Reconstructing the trust system to achieve mutual trust, blockchain technology "endorses" Internet finance

According to a comprehensive report by China Securities Network, the news that the China Internet Finance Association has decided to set up a blockchain research working group has attracted much attention recently. It is reported that the working group will be headed by Li Lihui, former president of the Bank of China, and will conduct in-depth research on the application and impact of blockchain technology in the financial field.

China Merchants Securities said in a report that the establishment of the research group shows that the domestic "blockchain + finance" research trend is rising, and the authoritative institutions have brought a strong later driving effect, and are expected to establish unified industry standards. The report believes that the development of Internet finance in recent years has provided a good environment for "blockchain + finance". If the Internet has achieved "open source" in terms of income for finance, then blockchain is expected to systematically reconstruct its entire business, significantly reduce costs and improve efficiency.

The significance of blockchain technology to the field of Internet finance lies in its potential to change the existing trust system. iQianjin Chief Technology Officer Guan Liang said: "At present, the Internet financial industry basically adopts a centralized and private credit data storage model, and the authenticity and accuracy of the data are more distrustful. Therefore, companies spend a lot of resources to verify the credibility of credit data, which increases the operating costs of companies. Once blockchain technology can become the underlying design, the data will be public and accurate, and cannot be tampered with, deleted, or replaced. This will help promote mutual trust in the entire credit system and solve the credit problem in the Internet financial industry. At the same time, blockchain technology will also become a strong credit endorsement for the Internet financial industry."

Ge Linbo, CEO of Golden Toss, said that blockchain technology is actually similar to an application protocol on the Internet. "The free transfer of trust and value is the core of blockchain technology, which can meet the central issue of trust in human transactions and is the best technical means for humans to effectively solve the trust problem in the future. In the future, it will play a priority role in places with 'weak credit', such as the online loan market. If blockchain technology can be used to solve the problems existing in the current online loan market, it will bring greater development opportunities to the online loan industry."