Core summary: History has proved that the centralization of the processing architecture of information application systems is a law and a historical progress. At present, centralized processing dominates the world, and there must be some applications. In the case of "decentralization and de-credit intermediary", it will be cheaper and more efficient. This is where the blockchain can come into play.
Why is there no other large-scale application of blockchain besides Bitcoin? This point is worthy of further study. The operating mechanism of the blockchain determines its strengths and weaknesses. Its weakness is that in the case of many nodes on the chain and frequent transactions, the efficiency is very low and the cost is high. It is necessary to actively promote the application of the blockchain, but not to generalize, absolute, or deify. I don't think blockchain will overturn the IT architecture of financial institutions.
In recent years, some large state-owned banks and some joint-stock banks have established their own financial technology companies. This matter has aroused public attention. There are two important factors behind this. One is that traditional financial institutions need to accelerate the development of financial technology in order to meet the requirements of reform and innovation; the other is that the financial technology management mechanism of traditional financial institutions does not meet the requirements of development.
Centralization is an inevitable trend, the advantages of non-centralization need to be carefully studiedFinancial industry: What do you think of blockchain? In which areas are you more optimistic about its application?
Chen Jing: Satoshi Nakamoto launched Bitcoin ten years ago, and the blockchain technology behind it has received widespread attention. At present, national and local governments attach great importance to blockchain and have given a lot of support in the promotion and application of technology.
The characteristics of the blockchain are mainly embodied in: decentralization, de-credit intermediation, transparency and difficulty in tampering, etc.
The centralization of the processing architecture of the information application system is a sign of the progress of human society, not a representative of backwardness. At present, most of our information processing systems are centralized.
Centralization is an inevitable trend. For example, with the birth of the central bank, the previous bank's fund settlement was point-to-point, which was very inefficient. The payment and settlement system of the central bank is highly centralized. After unified inter-bank clearing, the efficiency of fund clearing and operations has been greatly improved. Another example is the evolution of the Internet. For national defense needs (in a war environment, communications cannot be interrupted), the TCP/IP protocol (Internet) proposed by the United States in the 1960s was completely point-to-point at the beginning, without a center. However, after the number of users expanded, it was found that peer-to-peer was very troublesome and inconvenient. A domain name server is used, and the domain name server is highly centralized, mostly in the United States. There are many similar cases, and history has proved that the evolution of centralization is the law.
In the current situation of centralized dominance, it will indeed bring some problems. There must be some occasions where the cost is lower and the efficiency is higher in the case of "decentralization and de-credit intermediary". Especially in some scenarios where the coverage is not wide, the participating nodes are not many, the transaction frequency is not high, and the convenient centralized processing mechanism is lacking, the blockchain has a great use. It makes sense for us to focus on decentralized application scenarios. Specifically, some cross-border payment services and supply chain finance may be good application scenarios. There are also unsecured loans, letter of credit management and other areas that are worth trying.
However, the blockchain must not be generalized, absolute, or even deified. I think the blockchain is "a revolution", I don't agree with this view. I even disagree that the blockchain "will subvert the traditional financial IT architecture". This is not knowing the financial situation.
When Internet finance was booming in the past few years, some people took P2P to the sky. Think that crowdfunding is the development direction of modern finance and so on. These formulations are not very scientific. At present, there is no large-scale application in the blockchain field. From a global perspective, there is only Bitcoin.
Why is there no other large-scale application of blockchain? This point is worthy of further study. In my opinion, the operating mechanism of the blockchain determines its strengths and weaknesses. Its weakness is that when there are many nodes on the chain and transactions are frequent, the efficiency is very low and the cost is high. China is a big country with accelerated innovation and rapid development, but there have also been some impetuous, eager for quick success and unrealistic situations. We must follow the laws of science and don't catch up with the trend.
The central bank's credit information system is not expected to adopt the blockchain vaccine. The problem cannot be solved by technology aloneFinancial sector: You have presided over the development of the central bank credit information system before. Do you think blockchain technology can be considered? Some people also say that blockchain can solve vaccine safety issues. Do you agree?
