Blockchain is one of the most challenging innovations in the Fintech field because blockchain fundamentally subverts the inherent logic, operating model, and business scope of traditional finance and breaks through the limits of the numerous rules and regulations that traditionally exist. Into a series of new application areas that could not be involved before.
Blockchain is known as a disruptive technology that will restructure the key infrastructure of the Internet finance and even the entire financial industry. Its value in the financial field is waiting for people to discover it. The specific application is as follows:
Banking applications 
Wallet and payment are the first areas that blockchain technology is involved in. However, this is also the traditional business scope of the banking industry. What changes can be brought about by the arrival of blockchain technology?
Cross-border Payments - Application Case: Circle
The Circle, which was founded in October 2013, aims to make Bitcoin "easy to use, just like Gmail (Google Mail), Skype (Microsoft's Internet Telephony) and other customer service tools," and the company quickly gained substantial financing. In the middle of 2014, it obtained US$27 million in investment and became one of the most funded companies in the field of digital cryptocurrency. In 2015, Goldman Sachs and IDG Capital Partners took the lead and earned $50 million in funding for Circle. In June 2016, Circle won a US$60 million investment led by Chinese investors and announced that it has established an independent company Circle China in China and formed a local team to achieve strategic cooperation with Baidu and Everbright.
Circle uses bitcoin blockchain trading to provide instant, free money transfers worldwide. Circle hopes to use bitcoin as a free internet payment network, allowing the legal currency of all countries to smoothly flow around the world without hindrance. By working with overseas companies like IDG, Circle can provide financial services to users who use national legal currencies.
Although the regulatory structure of payment systems in various countries is relatively complex, the cooperation between these countries has made progress. In April 2016, Circle received the first e-currency license issued by the Financial Conduct Authority (FCA) in the UK, triggering widespread industry attention. Subsequently, Circle announced the establishment of a partnership with Barclays Bank, officially entered the British market, since then the British consumers can enjoy the same rapid transfer payments and the purchase and sale of bitcoin and other services.
In order to make it easier for users to use, Circle cooperates with Apple. In iOS 10, Apple's iMessage supports users using Circle's Bitcoin payment system. Jeremy Allaire, CEO of Circle, said: “iMessage allows payment service access to benefit consumers, if it is difficult to install a separate app for payment, and transfer payments with friends The behavior also has to go through a complex setup process, but the direct access to the iMessage service is a lot simpler.†On September 13, 2016, Circle announced that users can pay to anyone in the world via iMessage.
Blockchain advantages in cross-border payment: low cost, real-time trading, high security.
Smart Bills—Application Case: Complicated US Blockchain Bill Project
The bill and blockchain technologies can be well combined. After the blockchain decentralized distributed ledger is used, the existing system storage and transfer structure is changed, a more secure operating mode is established, and the problem of counterfeit notes is solved. . The time stamp completely reflects the process from the generation to the demise of the notes, which has the characteristics of traceability history, so that this model has a brand-new continuous endorsement mechanism, which truly reflects the transfer process of the notes rights.
The Hangzhou Complexcom Blockchain Research Center has also initially developed an open source project based on Ethereum's blockchain lending and billing exchange, which integrates financial, catering, corporate management, and express tracking applications. Chain technology concept. The complex U.S. blockchain network lending instrument exchange open source project As shown in the figure, an online lending exchange using blockchain technology can complete an online transaction that claims 150,000 transactions per second without any fees.
Blockchain-based billing business has four advantages:
First, from the point of view of moral hazard, the phenomena of “one ticket and more sales†in paper tickets and endorsements in electronic papers are sometimes not synchronized, but blockchains have irrevocable time stamps and open features across the entire network. Regardless of the paper ticket or the electronic ticket, there will be no repudiation once the transaction is made.
Secondly, from the perspective of operational risks, as the electronic ticketing system operates centrally, once the central server has a problem, it will have disastrous consequences for the entire market. At the same time, the access of corporate Internet banking will shift the risk to the bank more. With regard to its own network security issues, the entire risk chain will grow longer. With distributed high-error-tolerant and asymmetric encryption algorithms in the blockchain, the risk of human operations will be almost zero.
Third, from the point of view of credit risk, the data of the blockchain can be used to collect and evaluate the credits of all participants and can be controlled in real time.
Fourth, from the perspective of market risk, a large amount of asset misalignment in the intermediary market not only causes its own losses, but also binds the interests of the banks. With the programmability of the blockchain, it is possible to effectively control the balance between the asset end and the liability end of participants. It can also use the characteristics of data transparency to urge the entire market to reflect the authenticity of the price response to capital demand, and then to form a more realistic price index, which is conducive to controlling market risk.
Bank Settlement - Application Case: VISA
Bank settlement refers to the act of collecting and paying money through the transfer of bank account funds, that is, the bank accepts the customer's entrustment to collect and pay money, draws money from the payment unit deposit account and transfers it to the deposit unit deposit account, so as to complete the The liquidation of debts and debts or the redeployment of funds. In this process, the bank is not only the medium for the exchange of goods, but also the intermediary for the liquidation of funds in social and economic activities.
Unlike domestic banks, which rely mainly on differences in the profitability of deposits and loans, half of the profits of multinational banks are derived from the intermediate settlement business. For them, if we open up new business areas and rationally reduce settlement costs, it is directly related to its fundamentals.
VISA is the world's largest credit card company. There is no doubt that the rise of digital cryptocurrency will inevitably have an impact on its credit card payment business. However, VISA is not always in conflict with electronic money and blockchain, but adopts an open attitude.
