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What are the applications of banks in the field of blockchain? With the advancement of technology, the blockchain technology that people are paying attention to has now developed to a new stage, and it has a mutual cooperative relationship with banks. Whether it is the application of banks in the field of blockchain or the application of blockchain in banks, in fact, they all mean the same thing. The advancement of technology can combine the two effective fields for application. So, for this Many people are still curious about this new technology. Now, the editor will talk to you about the application of banks in the field of blockchain.

At present, most domestic commercial banks’ application of blockchain is in the conceptual exploration and wait-and-see stages. In the future, as domestic commercial banks further understand blockchain technology and its prospects, more commercial banks will make cross-border investments and join forces.

The “previous life” of blockchain is the blockchain technology that became “popular” due to Bitcoin. McKinsey pointed out in a research report that blockchain technology is known as the core technology with the greatest potential to trigger the fifth round of disruptive revolution after steam engines, electricity, information and Internet technologies.

In 2015, the financial world began to realize the disruptive effects that blockchain could bring, and swarmed into it with human and financial resources. Today, blockchain has rapidly evolved from an emerging underlying technology known only to people in the IT industry to a "new concept" in full swing.

Blockchain technology application prospects

An industry needs to go through a budding period, a growth period, a boom period, and a decline period from its birth to its demise. From this perspective, blockchain is currently in the budding stage of concept formation and individual practice. Different from the current "grey" policy situation of Bitcoin, the application and development of blockchain technology has been supported and encouraged by government departments in various countries: the Bank of England has established a blockchain technology team and is considering the possibility of issuing electronic currency; Europe The Securities and Markets Authority and the U.S. Commodity Futures Trading Commission have both made the application of blockchain technology an important discussion topic at their relevant meetings; the Singapore government is working hard to build itself into a "smart country", and the Singapore Infocomm Development Authority has joined forces with the two Commercial banks jointly developed the first blockchain application in bill finance, which is still in the proof-of-concept stage; Zhou Xiaochuan, governor of the People's Bank of China, said in February 2016 that the People's Bank of China has deployed important forces to research and explore blockchain application technology.

As the concept of blockchain heats up, blockchain has become a popular research field and has received the "favor" of venture capital. From 2012 to 2015, global venture capital investment in the blockchain field increased from US$2 million to US$469 million, an increase of more than 200 times, and the cumulative investment amount has reached 10
About US$100 million. Among them, the first hardware manufacturer that can mine a home computer21
Inc, has received a total of US$121 million in investment so far. The direction of venture capital is mainly concentrated in the fields of smart contracts, securities transaction settlement, identity certification, distributed accounting, e-commerce, data APIs and blockchain infrastructure.

Generally speaking, China Agricultural, Industrial and Construction Diplomatic Relations have started the research and development of blockchain projects, and individual projects have been put into operation, and are mainly used in scenarios such as poverty alleviation, financial fraud, trade finance, digital bills, and rental applications in Xiongan New Area. Below, we will start from the five major banks and take stock of the project applications developed or implemented by domestic banks based on blockchain technology.

At this stage, the exploration of blockchain by the five major domestic banks is mainly focused on supply chain finance, poverty alleviation, insurance, wallets, digital bills, leasing and other aspects. Among them, due to industry characteristics, the three fields of supply chain finance, insurance and poverty alleviation use blockchain technology for application innovation, and the advantages may be more prominent.

Based on their strong capital and talent strength, these traditional financial companies can join forces with Internet giants to actively explore more core or broader industry applications using blockchain technology, with a view to improving the infrastructure, system structure and structure of the domestic banking industry. Industry rules have brought about disruptive breakthroughs. Now banks are becoming more and more rational about blockchain, and we need to learn more.