Chen Jing: The central bank's credit investigation system for enterprises is called the credit registration and consulting system, which is the credit database of enterprises, which is for the public. Later, a private (to individual) part was developed, and the two together constitute a comprehensive credit database. At present, this comprehensive credit database contains credit data of tens of millions of companies and more than 600 million individuals.
At that time (in the 1990s), there was no blockchain. Even if this system is built today, it is estimated that blockchain technology will not be used. The reason is simple. If blockchain technology is used and tens of millions of companies and 600 million people are in the chain, why is it necessary to send one person's credit data to another 600 million people? 600 million outlets have to build a huge processing and storage structure to process the information of another 600 million outlets that has nothing to do with them? Just to cancel the processing center? Is this scientific and reasonable? So I said, in a sense, blockchain technology is stupid.
There are many misunderstandings about blockchain technology, there is a phenomenon of hype, and even that blockchain technology is almost omnipotent. For example, it is impossible to solve the problem of vaccine fraud by relying on blockchain technology. Because even if the blockchain technology guarantees the traceability of the information, it cannot guarantee the authenticity of the information on the chain itself, how can we prevent cheating? This is a major pain point that blockchain applications must pay attention to.
Taking a step back, if you consider that the blockchain technology itself cannot solve the authenticity of the information on the chain, but it can solve the traceability of the information source, there will also be problems. For example, it is low-cost to transmit information on the blockchain distributed ledger chain to all outlets. To modify a data, 51% of the outlets need to be changed to succeed, so the data cannot be changed. There is a paradox here: it is easy and low cost to publish information to 100% of the outlets, but it is very difficult to change 51%. From a macro perspective, this is contradictory. Why is it that the cost of sending to 100% outlets is very low, but it is very difficult or even impossible for hackers to change 51% of outlets?
Honesty and credibility are the most important social foundation for social development and the operation of market economy. The establishment and improvement of integrity and credit is a complex social system engineering, and it is definitely not a problem that can be solved by a few technologies! This has something to do with the morality, law, and level of development of the entire society. It is naive and impossible to think that if a certain technology is applied, the problems of credit and integrity will be solved.
There are two reasons for the unabated popularity, four points to summarize the application of blockchainFinancial industry: What do you think of the current unabated popularity of the blockchain?
Chen Jing: There are two reasons why the blockchain is so popular now, which is related to the social environment. At present, all people are innovating and eager to accelerate development, chasing the trend of "pigs can fly". The pursuit of profit makes people impetuous. Once the new blockchain technology appears, it is easy to be blown to the sky.
Another reason is related to the current venture capital mechanism. Some professionals who came back from abroad to do blockchain entrepreneurship said that because blockchain is valued, angel investment and venture capital cannot be obtained without raising this banner. In reality, some investors are not familiar with blockchain due to professional restrictions.
I summarized four points:
First, the blockchain technology is still in its infancy stage of development. It is difficult to implement and scale applications. The technology itself restricts the process of industrial development. We are engaged in financial blockchain innovation, and we need to sink our hearts to down-to-earth, actively explore, and accumulate experience. The second is to pay attention to the follow-up research and formulation of key technologies and industry standards, and strive to achieve the maturity and autonomous control of blockchain technology. The third is to give full play to the advantages of the financial technology innovation alliance, find common multilateral application scenarios, concentrate superior forces, vigorously carry out collaborative innovation, and strive for an early breakthrough in large-scale applications. The fourth is to pay attention to preventing new technologies and new applications. Of course, including the application of blockchain may bring new financial risks. It is necessary to maintain continuous communication with regulatory agencies to ensure that blockchain application innovation meets both market needs and regulatory compliance. Regulatory requirements.
"Government-run" financial technology companies do not have to worry too much about participating in the competitive market
Financial sector: Official financial institutions such as the central bank have established some financial technology companies themselves, and market-oriented companies have criticized such "government-run" technology companies as unfair competition. What do you think?