In October 2015, VISA and DocuSign jointly launched a "proof of concept" project that uses the Bitcoin blockchain to record car rental data. The project combines DocuSign's digital transaction management (DTM) platform and electronic signature solutions with VISA's secure payment technology. Allows consumers to configure rental, insurance, and other everyday items purchased in the car, such as parking fees and tolls, and that users can use VISA cards for payment directly.
Peripheral applications did not satisfy VISA. In the same year, VISA partnered with Coinbase to launch the first Bitcoin debit card that can be used in the United States. On November 30th, at the UnBound conference held in London, VISA European Innovation Labs also demonstrated a "proof of concept" remittance application through which people can send money in the Bitcoin blockchain.
In September 2016, VISA launched the interbank settlement payment system Interblock, which is based on the blockchain technology, in cooperation with the digital payment startup company BTL Group to evaluate whether the blockchain technology can reduce the cost and settlement of inter-bank international transfers. Time and credit risk.
A series of major actions in the past two years can be seen, VISA began to recognize the value of blockchain technology, and is working hard to make blockchain technology a powerful tool to expand its sphere of influence.
The advantages of blockchain in bank settlement: security, convenience, and intelligence.
Internal bank issuing digital password currency
In addition to using existing blockchain technology to transform existing businesses, major banks in the world have also launched their own encrypted digital currency plans to reduce their operating costs.
The advantages of blockchain in the bank's digital password currency: reduce costs.
Securities Investment Market Application 
Securities Trading - Application Case: Linq
The securities trading market is an important application area for blockchains. The application of blockchain technology can not only accelerate the speed of clearing and settlement, but also reduce the amount of books that financial institutions need to maintain to ensure more accurate audit trails.
The Nasdaq Stock Exchange (NASDAQ) was the first to eat crabs on the stock exchange market. In the second half of 2015, it launched the trading platform Linq, which is based on Bitcoin trading technology and is used for trading in primary market companies. As shown in the chart below, Linq has recorded the equity transaction before the IPO of the company and can track the transaction of corporate equity, information of shareholders and investors, etc. The asset analysis of the private equity market is very valuable.
Fredrik Voss, head of NASDAQ's blockchain strategy, believes that the high efficiency provided by blockchain technology will greatly enhance Linq's advantage as a private equity trading platform. So far, there is no technology that can really get people away from paper operations, and blockchain technology will make it a big step forward, compared to manual processing, will greatly reduce the possibility of errors.
The advantages of blockchain in securities trading: Accelerate settlement speed, simplify accounts, and facilitate tracking audits.
Equity Crowdfunding - Application Case: Small Ants
Capital has always been a gap between creative ideas and entrepreneurship. It is this gap that has spawned the world’s first crowdfunding platform – Kickstarter. Kickstarter's operation is a typical platform business model. The users of the platform are people who are eager to create and create. On the other hand, they are people who have partial funds and are willing to provide funding for new ideas. It is hoped that the new ideas will become a reality and will continue to be promoted.
Blockchain-based crowdfunding platforms can raise funds by creating their own digital cryptocurrencies or digital assets. By distributing their own “digital equity†to early supporters, investors receive credentials to support the shares of startup companies. The blockchain crowdfunding platform usually consists of a three-tier structure: the bottom layer is a blockchain network, which is constructed from a decentralized distributed general ledger; the middle layer is a combination of business logic and blockchain, and jointly establishes an account center and equity. Registration, Equity Voucher, Equity Trading, Equity Management and other functions; the top level provides services for customers on various crowdfunding platforms.
In China, Small Ant is the first company to use blockchain technology to register company equity. Although this is an innovation, it is not an easy task to achieve legal compliance in China and connect the physical world with the underlying logic and various details. After in-depth research and analysis of China's current legal environment, small ants have the potential to become practical blockchain applications.
Small Ant is a blockchain protocol based on blockchain technology that registers, issues, manages, and trades a variety of equity shares over a peer-to-peer network. Initially, the equity of non-listed companies will be used as an entry point to provide start-ups with a digital stock incentive plan, and an equity crowdfunding company will be provided with an equity management plan. In the future, over-equity will be traded, that is, “blockchain IPO†will be gradually blurred. The boundaries between non-listed companies and listed companies.
The advantages of blockchain in equity crowdfunding: Spanning time and space constraints, optimizing crowdfunding organizations, rational equity, and distribution of benefits.
Insurance applications 
Policy Sales - Application: Bobby Aviation Accident Insurance
The traditional aviation accident insurance has always had problems such as insurance fraud, intermediary business price raising and so on. As the saying goes, “wool is on the sheepâ€, it is ultimately passed on to consumers. Blockchain technology can provide effective means to solve these problems.
On July 29, 2016, Bobby Blockchain cooperated with Sunshine Insurance and launched the "blockchain + aviation accident insurance card slip". This is the first domestic circulation of mainstream financial assets on the blockchain.
Most aeronautical accident insurance claims will only appear in the event of an accident, so in most cases customers buy false insurance is not easy to find. In order to prevent the purchase of “false insurance policiesâ€, the Bobby Blockchain relies on the characteristics of its multi-party data sharing to trace the entire process of the card slip from the source to the customer. The parties can not only check the authenticity of the card slips, but also ensure the cards. The authenticity of singles can also facilitate subsequent processes, such as claims settlement and so on.
In order to prevent middlemen from inflating prices and passing them on to consumers, the aviation accident insurance card slips are set up on the blockbuster blockchain. There is no middleman, and the price of insurance card slips will be significantly reduced. According to statistics, this kind of product can be purchased for 60 yuan and can be used 20 times. Each time, it can obtain up to 2 million yuan in aviation accident protection, equivalent to 2 million yuan for each time you spend 3 yuan.
Blockchain advantages in the insurance industry: true transparency, information security, traceability, clear claims process, and low cost.
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