrastructure characterized by centralization.

While assets such as collateral, pledges, and stocks, bonds, derivatives, etc. usually require a trusted centralized institution for registration or safekeeping, blockchain is able to record and preserve data on these products in a completely new way that will have an impact on the registry system for these products.

Blockchain, through smart contracts, can receive and react to information and value, automate the transfer of value, and automate trading, clearing and settlement, which will impact existing financial infrastructure such as large trading systems, central securities depositories, securities clearing and over-the-counter derivatives trading.

5, the application of blockchain technology in the supply chain

The application of blockchain technology in the supply chain, first of all, is to provide a credit guarantee, the blockchain records the circulation information of commodities, etc., and is able to prove the authenticity and reliability of the commodities and their circulation, so as to be able to carry out a comprehensive evaluation of the utility of the enterprises on the chain, etc., and to become an effective guarantee of the enterprise's credit for bank loans and credit for financing, The information on the circulation of goods can prove the real reliability of the goods and their circulation, and thus can make a comprehensive evaluation of the utility of the enterprises in the chain.

First of all, blockchain can time-stamp all the transaction data in the supply chain, which can't be tampered with at will, even if it can tamper with the transaction data of a certain node, it can't be tampered with, so blockchain solves the bank's doubt about the tampering of the enterprise's information, which will greatly increase the possibility of bank loans for some tiny enterprises as long as they have good credit.

Secondly, the information between upstream and downstream enterprises recorded by the blockchain, through effective integration, can provide support for enterprises in production, sales and other aspects of the business, but also for the downstream enterprises to analyze customer preferences, so that they can develop targeted services.

II. What are the practical applications of blockchain in China?

1. Bank loan clearing

Micro-banks into the trial run based on alliance-type blockchain technology between the banks of the joint loan clearing "particulate loan" joint loan system, all the information is recorded in the blockchain network, can not be tampered with real-time clearing, saving a lot of manpower and material resources. This is the practical application of the "Union Chain".

2. China UnionPay uses blockchain technology to realize cross-bank points exchange

China's blockchain technology **** enjoy points system. Utilizing this blockchain system allows users to redeem reward points across banks and platforms, meaning that users' points from one bank can be redeemed for rewards from other banks, or even for multiple airline miles and supermarket rewards. This significantly improves the efficiency of using bank points.

Tracking auto parts

Toyota joined the R3 Alliance, and through blockchain technology, the production and processing use of each part is stored in the blockchain, so that after the title, the provenance of the part can be easily and quickly queried.

4. Central Bank Blockchain Digital Bills Trading Platform

The central bank promoted the successful testing of a blockchain-based digital bills trading platform. The introduction of digital currencies for settlement allows for the synchronized transfer of streams, thus enabling counting. Meanwhile, the blockchain digital identity program solves the problem of repeated KYC authentication of users among different financial institutions, etc.

5. Ant gold service blockchain application

Ant gold service blockchain technology pilot insurance, help Xinmei Life Mutual Insurance Society on the line of the domestic insurance industry's first love aid account, blockchain technology to make every fund flow are data are not tampered with, every fund's whereabouts and uses are traceable. Ant source and commodity authentic traceability on.

Author: blockchain development company

Link:/p/5ff

Source: Jane book

Copyright belongs to the author. For commercial reprints, please contact the author for authorization, and for non-commercial reprints, please specify

Third, what are the applications of blockchain in real life?

(1) Fun Chain

The Fun Chain blockchain underlying platform is a domestically produced, independently controllable blockchain underlying platform developed by Fun Chain Technology, which is characterized by high-performance, high-availability, scalable, easy to operate and maintain, strong privacy protection, and hybrid storage, and is complemented by the data **** enjoyment and secure computing platform BitXMesh, the blockchain open service platform FiLoop FiLoop, the supply chain finance platform FiloLink, the depository service platform FiloInk, and the smart contract security R&D platform MeshSec, it can better support the industry applications of enterprises, governments, and industrial alliances, and promote the efficient circulation of value among multiple organizations.

(2) Jingdong Chain

JDChain is an enterprise-level blockchain underlying framework independently developed by Jingdong, and its birth marks the beginning of the construction of Jingdong's "JDC Ecology" based on the blockchain BaaS platform and the "JDChain" underlying chain. The birth of JDChain marks the beginning of Jingdong's "Jizhen Ecology" based on the blockchain BaaS platform and the underlying chain. The Jingdong JDChain service platform relies on a number of optimizations to achieve the "one-click deployment" capability, which enables the deployment of leading second-level blockchain nodes. In addition, it also has the core advantage of open compatibility with a variety of underlying layers, enterprise-level dynamic networking and other mature applications. The timely launch of Jingdong Zhizhen Chain will effectively enhance the large-scale landing of enterprise-level blockchain applications in various industries and promote the construction of China's and the global trust economy.

(3) ThunderChain

ThunderChain is a blockchain application project independently developed by Xunlei's Netcenter Technology, which is equipped with millions of tps of high concurrency and second-level confirmation capability. Based on the development of high-performance blockchain products, Xunlei has built the Xunlei Chain open platform, which helps enterprises or individual developers deploy smart contracts and easily realize the uplinking of products and services, making blockchain application development more convenient.

(4) Welltone Chain

Welltone Blockchain is the core underlying technology of blockchain with independent intellectual property rights of Welltone Technology, which is an effective decentralized mutual sharing ecological Internet transaction network constructed on the basis of blockchain technology, adopting the underlying platform of layered design (5-layer), as well as a multi-language smart contract system, and has already realized the function of cross-chain. It has the ability to provide multi-level, all-round and one-stop services such as private chain, cloud chain and alliance chain, and the layout of industry and regional ecology has been initially formed.

In addition to the above blockchain products, there are also community-led LTC, Coos, IOTA, Nervos, NULS, MOAC, etc., and enterprise-led Ripple, Stellar, Microcosmos BCOS, Baidu XuperChain, Huawei, Ping An, Wanxiang, Ant Financial Services, Zhong'an, Bubi, Matrix Yuan, Secret Ape, Zongxianbit, Complexity, Shanghai Chainscape, and many other blockchains. Beauty, Shanghai Chainscape and many other blockchain products.

Expanded:

Blockchain is much more than just a technology, it involves the spirit of "multi-party collaboration". In modern society, many things must rely on the cooperation of everyone to achieve the 11>2 effect, but in the cooperation need to try to avoid the emergence of "information asymmetry" and other issues.

Therefore, the members of the alliance *** with the bookkeeping, *** to enjoy the data, will be open to eliminate all the "information asymmetry" to protect everyone's interests, so that the business environment benign development. Honest work will get the benefits it deserves, and if you cheat, you will naturally be known and criticized. Technology is the foundation to help realize this model. This is the more important "blockchain thinking".