Chen Jing: In the early 1990s, after the "Business Law of the People's Republic of China" came out, several large state-owned commercial banks have decoupled from their own technology companies. Because commercial banks cannot establish corporate entities. For a long time since then, state-owned banks and joint-stock commercial banks have not had their own technology companies.
However, in recent years, some large state-owned banks and some joint-stock banks have established their own financial technology companies. This matter has aroused public attention. Why should these companies be established? There are so many fintech companies in the market, why is their existence necessary? What is the scope of business?
There are two important factors behind this. One is that the rise of Internet financial service institutions has impacted the traditional financial market. In order to meet the requirements of reform and innovation, traditional financial institutions need to accelerate the development of financial technology; second, the financial technology management mechanism of traditional financial institutions is not Adapt to development requirements.
The first point is about Internet financial service companies, such as third-party payment clearing institutions and related financial technology companies under BAT (Baidu, Tencent, and Ali). Third-party payment (such as WeChat payment, QR code payment, etc.) has greatly facilitated the payment experience of Chinese people; the risk control mechanism based on big data has greatly facilitated online credit services, and credit financing can be performed immediately by placing an order on a mobile phone. There are no complicated approval procedures. New technology-based financial services are continuously being integrated into the traditional financial market.
For banks, this is not only a positive incentive, but also a competitive pressure. Consumers are increasingly demanding innovation in traditional financial services. In order to adapt to the development of the times, traditional financial institutions have all proposed speeding up reform and speeding up innovation, including speeding up the development of financial technology.
However, the functional department of the bank responsible for the management of financial technology R&D is an internal organization, which does not fully meet the development requirements. Even if the bank's treatment is higher than that of ordinary enterprises, it still does not work. Even the People's Bank of China cannot retain talents. This contradiction is very acute. Key personnel have flowed to Internet financial service institutions outside the bank, including Tencent, Alibaba, Ant Financial, Baidu and so on.
Banks have an urgent need to accelerate the application of big data and artificial intelligence, and the launch of mobile banking and mobile payment services cannot be delayed. How to further mobilize the enthusiasm of the science and technology sector is a very important issue. Traditional financial institutions want to develop, but the incentive mechanism cannot retain talents, so the management system must be reformed.
The bank conducted in-depth research on this issue and reported relevant reports to the regulatory authorities. After that, it decided to establish a financial technology company wholly-owned by commercial banks, dedicated to solving the bank’s own informatization, Internet, mobile, and intelligent work. Excluded from serving the financial industry. This is a very important exploration.
This may indeed cause some problems. This kind of financial technology company belongs to a bank, is familiar with the business, has accumulated a huge technological force, and operates in accordance with a market-oriented mechanism. This puts pressure on financial technology companies in the market.
I think it does not matter. The practice of China's reform and opening up has proved that competition promotes progress and monopoly can only protect backwardness. Of course, this competition must be reasonable, in line with the rules of the market economy, and benign. This is mainly manifested in the following points.
First of all, the two can learn from each other and cooperate with each other. There are thousands of development teams in the market, and no one can dominate the world. Many projects of ICBC are cooperation with domestic and foreign IT companies. The difficulty of big data and artificial intelligence applications is not small, the development is fast, the scope is very wide, and there are many opportunities.
In addition, both parties have their own advantages. Banking financial technology companies understand their own business better. However, Internet financial service companies that have grown up from the outside will accumulate more experience in the fight, and can better grasp the key points of application. In a word, healthy competition will definitely promote social progress and promote the development of financial informatization.
Of course, the "government-run" financial technology companies of banks do not need to develop indefinitely. They must focus more on their core businesses and strengthen their own distinctive fields. Fintech companies in society must also work hard to learn banking. I believe that the improvement of this mechanism will effectively promote the informatization and modernization of Chinese banks and financial institutions. After a few years, the effect will be seen.
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