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Data research institute of the central bank: can't do image project for block chain

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At the present stage, the block chain technology is still not mature, facing challenges in performance, safety, standards, compliance and other aspects. All parties should think calmly and make painstaking efforts to use the block chain to resolve the pai

Article title: "the research institute of statistics of the people's bank of China has clarified the" right and wrong "of blockchain: it is not right to carry out image engineering for blockchain"
Source: economic information daily

The blockchain research group of the digital currency research institute of the people's bank of China (hereinafter referred to as "the data research institute of the people's bank of China") recently wrote an article in China finance that the blockchain, with its unique trust transfer mechanism, contributes to the trusted sharing of business data, speeds up the multi-party collaboration of participants, and achieves the penetrating management of supervision. It contains the potential to accelerate China's digital transformation and stimulate the development of digital economy. Blockchain technology has the advantages of business data trustworthiness, equivalence of participants and multi-dimension of regulatory means, but there are also some shortcomings, which need to guide the healthy and orderly development of blockchain industry. We need to push ahead in a pragmatic way. We should not carry out image projects for the sake of blockchain. Believe, but not believe, in the role of any advanced technology. To correctly understand the applicable scenarios of blockchain technology, not all projects need blockchain, and not all data need to be linked.

This paper points out that block chain, at the cost of synchronous storage and co-computing of a large amount of redundant data, sacrifices system processing efficiency and part of customer privacy, and is not suitable for traditional retail payment and other high concurrency scenarios. However, blockchain has been widely used in fields with high requirements for information trusted sharing and low requirements for concurrency, such as transaction settlement, trade finance and property transfer.

Not all projects need blockchain

In recent years, blockchain has gradually become a hot technology in the field of fintech with its unique trust transfer mechanism. The political bureau of the CPC central committee conducted the 18th group study on the status and trends of blockchain technology in October last year, stressing that blockchain is an important breakthrough for independent innovation of core technologies.

In this paper entitled "chain blocks the development of technology and management," the article, the central bank indicated by the number of research, block chain technology with business data is credible, equal participation main body should and regulatory means multidimensional such main advantage, but at the same time there are performance and scalability is still limited, lack of systematic safety protection, total amount of backup storage mechanism easy storage bottlenecks, different block chain system interactive problem difficult to solve, etc.

This paper points out that the block chain industry should be guided to develop in a healthy and orderly way. To eliminate the false and preserve the true, "coin" and "chain" should not be confused. Although blockchain originated from bitcoin, it is not equivalent to bitcoin. Block chain is the integration innovation of cryptography, peer-to-peer network, consensus mechanism and other traditional technologies, which should be treated objectively and rationally. In order to resolutely win the three major battles, we need to maintain a high pressure on illegal activities such as illegal fund-raising and fraud under the guise of blockchain, so as to speed up the survival of the fittest in the market and stimulate the market.

The article also pointed out that to promote pragmatic, not for the block chain image project. Believe, but not believe, in the role of any advanced technology. To correctly understand the applicable scenarios of blockchain technology, not all projects need blockchain, and not all data need to be linked. At the present stage, the block chain technology is still not mature, facing challenges in performance, safety, standards, compliance and other aspects. All parties should think calmly and make painstaking efforts to use the block chain to resolve the pain points of the industry and deeply serve the real economy.

"Chain up chain down account consistent" is the focus of attention

This paper points out that the application of block chain technology should be systematic, long-term and complex. At present, the industry is concerned about whether the block chain can achieve the consistency between the account and the actual value of the chain and the security compliance. All parties involved should take into account the requirements of market development, risk management and control, legal compliance and other dimensions, realize chain linkage, technology and business integration, and attach equal importance to innovation and management, so as to give full play to the digital enabling potential of "block chain +".

An industry insider previously told reporters that the authenticity of the data can only be guaranteed by the blockchain after the upchain, but the authenticity of the source information before the upchain cannot be controlled at present. At present, the authenticity of a large number of block chain information before the uplink still needs to be verified by trusted and centralized third-party intermediaries, and the universal problem of information authenticity has not been solved. This is also the difficulty of block chain data authenticity control.

The paper also points out that standards should be the first to guide the orderly development of the block chain industry. We should fully learn from the experience and lessons of the special rectification of Internet financial risks, avoid "pollution first, treatment later", and pay special attention to the impact of external risks on financial security. The formulation of technical standards and business norms can enhance China's international voice and rule-making power in the financial blockchain field, help clarify the "right and wrong" and "true and false application" of blockchain, help maintain market order and financial stability, and promote the healthy and orderly development of the industry.

The central bank has made positive progress in exploring innovation

"Block chain to a large number of redundant data synchronization at the cost of computation and common storage, at the expense of the system processing efficiency and part of the privacy of customers, it is not suitable for traditional retail pay high concurrency scenarios; however, higher requirements on credible information sharing, low field to concurrency requirement, such as transaction settlement and trade finance, equity transfer, block chain has been widely used." The article points out.

The paper also points out that as an important breakthrough in independent technological innovation, the central bank has started to study legal digital currency since 2014, actively promoted the study of block chain standardization, explored the financial innovation of block chain in trade settlement, trade finance and other fields, seized the first moet advantage and made positive progress.

First, take the lead in formulating the industry standard of financial distributed ledger.Several research has led the establishment of financial safety standards distributed books and so on many financial industry standards, and actively participate in the bank for international settlements (BIS), the financial stability board (FSB) and other international financial standards organization of the formulation of the rules, also participated in the international organization for standardization (ISO) and international telecommunication union (ITU) block chain standard, etc. Currently, the people's bank of China has applied for a number of blockchain patents, ranking first among global central Banks.

Second, we will build the people's bank of China trade and finance blockchain platform.The platform was successfully launched in shenzhen on September 4, 2018 on a pilot basis, and has successively launched four services: multi-level financing of receivables in the supply chain, tax filing form of external payments, fast rediscount channel and supervision of international trade accounts. By signing a memorandum of understanding with the trade linkage platform of the Hong Kong monetary authority (hkma), the people's bank of China's trade and finance block chain platform has opened the international connection. In the future, it will cooperate with similar overseas trade and gold platforms to jointly build an ecological system. By December 17, 2019, 38 Banks had participated in the promotion and application of the platform, with business volume exceeding 87 billion yuan.

Third, build a digital bill trading platform.In 2017, sbi and sdi jointly took the lead in building a digital bill trading platform based on block chain technology. On January 25, 2018, the platform was successfully launched into the experimental production system for trial operation, and the business of issuing, accepting, discounting and rediscounting digital bills based on the block chain technology was successfully completed, which was the first practice of applying the block chain technology to the real production environment of bill business in China.

Source:http://www.jjckb.cn/2020-02/23/c_138810583.htm