Macro-Finance Salon (No. 77) and Fintech Open Classes (No.12): Blockchain Finance Practices and Technology Trends

On December 2, the Fintech Open Classes (No.12) was held in the Renmin University. Cao Feng, China’s first blockchain international patent inventor, one of the co-founders of China Ledger, a senior researcher of the China Blockchain Research Alliance and the chief secientist of the Blockchain Association of China Federation of Logistics & Purchasing, delivered a keynote speech on Blockchain Finance Practices and Technology Trends. Mr. Cao first introduced the basic concept of blockchain from the perspectives of the Internet era, China’s development and the shared economy. He pointed out banks were inter-connected through certain old system and blockchain is considered as a more safe and more efficient tool connecting the banking industries. Blockchain, as an emerging technology, has been written into the national strategic planning just within one year. Block is a relatively complex computer technology, which combines the network of computer, database, operating system,cyyptogroups, distribution system and synthesizes monitoring and data of computer. Next, Cao analyzed the application of bill chain in today’s banking industries and pointed out theproblem of bill financing in medium small and micro-sized enterprises. He also introduced the compositions of bill chain platform, product feature and development process in detail. He pointed out that the one-year volume of China’s bill business was 120 trillion and the amount of bill was very large. For small and micro-sized enterprises, this amount is relatively small, the clients are dispersed and the financial liquidity is poor. For the specific compositions of the platform, on the left is the receipt market of medium small and micro-sized enterprises and in the middle is the banking alliance formed by various banks based on blockchain. All the bills are inter-connected and shared. Finally, Cao introduced the content of registration of usufruct from multiple perspectives, including the meaning of registering through blockchain, paths of current capital usufruct transfer and exit and modes of blockchain certificate. He pointed out that the asset itself is fixed, and meanwhile it would bring about the issue of usufruct, which will be further split and transferred to different investors. The money of visual accounts, according to the certificate written by the blockchain, will autonomously achieve a distribution based on a smart contact, ensuring every investor to gain his own usufruct.

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