Zhang Lizhou, General Manager of Minsheng Bank: Blockchain technology impacts worldview

The above picture shows Zhang Lizhou, General Manager of Investment Banking Department of China Minsheng Bank Head Office (Photo source: Sina Finance, photo by Gu Guoai)

Sina Finance News: The "2015 Fourth Financial Street Forum " was held in Beijing on October 28-29, 2015. The theme of this forum is "New Normal, New Finance, New Functions". Zhang Lizhou, General Manager of the Investment Banking Department of China Minsheng Bank , attended the forum and participated in the dialogue.

The following is a transcript of the conversation:

Zhao Xuefeng: I have a question I want to discuss with you experts. I wonder if you have paid attention to the regional chain system. I think its impact may not be clear to many people now, and everyone has different opinions. However, the regional chain technology will change the direction of the transformation and upgrading of the financial industry in the future. It provides an optional direction. It should be said that the regional chain technology, to put it bluntly, is to use computer programs to record all transaction information in the entire network. Such an open book has the characteristics of eliminating intermediaries, highly transparent information, and it is not easy to tamper with these characteristics. Direct products, which are the well-known B2B, are based on the direction of regionalization technology.

Some people say that if the Internet is based on the results of PCP and IP protocols and realizes the freedom of information, the blockchain technology will realize the freedom of credit. It may reshape the financial credit system. I hope everyone will pay more attention to this. Because we also know that recently the world's nine major financial giants, such as Morgan, including Barclays, and Goldman Sachs of Spain, jointly signed an agreement to apply regional blockchain technology to the entire transaction of banks. This will have a profound impact on the overall construction and transactions of banks in the future. Of course, this technology is still in a very immature condition. We will pay close attention to how it will develop in the future.

Do any of you guests have anything to say about this?

Zhang Lizhou: I am not familiar with this field, but I have paid attention to blockchain. My personal opinion is not very clear, because it is a very new thing. Last week, when I visited Barclays in the UK, I also asked them related questions. My personal opinion is that blockchain technology provides, I think the most important thing is that it provides a perspective of transparency and fairness. No one can do anything in the background to change the trajectory that has already happened, because whether in the financial industry or in the IT industry, including the current Internet, we actually have ways to deal with your isolated island. Everyone says that it is big data now, but whether you say China's BAT, or the United States' Facebook and Google [Weibo] , their own systems are still in their hands, right? Theoretically, there is room for transformation and change.

But with blockchain technology, the world is flat. I think the change that blockchain technology will bring to our society is a truly fair and transparent world. So its impact is a powerful one after the Internet. It will affect people's understanding of the world and our redefinition of ourselves in this world. This impact may not only cleanse your mind, but may also transform your entire worldview.

In this field, the impact on every industry is huge, including the financial industry. Of course, there is another aspect, which is to achieve true information sharing across society and the entire world. In the past, when we talked about the Internet, we often talked about the Internet, the era of big data, and the Internet era, and finally we would talk about privacy.

Regarding rules, blockchain technology may pose far greater challenges in this area than the Internet. Of course, without big data, there would be no blockchain technology based on the Internet, but the changes brought about by blockchain technology in this area may be more transparent, and the impact on human moral rules may be very profound, so I am paying attention to this field.

     Because Shanghai just held a blockchain forum two days ago, did some research, and sent me some meeting materials, so you can pay more attention to it. I think blockchain technology is a new direction in our information technology, but because the impact is too strong, when can it really operate in the market? Because the host just mentioned that about financial institutions, now like GE and several other institutions have joined together, in the industrial field, the financial field just mentioned, they have all done research. Blockchain technology is now being studied by the public. In the previous wave of the Internet, the Americans emphasized the commanding heights. Is the next wave in the formulation of rules and standards? Are the Chinese faster, at least to win the right to speak, we should work harder.