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Application Imagination of Blockchain in Fintech


What is Blockchain Application Imagination?

Mr. Xu Xingxing, the founder, chairman and CEO of Eurotech Group, and the founding chairman of China Blockchain Application Research Center, focused on "the application of blockchain technology in fintech". He changed the scene of people's life through the combination process of Internet + finance, predicting that blockchain + finance will be a deeper and more detailed combination-the fintech 2.0 era.

Mr. Xu Mingxing said that blockchain technology is not a magical technique, but rather a "distributed and irreversible" database science.

Database is not a new term. From the emergence of some web pages to the classification of various web pages by Yahoo and the navigation site, this is the earliest database. Later, there are more and more web pages, there is no way to explore the effective content through classified navigation, so companies like Google have appeared: using inverted database technology to index Internet web pages, this is the search we use now engine. It can be said that data technology has created civilization throughout the Internet era.

As a "distributed and irreversible" database, blockchain is not a most efficient and intelligent network design, but a fair and secure network design. This design makes point-to-point network transmission possible. It is the network transmission between points that makes many scenarios possible.

Application Imagination of Blockchain system

What are the characteristics of a peer-to-peer network? First, peer-to-peer, every node in the network is peer-to-peer. Second, it is safe that some network damage or node damage will not have any impact on the operation of the network. Therefore, the decentralized network of the blockchain is first a network running on the Internet.

For example, if user A wants to transfer money to B, he will broadcast the transfer to the network, and announce to everyone that A will transfer money to B, and everyone will see it, but the transfer information may be false at this time. A's user may be fraudulent, this time is an unconfirmed transaction. Unconfirmed transactions will be received by everyone in the network, but there will be a special type of person, we call him the bookkeeper. He will turn it into a confirmed transaction or a confirmed ledger, and broadcast the confirmed ledger to the entire network again. All people in the network will receive the confirmed transaction, and most will choose to ignore it. Only after users A and B receive the confirmed transaction, they will know that the balance of A will decrease and the balance of B will increase. In this way, this point-to-point transaction is reached.

Second, the blockchain has two types of applications, one is instrumental and the other is subversive.

Similar to the Internet era, there are many instrumental applications of blockchain, and there may be more in the future. Many aspects of each of our lives may be built on the blockchain. For example, today's blockchain electronic evidence, many courts regard blockchain evidence as legally valid. The traceability, auditing, and invoices of many commodities based on the blockchain have been running on the social IT infrastructure. Even in the future, each of us's real estate certificate, our equity, and the car book of our car may be the certificate of the blockchain.

There are also many disruptive applications appearing on the blockchain, but as a new technology, we can't recognize it for its disruptive applications, such as point-to-point email, point-to-point WeChat, or even point-to-point Taobao . In the future, the transaction between the user and the merchant may not be achieved through an institution, but through a smart contract.

Today's blockchain has many applications in all walks of life in the world. For example, like digital currency, Bitcoin, Ethereum, building a new virtual commodity based on blockchain technology, and so on. In the retail experience of many users, there are many blockchain-based remittances, blockchain micropayments, and many countries. Some countries use the blockchain to elect the president. After the election, the president always said that the vote was genuine and cannot be tampered with on the blockchain. There may be a lot of companies that use blockchain to invoice and financial infrastructures will be self-revolutionary, and they are also using blockchain technology to self-revolution. For example, like auditing. Everyone knows that all audits are to reduce financial fraud and so on. Therefore, when the financial system is involved in the blockchain, auditing is naturally not needed because the data is irreversible and can be analyzed by the system.

Finally, Mr. Xu Mingxing believes that the blockchain is not a beast, and the government can have a strong control system on the blockchain.

Although today's blockchain is peer-to-peer, in fact, blockchain can provide many tools for supervision. For example, today there are many stablecoins in the United States. The stablecoins are just like the payment currencies of the central bank. What if I want to freeze a certain amount of money in the future? Can't it freeze? Actually not. There are many stablecoins approved by regulators in the United States. Stablecoins carry the function of super private keys. After a specific person owns this private key, although it is a peer-to-peer network, they can still stop or freeze certain transactions. Its real-name system also has many, many technologies. Therefore, in terms of regulatory aspects of the blockchain network, regulatory technology and regulatory technology are also very strong, and there are already mature cases of regulation in these countries in the United States.

Not long ago, in response to the spirit of the national innovation system construction, Eurotech Group established the Asia-Pacific headquarters in Sanya as the first group of companies to enter Hainan International Offshore Innovation and Pioneering Pilot. At the same time, a blockchain offshore digital asset trading laboratory has also been set up to support the construction of blockchain big data research institutes and blockchain innovation application research and development centers. Based on blockchain technology, deep cultivation and hard work, and strive to drive the development of the fintech 2.0 era, and also contribute to the strength of the Eurotech Group for Hainan to truly enter the international market.




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