How should the blockchain cover industries other than finance?

Blockchain is one of the most challenging innovations in Fintech field, because it fundamentally subverts the inherent logic, operation mode and business scope of traditional finance, breaks through the restrictions of many established rules and regulations, and enters a series of new application fields that could not be set foot in before.

Blockchain is called subversive technology, which will reconstruct the key infrastructure of internet finance and even the whole financial industry, and its value in the financial field needs to be discovered. The specific application is as follows:

First, the application of banking.

Wallet and payment are the first areas where blockchain technology is involved, but this is also the traditional business scope of the banking industry. What changes can the arrival of blockchain technology bring?

Cross-border payment-application case:

Circle20 13 Circle was established in June of 10, aiming to make Bitcoin "as simple and easy to operate as Gmail (Google Mail), Skype (Microsoft Internet Phone) and other customer service tools", and the company quickly obtained a lot of financing. From 2065438 to mid-2004, it gained an investment of 27 million dollars and became one of the companies with the strongest funds in the field of digital cryptocurrency.

20 15, led by Goldman Sachs and IDG Capital Partnership, raised 50 million USD for Circle. 2065438+In June 2006, Circle won 60 million dollars from China investors, announced the establishment of an independent company Circle China in China, and set up a local team to reach strategic cooperation with Baidu and China Everbright.

Circle uses bitcoin blockchain transactions to provide instant and free money transfer around the world. Circle hopes to use Bitcoin as a free Internet payment network, so that the legal tender of each country can flow smoothly around the world without any obstacles. By cooperating with overseas companies like IDG, Circle can provide financial services to users who use legal tender in various countries.

Despite the complex regulatory structure of payment systems in various countries, cooperation among these countries has made progress. On April 20 16, Circle obtained the first electronic money license issued by the Financial Conduct Regulatory Authority (FCA), which aroused widespread concern in the industry. Subsequently, Circle announced the establishment of a cooperative relationship with Barclays Bank and officially entered the British market. From then on, British consumers can enjoy fast transfer payment, buying and selling bitcoin and other services like American consumers.

In order to make it more convenient for users, Circle cooperates with Apple. In the iOS 10 system, Apple's iMessage supports users to use Circle's bitcoin payment system. Jeremy aler, CEO of Circle, said:

"iMessage allows the use of payment services, which will benefit consumers. It is difficult to install an APP separately for payment, and the transfer payment behavior with friends has to go through a complicated setup process, but direct access to iMessage service will be much simplified. "

On September 3, 20 16, Circle announced that users can pay anyone in the world through iMessage.

Advantages of blockchain in cross-border payment: low cost, real-time transaction and high security.

Smart Billing-Application Case:

The complex American Blockchain Act, the Project Act and the blockchain technology can be well combined. After adopting the distributed ledger of blockchain, the existing storage and transmission structure of the system has been changed, a safer operation mode has been established, and the problem of forged bills has been solved.

Time stamp completely reflects the process of bill from birth to disappearance, and has the characteristics of traceability, which makes the model have a brand-new continuous endorsement mechanism and truly reflects the transfer process of bill rights.

The domestic Hangfu American Blockchain Research Center has also initially developed the open source project of the blockchain lending bill exchange based on Ethereum, which integrates the concept of using blockchain technology in many sub-sectors such as finance, catering, enterprise management and express tracking. An open source project of P2P lending bill exchange, a complex American blockchain, as shown in the figure. Peer-to-peer lending stock exchanges using blockchain technology can complete online transactions that claim to be 6.5438+0.5 million transactions per second, without handling fees.

Bill business based on blockchain has four advantages:

From the perspective of moral hazard, the phenomenon of "one ticket for more sales" of paper tickets and unsynchronized endorsement of electronic bills often occurs. However, due to the tampering of the time stamp and the characteristics of the whole network, no matter whether it is a paper ticket or an electronic ticket, the blockchain will not default once it is traded.

From the perspective of operational risk, because the electronic bill system is centralized, once the central server has problems, it will have disastrous consequences for the whole market. At the same time, the access of enterprise online banking will transfer more risks to the bank's own network security issues, and the whole risk chain will become longer and longer. Blockchain adopts distributed high fault tolerance and asymmetric encryption algorithm, and the risk brought by human operation will be almost zero.

From the perspective of credit risk, with the help of blockchain data, the collection and evaluation of all participants' credit can be realized and controlled in real time.

From the perspective of market risk, a large number of assets mismatch in the intermediate market not only leads to its own losses, but also binds the interests of banks. With the help of the programmability of blockchain, it can not only effectively control the balance of assets and liabilities of participants, but also urge the authenticity of the response of transaction prices to capital demand in the whole market with the help of data transparency, thus forming a more realistic price index, which is conducive to controlling market risks.

Bank settlement-application case: VISA

Bank settlement refers to the act of receiving and paying through the transfer of funds in the bank account, that is, the bank accepts the entrustment of customers to receive and pay on their behalf, draws money from the payer's deposit account and transfers it to the payee's deposit account, thus completing the settlement of creditor's rights and debts or the transfer of funds between customers. In this process, banks are not only the medium of commodity exchange, but also the intermediary of clearing funds in social and economic activities.

Different from the mode that domestic banks mainly rely on the difference between deposits and loans, half of the profits of multinational banks come from intermediary settlement business. For them, if they open up new business areas and reasonably reduce settlement costs, it is directly related to their fundamentals.

VISA is the largest credit card company in the world. Undoubtedly, the rise of digital cryptocurrency will inevitably have an impact on its credit card payment business. However, VISA does not always resist electronic money and blockchain, but adopts an open attitude.

