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"Blockchain" technology has a profound impact on the financial industry Deloitte and Wanxiang Blockchain Lab jointly host the "Shanghai Blockchain Hackathon" for blockchain developers and enthusiasts
In order to let Chinese enterprises and technical developers have a personal experience of the development process of blockchain, the "Shanghai Blockchain Hackathon" series of activities, a milestone event of blockchain technology in China, came into being from January 8 to 10, 2016. This event is a grand event for blockchain developers and enthusiasts co-organized by Deloitte and Wanxiang Blockchain Lab. Participants will be divided into several groups to brainstorm innovative applications of blockchain within two days and complete the design and development of the demo version. Blockchain technology experts such as Deloitte's global cryptocurrency team and Wanxiang Blockchain Lab's technical team will provide technical guidance to participants throughout the process. After completing the development, each group will show everyone the prototype version developed by the group and have the opportunity to win a generous bonus of a total of US$100,000 provided by the organizing committee.
Around this hackathon, from January 6 to January 11, 2016, Deloitte China Innovation Club and global cryptocurrency experts from Deloitte US, Canada and Ireland who came to China specially held a week-long series of blockchain activities in Shenzhen, Shanghai and Beijing, including a series of lectures, closed-door discussions on blockchain applications, and blockchain application training. At the Deloitte Blockchain Exclusive Meeting held on the afternoon of January 8, led by Ms. Qin Yi, the initiator of the Deloitte China Innovation Club blockchain, Deloitte's chief economist, blockchain experts from North America and Deloitte cloud technology experts will fully share the past, present and prospects of blockchain.
"When we talk about 'Internet+' and 'cloud technology', what are we talking about? When we talk about 'industrial transformation and upgrading', what are we talking about? When we put the discussion in the context of the current financial services industry, what kind of sparks will be created?" These questions point to a common answer - blockchain technology. Blockchain, in a decentralized way, collectively maintains a continuously growing database, providing an optional direction for the future upgrade of the financial industry, and is therefore attracting the attention of global financial giants and investors. According to Magister Advisor, by 2017, banks will spend more than $1 billion on blockchain development - the fastest growth rate among all enterprise software sectors; nine of the world's top banks, including Barclays, Credit Suisse Group, and JPMorgan Chase, have joined an organization led by financial technology company R3 to develop industry standards and protocols for the use of blockchain technology in the banking industry; and Nasdaq completed the first securities transaction based on the blockchain platform on December 30, 2015, which is a milestone for the decentralization of the global financial market.
Blockchain technology is essentially a distributed network of computers (nodes) used to maintain a shared source of information. Each node participates in maintaining the security and accuracy of information by keeping a copy of a complete historical database. From a financial information perspective, each node keeps a complete copy of a distributed ledger, which contains all historical transaction records of participants. Therefore, since all participating nodes are stored in an unchangeable, distributed ledger, the ledger that brings together these nodes can be trusted. At the same time, blockchain also ensures security through encryption - all transactions will be logged in encrypted form, including time, date, participants, etc. Once a transaction is recorded, it cannot be deleted, revoked or modified. Although participants have a complete set of encrypted ledgers, their encryption private keys can only be allowed to view transactions related to them.
Before each transaction is added to the distributed ledger, it undergoes an extremely complex upfront authentication and verification process. Different nodes on the network continuously monitor and accept the state of the distributed ledger, thereby ensuring consistency and eliminating single-source risk. Blockchain technology has the ability to eliminate corrupted data because each node will identify and refuse to incorporate corrupted transactions into the distributed ledger. This unique design ensures that data cannot be tampered with through a real-time monitoring system and provides participants and stakeholders with a single source of financial facts. Blockchain technology is undoubtedly the only tool currently available that can be used to record and prove the consistency of transactions and the accuracy of corporate finances without the need for intermediaries or third parties. Therefore, it essentially meets the requirements of potential regulators and the public for audit effectiveness, accuracy and timeliness. :
Deloitte Global Cryptocurrency is part of Deloitte Digitalization, with a team of more than 100 people dedicated to educating Deloitte and its clients, researching how to use technology to improve existing services, and exploring solutions built on blockchain. It has established strategic partnerships with many of the world's top engineering and technology universities, such as MIT, and different types of global blockchain development suppliers. Deloitte focuses on the application of blockchain technology, not only to help clients improve efficiency, but also to improve its own service efficiency and level. Deloitte's blockchain platform Rubix is the pioneer of Deloitte's digital consulting services, mastering the most cutting-edge technology and applicable models of blockchain.
Deloitte's Rubix team is the world's earliest leader dedicated to the study of blockchain technology in the financial industry. It has mastered the most cutting-edge technology, models and global blockchain development supplier database, and has cooperated with many global systemically important banks to develop multiple application examples based on blockchain technology in the financial industry. In addition to financial industry applications, the Rubix team also has and has helped companies plan nearly 30 application models, some of which are in the stage of helping companies demonstrate, and some have entered the stage of establishing actual operation models.
One of the applications designed based on Rubix is Deloitte's Perma Rec blockchain application technology. This is a global distributed ledger that improves the transparency of the purchase and sale process by connecting to various financial reporting systems such as SAP and Oracle. Ultimately, auditors can implement 100% coverage audit work and automated tax compliance reporting through real-time access to relevant data, benefiting both users and regulators.
Mr. Zeng Shunfu, managing partner of Deloitte China East China, pointed out that this event is just a starting point. As a disruptive technology that is the intersection of many popular concepts, blockchain will profoundly affect multiple industries including the financial industry in the foreseeable future, create opportunities for cross-field cooperation, improve resource allocation efficiency, and help industrial transformation and upgrading. Active response or passive acceptance of blockchain technology will also lead to a reshuffle within various industries.
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