cool hit counter Tencent News reported on the "Firewatch" Shenzhen Conference of FireNews Finance_Intefrankly

Tencent News reported on the "Firewatch" Shenzhen Conference of FireNews Finance

Source: Tencent News Author: He Xi

FireXinancial Note: On December 17, Tencent News took "A Line WeZhong Bank Zhang Kaixiang: Blockchain cannot subvert the original business model of banks" is the title of the report, focusing on the "Blockchain Star Train Thousand People Meeting" held by FireNews Finance in Shenzhen, and extracting some of the views of "Firewatch" on blockchain technology applications and financial content.

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Original title.

First Line|WeChat Bank's Zhang Kaixiang: Blockchain can't talk about disrupting banks' original business models

"Banks require a very high level of security, usability, and [blockchain technology] is used poorly and causes harm instead." On December 15, at the "Firewatch" Shenzhen conference hosted by FireNews Finance, Zhang Kaixiang, chief architect of blockchain at Microlife Bank, said that blockchain technology will not disrupt the banking industry, and banks do not need to use blockchain to reconfigure or overturn the original business model.

2018 has been called the year of the blockchain windfall, with prognostications abounding about how blockchain technology will disrupt all industries. Zhang Kaixiang dismissed these "great leap forward" statements from the perspective of a dual practitioner of finance and blockchain.

Zhang Kaixiang suggested that innovative businesses can be put on the blockchain to run, focus on pain points, and actively promote and take small steps in the process of using the blockchain, but it is not recommended to put all the data on the chain at once.

Zhang Kaixiang also presented the trend of distributed business ideas. That is, multiple participants in the same business scenario collaborate on a peer-to-peer basis to complement each other's strengths. Blockchain technology, as an innovative distributed technology, can be an infrastructure for innovative interconnection between institutions.

He believes that blockchain as an infrastructure has the following five characteristics: 1. cross-institutional and human, i.e., breaking the distribution of inter-institutional or natural person boundaries; 2. distributed transactions, i.e., reaching consistent certainty through consensus algorithms when transactions occur, and multiple institutions participate in real-time in the verification and confirmation of transactions; 3. gaming and trust, i.e., emphasizing anti-fraud in the verification process; 4. redundancy and availability, i.e., data is distributed on different nodes, non-differentiated computing and storage, which can provide high disaster tolerance for the whole system and ensure system availability; 5. standardized system, i.e., using consistent software, interfaces, governance, operation and maintenance, which can greatly reduce costs and improve efficiency.

In addition, Kaixiang Zhang listed four major applications of the Alliance Chain technology: distributed business platform, trusted data traceability and exchange, asset trading and clearing, and distributed identity management.

What will blockchain look like in the future? Microbank has built on the foundation of the Alliance Chain by proposing the idea of a "Public Alliance Chain". Zhang Kaixiang explained that the public alliance chain is the alliance chain that provides services to the public, not specifically a chain, but a new form of blockchain business application. The public, as the service recipients of the Chain, can access the services provided by the federated chain through the public network. The Alliance is the owner and operator of the "chain", through which information and value are exchanged. Joint government and corporate agencies can improve the efficiency of inter-agency collaboration, enhance the public experience, and reduce public costs and risks.

In terms of specific scenario implementation, Microbank has applied blockchain technology to inter-institutional reconciliation business to enhance efficiency and achieve quasi real-time reconciliation through technology. In addition, the more typical exploration of blockchain technology applications by Micromax is the arbitration deposition scenario. At the end of 2017, Microbank cooperated with the Guangzhou Arbitration Commission to upload transaction data with consensus signatures, so that in the event of a dispute, the deposited data with verified signatures can be considered as direct evidence, shortening the time for arbitration. In addition, Micromax is also actively exploring scenarios such as anti-counterfeit traceability and identity authentication.

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