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Original title: "The Central Bank's Digital Research Institute wrote an article to clarify the "right and wrong" of blockchain: we must get rid of the false and retain the true, and we cannot do image projects for the sake of blockchain"
Original source: Economic Information Daily The blockchain research team of the Digital Currency Research Institute of the People's Bank of China (hereinafter referred to as the "Central Bank Digital Research Institute") recently wrote an article in "China Finance" pointing out that blockchain, with its unique trust transmission mechanism, is conducive to the reliable sharing of business data, accelerates the multi-party collaboration of participating entities, and realizes regulatory penetration management. It contains the potential to accelerate my country's digital transformation and stimulate the development of the digital economy. Blockchain technology has the advantages of reliable business data, equal participation of participating entities, and multi-dimensional regulatory means, but it also has some shortcomings. It is necessary to guide the healthy and orderly development of the blockchain industry. We must advance pragmatically and not engage in image projects for the sake of blockchain. We must believe in the role of any advanced technology but not be superstitious. We must correctly understand the applicable scenarios of blockchain technology. Not all projects need blockchain, and not all data need to be on the chain.
The article points out that blockchain sacrifices system processing efficiency and partial customer privacy at the cost of synchronous storage and joint calculation of large amounts of redundant data, and is not yet suitable for high-concurrency scenarios such as traditional retail payments. However, in areas with high requirements for trusted information sharing and low requirements for concurrency, such as transaction settlement, trade finance, and property rights transfer, blockchain has been widely used.
Not all projects need blockchain. In recent years, blockchain has gradually become a popular technology in the field of financial technology with its unique trust transmission mechanism. In October last year, the Political Bureau of the CPC Central Committee held its 18th collective study on the current status and trends of blockchain technology development, emphasizing that blockchain should be used as an important breakthrough for independent innovation of core technologies.
In the article titled "The Development and Management of Blockchain Technology", the Digital Research Institute of the People's Bank of China stated that blockchain technology has major advantages such as the credibility of business data, equality of participating entities, and multidimensional regulatory measures. However, it also has shortcomings such as limited performance and scalability, lack of systematic security protection, full backup storage mechanisms are prone to storage bottlenecks, and interactivity issues between different blockchain systems are difficult to resolve.
The article points out that the blockchain industry should be guided to develop in a healthy and orderly manner. It is necessary to separate the true from the false, and "coin" and "chain" cannot be confused. Although blockchain originated from Bitcoin, blockchain is not the same as Bitcoin. Blockchain is an integrated innovation of multiple traditional technologies such as cryptography, peer-to-peer networks, and consensus mechanisms, and should be treated objectively and rationally. In order to resolutely win the three major battles, it is necessary to maintain a high-pressure situation against illegal fundraising, fraud and other illegal activities under the guise of blockchain, and accelerate the survival of the fittest and the elimination of the turbidity in the market.
The article also points out that we should make pragmatic progress and not just do image projects for the sake of blockchain. We should believe in the role of any advanced technology but not be superstitious. We should correctly understand the applicable scenarios of blockchain technology. Not all projects need blockchain, and not all data need to be on the chain. At this stage, blockchain technology is still immature and faces challenges in performance, security, standards, compliance, etc. All parties should think calmly and explore carefully, and effectively use blockchain to resolve industry pain points and deeply serve the real economy.
"On-chain and off-chain account consistency" is the focus of attention. The article points out that we must take a long-term perspective and recognize the systematic, long-term and complex characteristics of blockchain technology applications. At present, whether blockchain can achieve on-chain and off-chain account consistency and security compliance is the focus of industry attention. All parties involved should comprehensively consider the requirements of multiple dimensions such as market development, risk management, and legal compliance, and realize on-chain and off-chain linkage, technology and business integration, and innovation and management, so as to give full play to the digital empowerment potential of "blockchain +".
An industry insider said in an interview with a reporter that the blockchain can only guarantee the authenticity of data after it is uploaded to the chain, but the authenticity of the source information before it is uploaded to the chain cannot be controlled at present. At present, the authenticity of a large amount of blockchain information before it is uploaded to the chain still needs to be verified by a trusted, centralized third-party intermediary, and the general problem of information authenticity has not been solved. This is also the difficulty in controlling the authenticity of blockchain data.
The article also points out that standards should be put first to guide the orderly development of the blockchain industry. We should fully learn from the experience and lessons of the special rectification of Internet financial risks to avoid "first pollution and then governance", and especially pay attention to the impact of external risks on financial security. The formulation of technical standards and business specifications can enhance my country's international voice and rule-making power in the field of financial blockchain, which is conducive to clarifying the "right and wrong" and "authentic and fake applications" of blockchain, maintaining market order and financial stability, and promoting the healthy and orderly development of the industry.
The central bank has made positive progress in exploring innovation. "Blockchain sacrifices system processing efficiency and some customer privacy at the cost of synchronous storage and joint calculation of a large amount of redundant data, and is not yet suitable for high-concurrency scenarios such as traditional retail payments; however, in areas with high requirements for trusted information sharing and low requirements for concurrency, such as transaction settlement, trade finance, property rights transfer, etc., blockchain has been widely used." The article pointed out.
The article also points out that the Digital Research Institute of the Central Bank has taken blockchain as an important breakthrough for independent technological innovation. It has been studying legal digital currency since 2014, actively promoting blockchain standardization research, exploring financial innovations in blockchain in transaction settlement, trade finance and other fields, seizing first-mover advantages and making positive progress.
First, take the lead in formulating industry standards for financial distributed ledgers. The Institute of Digital Research has taken the lead in formulating a number of financial industry standards, such as financial distributed ledger security specifications, and actively participated in the relevant rule-making work of international financial standard-setting organizations such as the Bank for International Settlements (BIS) and the Financial Stability Board (FSB). It has also participated in the development of blockchain standards such as the International Organization for Standardization (ISO) and the International Telecommunication Union (ITU). At present, the People's Bank of China has applied for a number of blockchain patents, ranking first among central banks in the world.
The second is to build the People's Bank of China's trade finance blockchain platform. The platform was successfully launched in Shenzhen on September 4, 2018, and has successively carried out four businesses: multi-level financing of supply chain accounts receivable, external payment tax registration form, rediscount fast track and international trade account supervision. By signing a memorandum of cooperation with the Hong Kong Monetary Authority's trade linkage platform, the People's Bank of China's trade finance blockchain platform has opened up international docking. In the future, it will join forces with similar overseas trade finance platforms to jointly build an ecological system. As of December 17, 2019, 38 banks have participated in the promotion and application of the platform, with a business volume of more than 87 billion yuan.
The third is to build a digital bill trading platform. In 2017, the Shanghai Bill Exchange and the Digital Research Institute jointly led the construction of a digital bill trading platform based on blockchain technology. The platform was successfully put into trial operation on the experimental production system on January 25, 2018, and successfully completed the issuance, acceptance, discount and rediscount of digital bills based on blockchain technology. This is the first practice of applying blockchain technology to the real production environment of bill business in my country.
Source link: http://www.jjckb.cn/2020-02/23/c_138810583.htm |
