Yuan Zhipan, School of Economics and Management, Northeast Agricultural University, Harbin 150030, Heilongjiang, China
Abstract: With the continuous development of modern technology and the global economy, blockchain technology has become more and more widely used in the financial field. In recent years, blockchain technology has solved many problems in the financial field by virtue of its application advantages. The overall operating status of China's financial industry has stabilized. However, with the reform of the economic system and the innovation of the financial industry, there are still many problems in the financial industry. Problems need to be improved. Enhancing the application scope and effectiveness of blockchain technology in the financial field has become an effective measure to solve financial problems. Therefore, this article analyzes and discusses the application of blockchain technology in the financial field.
Keywords: Blockchain; financial field; application
- The application prospects of blockchain technology in the financial field
The role of blockchain technology in the financial field has received more and more attention and has become a key topic in the international financial field. All countries are studying the application of blockchain technology in the financial field to better promote the development of the financial industry. . At present, researches are being conducted at home and abroad on how to better apply various technical solutions of blockchain technology to the financial field to improve the efficiency of financial transactions, regulate financial business transactions, reduce transaction risks, and ensure the safety and reliability of data in the financial industry .
At present, blockchain technology is widely used in many industries, including the financial applications of digital currencies. The application of blockchain in the financial field can be said to have its inherent advantages. Blockchain technology has the advantages of discretization, high security, strong traceability, openness and transparency. Therefore, it can solve various related problems in the financial field, such as credit service, supervision level, efficiency, and trade. transaction. Practice has proved that blockchain technology is an effective technology to solve many problems in the financial industry. First of all, under the general trend of China's economic structural adjustment, the application of blockchain technology can optimize the internal structure of China's financial sector and establish a more complete modern financial service system. Secondly, in view of the lack of domestic legislation in the field of financial services, blockchain technology is also conducive to establishing and improving laws and regulations in the field of financial services, continuously improving the regulatory system, better responding to and preventing various financial risks, and improving the safety of my country's financial industry Sex. Finally, the application of blockchain technology in the financial industry can well solve the problem of uneven regional development of my country's financial service industry and improve the level of rural financial services in my country [1].
It provides more new tools for China's financial industry to meet the requirements for further allocation of resources in the financial service industry under the requirements of the financial system reform, promotes the rational flow of China's financial resources, and improves the quality and efficiency of China's financial service industry. In the future, the financial sector will undergo further changes due to blockchain technology [2]. This means that blockchain technology can well help the real financial economy to solve many coordination problems. For example, for the insurance industry, blockchain technology can prevent insurance fraud, protect corporate interests, and enhance customer experience. However, the current situation is that the application of blockchain technology in the financial field is still in the experimental stage, and the development of blockchain technology is self-evident. However, it has not been widely used in the financial field. In order to make blockchain technology more widely used in the financial field in the future, it is necessary to further develop blockchain technology in terms of technical application and security performance. my country must establish strong regulatory measures, improve relevant laws and regulations, strengthen technical exchanges, avoid many risks in the financial industry, and provide a better application environment for blockchain technology.
Second, the application strategy of blockchain technology in the financial field
(1) Application of financial supervision in blockchain technology
Under the strategic background of "economic globalization", financial supervision of various countries is facing huge challenges. In my country, there are problems such as imperfect system and imperfect implementation of financial industry supervision, which leads to a relatively low level of supervision. Although the "Belt and Road" strategy has promoted the development of China's foreign economy, it has also accelerated the outflow of capital and the inflow of foreign capital, thereby increasing related financial risks [3]. Especially in recent years, the blind growth of non-performing financial transaction institutions such as underground banks will lead to excessive credit expansion. If there is no timely and effective supervision, it is likely to trigger an uncontrollable financial crisis, which will have a very negative impact on the development of China's real economy and increase the instability of China's international financial market. The application of blockchain technology in financial supervision has realized the digitization of customer information, guaranteed the reliability of user identity information, realized the real-time traceability of user-related data, and greatly reduced the possibility of abnormal transactions such as underground banks. Strengthen my country's financial supervision to ensure the orderly and standardized development of financial services. Blockchain technology can ensure the convenience and security of financial transactions, promote the establishment of a safer and fairer international financial transaction system, and strengthen financial cooperation between countries.
(2) Application of block link technology in bank credit information system
As the scale of transactions in the financial sector continues to expand, cross-border transactions will inevitably occur. At present, many commercial banks in my country have begun to carry out cross-border credit business, and a more important issue that cross-border now involves is the credit issue. Before conducting cross-border credit business, credit checks must be ensured. Only by clarifying the credit status of the lending subject can the smooth development of credit transactions be effectively guaranteed. However, the cross-border credit business of each country is different, and there are many differences in the credit collection system that cross-border credit relies on. Therefore, it is necessary to conduct a systematic analysis on it. On the other hand, the credit verification work of cross-border credit business is more complicated and involves multiple work links. In the multi-level approval process, problems such as low data usage efficiency and incomplete information are prone to occur. At the same time, complicated work will result in high costs for credit review. Therefore, some data may be leaked or tampered with. In the context of the globalization strategy, the development of new transnational financial transactions must be based on a good credit investigation. Through the application of blockchain technology, the optimization and adjustment of my country's information records can be made more efficient and scientific, and the storage and application of massive amounts of information can be completed. The application of blockchain technology can increase the difficulty of data tampering, reduce the possibility of data tampering, and realize the sharing of customer credit information records, thereby making this work more open and transparent. In this way, it not only simplifies the work process of credit investigation review, but also reduces the cost of credit investigation review. At the same time, credit investigation and verification of cross-border credit business has become more systematic. In the context of globalization, countries should jointly establish credit rating standards to realize automatic recording and storage of credit information based on blockchain technology, which will effectively prevent credit risks such as information leakage and data tampering.
Conclusion:
In summary, in this article, a comprehensive analysis of the application of blockchain in the financial field is carried out, hoping to give readers some enlightenment. The application of blockchain in the financial field has very broad prospects. Although it is still in the development stage, it needs to be improved in terms of technology and safety. But in the future, with the continuous improvement and development of blockchain technology, it will be able to be applied on a larger scale in the financial field. In order to ensure that blockchain technology can better promote the development and progress of the financial industry, we must ensure a good application environment for blockchain technology, continuously improve industry service innovation awareness, strengthen relevant financial legislation, and improve the government's regulatory capabilities.
references:
[1] Han Xiaoya, Zheng Hongyu. Research on the Application of Blockchain Technology in China’s Financial Field [J]. China Economic and Trade Guide (Part 2), 2020(08): 77-78.
[2] Lin Ronglai, Wang Shijie. Logo analysis and blockchain technology application exploration in the "supply chain" financial field[J]. Network Security Technology and Application, 2020(08): 120-123.
About the Author:
Yuan Zhipan (1999.9-), male, Han nationality, native of Hangzhou, Zhejiang, undergraduate, research direction: application research of blockchain in the financial field