Blockchainresearch report

Blockchain promotes the establishment of an open and shared new financial system From Ping An blockchain in 2019

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The following is the Blockchain promotes the establishment of an open and shared new financial system From Ping An blockchain in 2019 recommended by recordtrend.com. And this article belongs to the classification: Blockchain, research report.

According to the white paper, generally speaking, as a new integrated application mode of computer and network technology, blockchain still has a long way to go to achieve large-scale commercial deployment of technologies in performance, security, privacy protection, governance and cross chain interoperability, and the technology itself needs to be continuously optimized before it can be further implemented.

Finance, manufacturing and retail invest the most in blockchain

“The potential of blockchain has gained more and more recognition, and enterprises have increased their investment in it.” According to the white paper, according to IDC’s latest “global half year blockchain spending guide.”. In 2018, China’s blockchain market expenditure reached US $160 million, an increase of 108% over 2017. At the same time. More companies plan to increase their budgets in the future. Affected by this. It is expected that China’s blockchain market will maintain rapid growth in the next three years. The market expenditure scale in 2022 is expected to reach US $1.67 billion. The CAGR of 2017-2022 is 83.9%.

In terms of industry, finance, manufacturing and retail have the most investment in blockchain. The market expenditure of these three industries accounted for more than 75% of the total market expenditure in 2018. Among them, the financial industry has the largest scale and the highest proportion of blockchain expenditure, which is worthy of being the largest industry of blockchain expenditure.

Behind the rapid increase of market expenditure scale, it is also inseparable from the change of regulatory environment. The white paper concludes that in China, the attitude of the government and relevant regulatory agencies towards blockchain is “quite different”. On the one hand, we should resolutely crack down on illegal fund-raising activities in the name of virtual currency, cryptocurrency and initial token issue (ICO); on the other hand, we should actively affirm the potential of blockchain technology as an emerging technology and guide its standardized development. Internationally, countries around the world are still cautious about digital currency, but they actively embrace and encourage the development of blockchain technology.

“Blockchain is not a single technology, but a combination of existing technologies. Its core technology components include distributed storage, encryption algorithm, P2P communication and consensus mechanism. Each single technology has more than ten years or even decades of development history. With high maturity. It can be put into production environment quickly. This is also an important reason why pilot projects have sprung up in the market when the concept of blockchain is hot. ” According to the white paper, from the perspective of current technology paradigm, expansion of existing system defects, cross chain, privacy protection and governance rules are the directions of blockchain core technology. Because every breakthrough in core technology requires huge human and material resources. The high cost of innovation has become an important obstacle to the development of blockchain technology.

The white paper also points out that on the whole. As a new application mode of computer and network technology integration, blockchain still has a long way to go to achieve large-scale commercial deployment of its performance, security, privacy protection, governance and cross chain interoperability. Technology itself also needs to be continuously optimized in order to be further implemented.

The large-scale application of blockchain in the financial industry has more severe challenges

When introducing the white paper, Wang Menghan, senior product director of Ping An’s financial one account link, said that although the prospect of blockchain in the financial field is obvious to all, in practice, it is difficult for enterprises to balance the contradiction between data privacy and data sharing, and the computing power and transaction performance of blockchain are insufficient, which leads to many enterprises’ reluctance or lack of motivation to go on the chain and give the blockchain great financial support The large-scale application of the industry puts forward more severe challenges. To solve these problems, the financial one account one account chain team innovated and developed the fimax s3c fully encrypted blockchain framework.

As for the challenges in the application and development of blockchain in the financial industry, the white paper systematically introduces that according to IDC’s survey of 457 financial enterprises (including banking, insurance and securities) in 2018, the concerns of financial enterprises when using blockchain include data security, interoperability and technology maturity. Combined with the global survey data and the observation of the Chinese market, IDC believes that the main challenges faced by the large-scale application of blockchain in the financial industry include “security protection”, “interactive operation”, “transaction performance” and “network ecology”.

“In the IDC global survey, data security is the biggest concern for financial enterprises when using blockchain.” According to the white paper, blockchain is essentially a distributed digital ledger recording information and data, with the increasing number and volume of the ledger. The demand of enterprises for data retrieval and analysis also increases correspondingly. Many enterprises try to embed data analysis software directly into the blockchain ledger shared by multiple parties. In order to form the direct retrieval, analysis and utilization of internal and external information, but to a certain extent, it brings a threat to the privacy of other users. It also brings challenges to the security of blockchain technology.

On the other hand, in the practice of financial enterprises. There is usually a contradiction between data privacy and data sharing. That is, because of the privacy of business data. Unable and unwilling to upload data to the blockchain. At present, the vast majority of blockchain applications are implemented. Fully encrypted frameworks are not supported. It further reduces the willingness of enterprises to link data. Therefore, we should strengthen security protection in data encryption, key storage, privacy protection, identity authentication and other aspects. And in the case of ensuring privacy to achieve efficient management and utilization of data on the blockchain. It is an effective way to promote the large-scale application of blockchain.

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