Mutual Gold Association is advancing the development of multiple blockchain group standards, including supply chain finance

Mutual Gold Association is advancing the development of multiple blockchain group standards, including supply chain finance
On April 14, the China Internet Finance Association Blockchain Research Group officially released the “China Blockchain Financial Application and Development Research Report (2020)”.The report reveals that the China Internet Finance Association is studying and promoting the development of group standards such as general evaluation specifications for blockchain application systems in the financial sector, blockchain cross-chain protocols, blockchain open source software evaluation, and blockchain supply chain financial application specifications.The report also recommends that regarding illegal behaviors and chaos that violate the laws of technological development and damage financial levels, we should maintain a high pressure and continue to take measures to fight hard, resolutely stop the evil winds, and effectively guide the development of blockchain technology with thisThe chaotic image is effectively cut.The blockchain application in the financial sector has spawned a certain scale of commercial products. The reporter noted that the report reviewed 47 practitioners and 112 financial sector blockchain application projects through research, and summarized the typical scenarios of blockchain application in the economic and financial fields.The basic logic also analyzes the potential value and risk challenges of application exploration, and proposes countermeasures for steady development.Regarding the development trend of global blockchain technology, the report analyzes and believes that the existing blockchain technology is accelerating the reorganization and maturity. The application of blockchain technology in financial scenarios such as payment and clearing, trade finance, and securities trading is increasing. Financial management departmentsBe positive and rational. It is mentioned that related standardization work continues to advance.According to the report, in the financial field, the People ‘s Bank of China has officially released the “Security Specification for Financial Distributed Ledger Technology”, “Reference Framework for the Application Technology of Financial Distributed Ledger Technology”, “Code for Evaluation of the Application of Financial Distributed Ledger Technology”, and “Distributed Ledger”Trade Finance Standards” and other standards under the centralized management of the National Financial Standardization Technical Committee are under active development.The China Internet Finance Association is also studying and advancing the development of group standards such as general evaluation specifications for blockchain application systems in the financial field, blockchain cross-chain protocols, blockchain open source software evaluation, and blockchain supply chain financial application specifications.At the practical level, the report also disclosed some cases.The scale of the report. At present, the application of blockchain in the national financial field has begun to take shape, and some proof-of-concept applications have spawned commercial products of a certain scale. In supply chain finance, trade finance, insurance technology, cross-border payment, asset securitization, etc.Some landing cases have been formed in the scene.For example, the People ‘s Bank of China Digital Currency Research Institute and the People ‘s Bank of China Shenzhen Central Branch have been involved in the construction of a trade finance platform based on blockchain technology. By August 2019, nearly 30 banks had more than 500 outlets running on the chain.The business volume exceeds 50 billion RMB, which effectively improves the efficiency of trade financing.The State Administration of Foreign Exchange applied the blockchain technology to build a cross-border financial blockchain service platform, explored to solve the difficulties of cross-border trade financing for SMEs, and continued to the end of October 2019. It has gradually completed 6370 receivables financing and loansThe amount exceeds 40 billion yuan, and there are 1,262 service companies in total, of which about 70% are SMEs.Guiding the public to stay away from illegal financial activities under the blockchain technology innovation sign. However, the report also pointed out that the application of blockchain technology in the financial field has risks and challenges, including the security, function and performance of some financial scenarios where technology is still difficult to balance.Requirements, governance budgets need to further improve supervision, standards, talents and other related arrangements, business budgets still have ambiguities and apply innovation and statutory authoritative third-party assessments.To this end, the report puts forward specific recommendations from the dimensions of policy supervision, industry organization, and employment agency.Regarding the policy supervision budget, the scale of the report: adhere to the principle of “separate supervision for all financial activities”, strictly implement the existing supervision regulations such as the “Regulation on Blockchain Information Services” of the National Internet Information Office, guide and regulate financial institutions and technology enterprisesJointly promote the reliable, controllable and credible application of blockchain technology in the financial field; make full use of the supervision technology including blockchain technology to strengthen the construction of supervision capacity, and gradually establish a supervision system suitable for the development level of blockchain technology; Pay close attention to the problems and challenges that cryptocurrency and other applications may bring in cross-border capital flows, terrorist financing, money laundering, and tax evasion, continue to track international regulatory developments, and actively participate in the research and formulation of relevant cross-border regulatory rules and standards.In addition, for illegal acts and chaos that violate the laws of technological development and damage financial levels, the report recommends that high pressure should be maintained, continuous measures should be taken to fight hard, resolutely prevent bad winds, and effectively guide the development of blockchain technology.The chaotic image is effectively cut.At the level of industry organizations, the report recommends building an effective platform that gathers resources from all sectors of government, industry, universities, and research, and explores the establishment of information infrastructure that meets industry needs such as cross-chain information sharing, credibility, and credibility.It also mentioned that the public education should be effectively strengthened to enable the public to correctly and objectively understand the blockchain technology, promptly prompt the risk of lack of rationality and follow-up hype, and constantly strengthen the public ‘s risk awareness and self-protection concepts to guide them away from all kinds ofIllegal financial activities under the banner of blockchain technology innovation.Sauna, Ye Wang Chen Peng editor Wang Jinyu proofreading Yang Xuli