Block chain commercial banks no longer empty talk
Internet banking has been written for 3 consecutive years the government work report, the national NPC and CPPCC has become one of the mutual development of the industry benchmark gold. In 2017 the national NPC and CPPCC has just kicked off, the industry believes that the Internet financial chain, especially in the area of big data, artificial intelligence as the representative of the financial NPC and CPPCC technology will become a hot topic. Compared with previous years, the financial and technology requirements, in cooperation with the overall strategy of the supply side structural reforms to support strategic emerging industries and promote the innovation of science and technology achievements and other aspects of the performance will be further attention.
Industrial Bank President Tao Yiping think, in fact, in the financial tide of science and technology, electronic finance, information construction based commercial banks rely on many years, and actively embrace the block chain of new technology, greatly promoted the decline in the cost of upgrading and the efficiency of resource allocation in the financial industry, the blockchain applications also began to appear more and more practical application case.
The reporter learned from the China Merchants Bank, the bank recently in the block chain technology to achieve a new breakthrough, the realization of the first cross-border application block chain technology in global cash management in the field of direct liquidation, global account unified view and cross-border capital accumulation three scenes.
From the trend of development in the near future, the commercial bank is stepping up to the block chain layout, as a block chain in the field of catch up from behind, the commercial bank has taken a crucial step forward.
In China Merchants Bank as an example, as one of the domestic commercial banks to actively explore, application of block chain technology in September last year, China Merchants Bank officially joined the R3 block chain alliance, become China financial institutions after Chinese peace and Hongkong AIA third to join the alliance.
In fact, China Merchants Bank in early 2016 that has been concerned about the block chain technology will bring new opportunities for the development of the banking business, then at the head office level by the trading bank department, Department of information technology research team composed of block chain, in-depth study of application of block chain technology on cross-border direct liquidation, global unified view and cross-border capital accumulation accounts the three big scene. At the same time, actively participate in a number of domestic domain block application chain innovation cooperation, explore how the chain block landing technology used in the transaction for banking business and service.
However, the reporter learned that the block chain technology to implement application level, there exist many problems, such as a single data structure for some financial scene do not fit, distributed shared security and privacy issues, the books bring smart uniform rules and contracts to the core consensus mechanism to be optimized etc.. China Merchants Bank in depth research on block chain technology, in particular in the scene to solve the application problems of independent innovation, research and development, the implementation of the “China Merchants Bank direct payment block chain platform”, through the POC test and promote project official business.
However, China Merchants Bank relevant responsible person said that the bank’s direct cross-border clearing system still has some defects in the transformation of the former, such as only support between head office and the overseas branch of the data exchange between the overseas branch can directly exchange data; manual approval process, system operation is complex; overseas institutions join the difficulties, the implementation of a long cycle. It is worth mentioning that, through this round of reform, China Merchants Bank implements 6 overseas institutions and head office all connected to the block chain, between any of the two institutions can initiate liquidation requests.
“The traditional books of the bank there are two shortcomings: high cost and low efficiency.” Energy Laboratory block chain founder Cao Yin believes that the blockchain is committed to achieve in all transactions to the center, to trust, when applied to the financial sector, which will be anonymous, do not tamper with the characteristics of solving trust problems in the course of financial transactions, so that can be more fair and transparent.
At present, China Merchants Bank new cross-border block chain based direct liquidation system has demonstrated the efficiency of it, go to the center after the packet transmission time shortened from 6 minutes to second level; at the same time, the message is recorded in a private chain closed network environment, avoid arbitrary tampering and forgery possibility. In order to protect the information security. In addition, it also has high availability and high scalability, distributed architecture makes the normal operation of any node failure will not affect the whole system, and the new players can be quickly and easily added to the system.
It is reported that China Merchants Bank also actively strengthen communication and study inter block chain technology, is currently working with overseas banks in-depth cooperation, cross-border payment and proof of concept, jointly formulate technical standards for cross-border interbank message.
China Merchants Bank relevant responsible person said that the two phase of the project is continuing to block chain development, global account unified view and cross-border capital accumulation scenarios will be POC validation in the near future, is expected this year on the line.
Industry experts said that the blockchain technology is currently the only without third party can be used to record and prove that the transaction consistency and accuracy of the company’s financial tools, can meet the requirements of the audit validity, accuracy and timeliness, and has broad application prospects in the field of finance. The technology will first affect the payment system, the securities clearing system, transaction database and other financial infrastructure, but also may be further extended to the general financial services, such as credit system, anti money laundering.
China Merchants Bank to block commercial chain technology show that application of this technology in the banking business no longer stay in the empty talk stage, introducing block chain technology in global cash management field, not only to the bottom of the original technology of cash management to achieve a new breakthrough, more innovative application of cash in the current financial management mode under the background of science and technology to provide a wider space for imagination.
China Merchants Bank relevant responsible person said that the project marks the successful landing of commercial merchants have found a mature available block chain architecture, application can support subsequent other areas of block chain projects, such as the bill and the field of supply chain finance. The bank is committed to build a block chain finance business application ecosystem, the application block chain extended to the interbank and banks between enterprises and other business scenarios will block chain technology brings convenience to the popularity of each individual.