20 15 10, VISA and DocuSign (an electronic signature service) jointly launched a "proof of concept" project, which uses bitcoin blockchain to record and save car rental data. This project combines the digital transaction management (DTM) platform and electronic signature solution of DocuSign (an electronic signature service) with the secure payment technology of VISA. Consumers can configure rental, insurance and other daily purchases in the car, such as parking fees and tolls, and users can pay directly with VISA cards.

The peripheral application does not meet VISA. In the same year, VISA cooperated with the Bitcoin base to launch the first Bitcoin debit card that can be used in the United States. 165438+1On October 30th, at the UnBound conference held in London, VISA European Innovation Lab showed a "proof of concept" remittance application, through which people can send money on the bitcoin blockchain.

2065438+September 2006, VISA cooperated with BTL Group, a digital payment startup company, to launch Interbit, an inter-bank settlement payment system based on blockchain technology, to evaluate whether blockchain technology can reduce the cost, settlement time and credit risk of international transfer between banks.

It can be seen from a series of major actions in the past two years that VISA has begun to realize the value of blockchain technology and strive to make blockchain technology a powerful tool to expand its sphere of influence.

Advantages of blockchain in bank settlement: safety, convenience and intelligence.

In addition to using blockchain technology to transform existing businesses, major banks around the world have also launched their own encrypted digital currency plans to reduce operating costs.

Advantages of blockchain in bank digital cryptocurrency: reducing costs.

Second, the application of the securities investment market

Securities trading-application case: Linq

The securities trading market is an important application field of blockchain. The application of blockchain technology can not only speed up clearing and settlement, but also reduce the number of account books that financial institutions need to maintain and ensure more accurate audit trail.

Nasdaq is the first person to eat crabs in the stock market. In the second half of 20 15, Linq, a trading platform, was launched, which is based on bitcoin trading technology and used for the transactions of primary market companies. As shown in the figure below, Linq has the ability to record the pre-IPO equity transactions of enterprises, and can track the equity transactions of enterprises, information of shareholders and investors, etc. It is very valuable for asset analysis in the private equity market.

Fredrik Voss, head of the blockchain strategy of Nasdaq, believes that the high efficiency provided by blockchain technology will greatly enhance the advantages of Linq as a private equity trading platform. So far, there is no technology that can really keep people away from paper work, and blockchain technology will make it a big step forward, which will greatly reduce the possibility of mistakes compared with manual processing.

Advantages of blockchain in securities trading: accelerating settlement, simplifying accounts and facilitating follow-up audits.

Equity Crowdfunding —— Application Case: Little Ant

Capital has always been a gap between creativity and entrepreneurship, and it is this gap that gave birth to the world's first crowdfunding platform-Kickstarter. Kickstarter's operating model is a typical platform business model. On the one hand, users of the platform are people who are eager to create and create, on the other hand, people who have certain funds and are willing to provide financial support for new ideas. Both sides have a common desire, that is, new ideas will become a reality and can be continuously promoted.

The crowdfunding platform based on blockchain technology can raise funds by creating its own digital cryptocurrency or digital assets. By distributing their own "digital shares" to early supporters, it is the evidence for investors to obtain shares to support startups.

Blockchain crowdfunding platforms usually consist of three layers:

The bottom layer is the blockchain network to build a decentralized distributed general ledger;

The middle layer is the combination of business logic and blockchain, which has the functions of establishing account center, equity registration, equity voucher, equity transaction and equity management.

The top layer is the services provided to customers by various crowdfunding platforms.

In China, Little Ant is the first company to use blockchain technology to register the company's equity. Although this is an innovation, it is not easy to meet the legal compliance of our country in the underlying logic and various details, and to connect with the physical world. After in-depth research and analysis of the current legal environment in China, Little Ant has the potential to become a practical blockchain application.

Little Ant is a blockchain protocol based on blockchain technology, which registers, publishes, manages and trades various rights and interests through peer-to-peer network. In the initial stage, we will provide digital equity incentive scheme for start-ups and equity management scheme for equity crowdfunding companies with the equity of unlisted companies as the starting point. In the future, it will be too tradable, that is, "blockchain IPO", which will gradually blur the boundaries between non-listed companies and listed companies.

Advantages of blockchain in equity crowdfunding: crossing time and space constraints, optimizing crowdfunding organizations, and rationally distributing equity and interests.

Third, the application of the insurance industry

Policy Sales-Application Case: Bubi Aviation Accident Insurance

Traditional aviation accident insurance has always had problems such as insurance fraud and intermediary fare increase. The so-called "wool is on sheep" is finally passed on to consumers. Blockchain technology can provide an effective means to solve these problems.

2065438+On July 29th, 2006, Bubi Blockchain cooperated with Sunshine Insurance to launch "Blockchain+Aviation Accident Insurance Card Sheet", which is the first mainstream financial asset circulation of blockchain in China.

Most aviation accident insurance claims will only be settled in the event of an accident, so in most cases, it is not easy for customers to find fake insurance. In order to prevent the purchase of "fake insurance policies", Bubi blockchain can trace the whole process of the card bill from the source to the customer by relying on its multi-party data sharing characteristics, so that all parties can not only check the authenticity of the card bill, ensure the authenticity of the card bill, but also facilitate the follow-up processes, such as claims settlement.

In order to prevent the price from being passed on to consumers by middlemen, Bubi blockchain has set up an aviation accident insurance card. Without middlemen, the price of insurance cards will drop significantly. According to the data, 60 yuan buys 1 copy of this product, which can be used by 20 people, and can get up to 2 million yuan of aviation accident protection every time, which is equivalent to 2 million yuan of protection every time 3 yuan is consumed.

Advantages of blockchain in insurance industry: truthfulness and transparency, information security, traceability, clear claims process and low cost.