After the Agricultural Bank of China invested 3.9 billion yuan, the P2P bill exchange on the blockchain is about to emerge!

Recently, it was reported that the bills in the safe of the Agricultural Bank of China Beijing Branch were replaced with newspapers! For a time, it shocked the whole country. On January 22 , the Agricultural Bank of China officially issued an announcement that a major risk event occurred in the bill purchase and resale business of the Agricultural Bank of China Beijing Branch. After verification, the amount involved in the risk was 3.915 billion . The bills that should have been stored in the bank's safe were taken out in advance by a bill intermediary and a repurchase discount transaction was conducted with another bank. However, the funds did not return to the account of the Agricultural Bank of China Beijing Branch, but illegally entered the stock market. Due to the recent decline in A- shares, the huge funding gap could not be redeemed!

In fact, in addition to the illegal bill trading problem of selling one bill multiple times, there are also phenomena such as fake bills, cloned bills, and altered bills in the bill business field. So, is there a safer and more complete bill trading model? The answer is: P2P bill exchange on the blockchain.

Blockchain is a distributed database that is almost impossible to change. A large number of computer nodes maintain the same blockchain. Through a complex verification mechanism, blockchain data can maintain continuity and consistency. Even if some computers are fraudulent, the integrity of the blockchain cannot be changed. After the private key signs the transaction content and the public key verifies that the transaction content is correct, the encrypted digital currency can be accurately transferred between the corresponding account addresses.

Therefore, the P2P bill exchange that uses blockchain technology can completely solve many illegal and irregular problems. The key information of a bill from application - issuance - trading - acceptance will be recorded on the blockchain, and the data cannot be tampered with, and the inquiry of the regulatory authorities is also clear at a glance. At the same time, the transfer path of encrypted digital currency is clear. For example, even if the bill of the Agricultural Bank of China Beijing Branch is withdrawn and discounted in a secret box, the funds can only be returned to the account of the Agricultural Bank of China Beijing Branch, and cannot be handled by a third party.

Let’s look at the P2P industry. Data shows that in 2015 , 917 P2P platforms went bankrupt. Most of them set up their own capital pools, and insider operations led to the inability to repay. Investors have no way of knowing the capital pool, the flow of funds, and the authenticity of assets, and it is difficult to verify! Therefore, the regulatory authorities now only allow P2P platforms to act as information intermediaries and cannot touch the funds. However, to truly achieve this step, I am afraid that the blockchain technology, which is open, transparent, and cannot tamper with data, must be used.

     At present, blockchain has become one of the hottest financial technologies in the world. Well-known institutions such as Microsoft, Nasdaq, Goldman Sachs, Citi, Morgan Stanley, UBS, and HSBC are all researching and investing in blockchain-related projects, and China's Internet finance must be inseparable from blockchain technology. It is understood that the Hangzhou Fuzhumei Blockchain Research Center has initially developed an open source project for a blockchain P2P bill exchange based on Ethereum, and is looking forward to the first experience of blockchain technology in China's Internet finance. Trust is the cornerstone of any value transfer, transaction, and payment in the world. The open, fair, and transparent blockchain will truly make it impossible for illegal financial behavior to hide!