China Blockchain Financial Application Report Released: In-Depth Analysis of Industry Status and Future Trends

Recently, a research report on the application and development of blockchain finance in China was officially released. This 130,000-word report was carefully compiled over six months by a blockchain research working group from a certain industry association.

The report comprehensively covers multiple aspects including overall overview, application scenarios, underlying platforms, annual events, and deeply analyzes the development trends of Blockchain technology and its practical applications in the global financial sector. The research team conducted detailed investigations on 47 relevant institutions and 112 financial sector Blockchain projects in China, summarizing the typical application scenarios and basic logic of Blockchain in the Chinese financial field.

The report not only explores the potential value and challenges faced by blockchain applications but also proposes countermeasures to promote robust development. At the same time, the report selects practical cases from fields such as supply chain finance, trade finance, insurance technology, cross-border payments, and asset securitization, and organizes significant events related to blockchain in the financial sector both domestically and internationally in 2019.

This report aims to provide valuable reference materials for governments, enterprises, academia, and research institutions, guiding the compliant and secure application of Blockchain technology in the financial sector, thereby better serving the real economy and promoting the construction of a modern financial system.

According to the report, the current applications of Blockchain in the financial sector outside of cryptocurrencies are mainly reflected in three aspects:

1. Information storage and transmission: realizing functions such as the certification, traceability, sharing, and verification of financial-related information.
2. Limited value transfer: Implement functions such as point exchange and internal system currency conversion.
3. Smart Contract Execution: Realize automatic execution functions based on multi-party verifiable smart contracts.

The report also pointed out some challenges faced by the application of blockchain technology in the financial sector:

1. Technical aspect: It is difficult to fully meet the requirements of certain financial scenarios for security, functionality, and performance.
2. Governance: There is a need to further improve arrangements in areas such as regulation, standards formulation, and talent cultivation.
3. Business Aspect: There are some gray areas, and there is a lack of authoritative third parties to evaluate application innovations.

To address these challenges, the report recommends the following suggestions:

1. Policy and regulatory level: Strengthen research and tracking, formulate rules to promote compliant development.
2. Industry Organization Level: Build communication platforms and study standards to consolidate the strength of the industry.
3. From the perspective of industry institutions: explore core technologies and promote the implementation of application scenarios.