The 8th China financial information service development BBS was successfully held in Shenzhen on November 26, hosted by the Shenzhen financial information services association and the information technology professional committee of China securities industry association. The experts and scholars from Gartner, Shenzhen Stock Exchange, Huawei, banks and Hong Kong University of Science and Technology have discussed the three aspects of AI, big data and blockchain about the influence of financial technology on the development of China financial market. The chief scientist, co-founder Wang Maolu also be invited to do the keynote speech about the development and application of blockchain on the regional equity market.
Blockchain technology not only surrounded by the technology circle also attracted the attention of the national government. Wang Maolu introduced the value of blockchain based on the highlights of blockchain evaluation, with quotes from the experts like Zhou Xiaochuan, Wei Yingning, etc. She explained, blockchain is the reliable database technology that depends on the trusted computing environment with the decentralized structure. It has many characteristics like the openness, the immutable, the traceable chain structure and the uniqueness of the bits’ world, etc. Obviously, the uniqueness is created by the time and it has become the corresponding technology of the bits’ world with the realistic physics world.
Wang also put forward in the application of blockchain as the reliable structure of the system data. With the decentralized architecture , each node is a part of the system and has the equal rights. Even if the hacker destroy or falsity the partial node information, there is no influence on the whole system and data and the more nodes make more secure.
Blockchain also can provide the intelligent vehicle for the assets exchange because of the programmable chain. It ensure the security of the assets transaction especially for the financial assets. For example, applying the workload mechanism to protect the chain data from destroyed and using the intelligent contract mechanism to make automatically execute and mutual supervision come true.
Under the trust relationship of finance, there is no need for people in the premise of blockchain. Meanwhile, the parties can establish a trust relationship through the pure digital mode with low cost. Therefore, the weak trust relationship transfer to the strong trust link by the algorithm, and promote the exchange of value activities even the financial exchange activities.
Wang also stressed that the blockchain combine with the big data can provide the integrated financial solution. And it can achieve the applications through the blockchain public ledger like customer identification, asset registration, asset transaction and payment & settlement. Through the big data system, it can record, transmit, storage, analysis and apply the various kinds of data information, and realize the seamless connection between the physical world and the digital world, the real world and the virtual world.
By combing the different influence on the development of financial market from the Internet and the big data to the blockchain, Wang believed that blockchain can promote the development of financial market 3.0. With the blockchain application of the equity trading market, it can improve the data processing efficiency, reduce the IT cost, promote the construction of the regional stock exchange market, realize the penetrating supervision, transfer the non-standard assets into the digital assets, while at the same time using the intelligent contract to realize the automatic transaction of digital assets, so as to satisfy the continuity of the transaction. In terms of the financial assets, it can also realize the real-time assets trading settlement and cut off the arrival time of payment. The integrated registration of trading, clearing and audit can greatly enhance the work efficiency and make the assets audit standardized, which can form a complete chain of the value evidence judgment and make the investment loan linkage of the equity trading market, debt-equity swap come true, so as to establish a multi-level capital market system. This position could satisfy the strategic planning of the report to the Eighteenth National Congress of the Communist Party of China, and makes it possible to the realization of the financial market supervision through the superimposed data attestation on the blockchain mode.
However, the blckchain as a technology choice, itself still has the problems of performance, registration, rights management and so on. In addition to the analysis of the practical evidence of Baoquan and the cases of NASDAQ Linq and the Australlian Stock Exchange, Wang believes that the emerging technology may not satisfy the full range reforms of financial information system. Meanwhile, the blockchain application on the stock exchange and financial assets transaction requires a gradual process. Baoquan has been working through the implementation of this concept including the infrastructure upgrading plan of the regional financial transaction platform and crossing the regional equity trading market structure in a distributed manner. In the end, Wang performed the preservation of network electronic transaction data on baoquan.com, and indicated that the regional equity trading market covered the large-scale private capital. Therefore, the credible and efficient transferred market environment established by the blockchain can simulate the value flow of financial capillary, making the financial value to realize the real penetration and infiltrate into the underlying economic development cycle.
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