In addition to the currency, what is the profit of the blockchain?
When the blockchain is mainly used to issue digital currency, the "chain" of the blockchain seems to be sung.
"In China's token currency circle, it is more about Internet financial pyramid schemes," said Zhong Wei, an academic member of the SFI academic committee and vice president of the Shanghai New Financial Research Institute.
To be profitable, not to send money
“For the blockchain, it can generally be understood as the market infrastructure. Whether it is Bitcoin, Ethereum, etc., especially the blockchain of the general platform, it is basically the information market.” Shanghai New Financial Research Institute (SFI) Special guest, Patrick Murck, Senior Advisor of Financial Technology at the International Fund, believes that all the examples in the blockchain create markets for computing resources. Each market must have its own currency to run. Both reflect the social governance model of creating a market community.
At present, many digital currencies have been established through blockchain technology, which has become the main mode for many organizations to make quick profits. However, the price volatility of digital currencies has created a huge speculative bubble and even triggered ICO chaos. If blockchain technology is used as a financial market infrastructure, the profit model will inevitably change dramatically.
According to Baidu's definition, financial infrastructure refers to the hardware facilities and institutional arrangements for financial operations, including payment systems, legal environment, corporate governance, accounting standards, credit environment, anti-money laundering, and financial supervision, the final lender of the central bank. Financial safety net composed of functions and investor protection systems.
The financial infrastructure connects the various parts of the financial system to facilitate the efficient operation of financial markets. The development of financial infrastructure can promote the accumulation of larger and more efficient industrial capital. Moreover, the more developed the financial infrastructure, the stronger its ability to withstand external shocks.
If the blockchain technology is used to improve the efficiency of the current financial market, it will naturally bring profits. However, as a financial infrastructure, regulation should be adjusted accordingly.
“At present, in the four major areas of financial technology (Internet and mobile payment, network financing, smart investment, blockchain), the blockchain will be the most critical, and the challenge of monitoring the future is also the biggest. "The CF40 member, the SFI academic committee member, the deputy director of the China Finance Office, and the deputy director of the Ministry of Finance, Liao Wei, wrote "International Experience in the Development of Financial Technology and China's Policy Orientation", "For the blockchain, the greatest hope, uncertainty." The biggest, the biggest challenge, the regulator has a long way to go."
Forced to supervise technological progress
“The blockchain and the digital earth based on the blockchain and the rise of the digital economy will inevitably require the regulatory technology of the corresponding regulatory authorities to improve,” said Zhong Wei, an academic member of the SFI Academic Committee and vice president of the Shanghai New Financial Research Institute. China is now faced with such a flaw. Regardless of financial supervision or tax supervision, or supervision by other departments, technical supervision has not developed particularly rapidly in China. Therefore, it has become a huge obstacle to the current offline and offline.
However, China's financial regulation has not responded quickly to the regulatory needs of new technologies such as blockchain. There are no mature principles or guidelines for the regulation of blockchain.
"China's financial supervision system related to financial technology is still not perfect, and there is no independent applicable legal system and regulatory rules. Especially for the application of financial technology in non-traditional financial formats, the corresponding regulatory rules are mostly frictional and adaptive. Most of them are derived from the traditional financial supervision system, which makes the links of supervision are not tight enough, and it is easy to form a situation of heavy admission and light supervision, which leads to the lack of supervision of a large number of financial technology applications in non-traditional financial fields.” CF40 members Sun Guofeng, director of the Financial Research Institute of the People's Bank of China, said.
The blockchain requires decentralization, and the current financial industry is a centralized structure. The current financial regulation provides institutional guarantee and technical guarantee for the financial industry, which constructs the centralized structure of the current financial industry.