根据IDC发布的《全球半年度区块链支出指南》(2018)，2018年中国区块链市场支出规模1.6亿美元，较2017年增长108%，预计2022年市场支出规模达16.7亿美元，2017-2022年复合增长率为83.9%。其中第一大支出方向 便 是金融。据赛迪网统计，2019年我国区块链应用落地项目328个，其中金融区块链应用落地项目96个，占比29%。在同期应用落地项目中占比最高，较2018年同比增长41%。
金融行业具有交易复杂、交易涉及主体多、业务链条长、交易频次高等特点，同时面临着诸如跨境支付周期长、费用高，结算环节效率低下，风险控制代价高以及数据安全隐患大等问题。
The financial sector is characterized by the complexity of transactions, the multiplicity of transactions, the length of the business chain and the high frequency of transactions, as well as problems such as long cross-border payment cycles, high costs, inefficient settlements, high risk control costs and high data security risks.
信任是金融服务体系的重要核心因素。
Trust is an important core element of the financial services system.
保证数据唯一性和所有权不可篡改等优势特点使得区块链可作为金融行业参与节点方之间很好的信息共享平台，明显降低了各方达成信任的沟通成本，提高信用在各相关主体之间高效流转。基于区块链的智能合约，能够通过实现业务自动化，适合电子支付、交易后清算、监管风控等高频重复业务。但也由此带来数据隐私的问题，尤其在供应链金融中，涉及供应链企业的经营数据链上共享。
Smart contracts based on block chains allow high-frequency duplication of operations, such as electronic payments, post-trading liquidation, regulatory wind control, etc., by automating operations. This also raises issues of data privacy, particularly in supply chain finance, involving the sharing of operational data chains of supply chain enterprises.
但总的来看，区块链技术已成为支撑金融科技创新的底层支撑技术之一。从央行、大型股份制商业银行到城市商行，相继部署了区块链应用。据可信区块链推进计划金融应用工作组不完全统计，涉及应用领域如下所示：
, however, in general block-chain technology has become one of the underlying underlying technologies for financial science and innovation. deploys block-chain applications successively from central banks, large-stock commercial banks to city comptoirs. does not fully count the Financial Application Working Group for credible block-chain-promotion schemes, covering the following areas of application:
1、跨境支付
传统的跨境支付不可避免地存在大量中心化的信用中介和信息中介，在降低资金流动效率的同时增加了资金往来成本，使得一笔跨境支付需要至少24小时完成。根据研究表明，跨境支付的主要成本来自代理银行账户的流动性成本(34%，这些资金可以用于收益更高的地方)、司库操作(27%)、外汇操作(15%)和合规(13%)。通过区块链技术，理论上可以大幅压缩90-95%的成本。
Traditional cross-border payments inevitably have a large number of central credit and information intermediaries, increasing transaction costs while reducing the efficiency of financial flows, and requiring at least 24 hours to complete a cross-border payment. Research shows that the main costs of cross-border payments come from the liquidity costs of correspondent bank accounts (34 per cent, which can be used in higher-yielding locations), treasury operations (27 per cent), foreign exchange operations (15 per cent) and compliance (13 per cent).
通过利用分布式账本技术，解决金融机构之间的互信问题，在满足各地监管要求的前提下，区块链有望大幅降低交易成本，实现7x24小时不间断几乎实时的跨境支付服务，减少支付流程中大量人工对账操作，大大缩短清算结算时间。同时，多方验证可以有效降低数据被篡改或伪造的风险，即使一个或某几个节点遭受攻击也不会影响系统的运转， 提升跨境支付系统的安全性。
By using distributed bookbook technology to address the issue of mutual trust among financial institutions, the block chain is expected to significantly reduce transaction costs, achieve a 24-hour, round-the-clock, almost real-time cross-border payment service, reduce the volume of manual reconciliations in the payment process, and significantly reduce the clearing time. At the same time, multiple validation can effectively reduce the risk of data being tampered or falsified, and even if one or several nodes are attacked, it will not affect the system’s functioning and enhance the security of cross-border payment systems.
目前，Ripple、蚂蚁金服等均已有较为成熟的区块链跨境支付解决方案。蚂蚁金服于2018年6月25日宣布全球“首个”基于区块链的电子钱包跨境汇款服务在香港上线。AlipayHK与Gcash合作，成为全球首个在跨境汇款全链路使用区块链的电子钱包，并由渣打银行负责日终的资金清算以及外汇兑换。Gcash用户在到账后能即刻消费。
At present, 2019年5月，加拿大央行和新加坡金融管理局（MAS）共同宣布，已成功使用分布式账本技术（DLT）进行了跨境的央行数字货币付款。 In May 2019, the Central Bank of Canada and the Singapore Financial Authority (MAS) jointly announced that cross-border central bank digital currency payments had been successfully made using distributed account book technology (DLT) . 2、资产证券化 资产证券化是将缺乏流动性、但具有可预期收入的资产，以其未来所产生的现金流为偿付支持，通过结构化设计进行信用增级，在资本市场上发行证券予以出售，以获取融资，最大化提高资产的流动性。 The securitization of assets is an asset that lacks liquidity but has a predictable income and is supported by future cash flows, with credit enhancement through structured design and the issuance of securities in capital markets for sale in order to obtain financing and maximize the liquidity of assets. 区块链技术让参与各方“看透” ABS底层资产，实施实时监控，有效防范风险。同时，实现资产信息的真实与公开化，有助于ABS行业实现不依赖于主体信用评级，通过区块链技术实现资产公允定价，促进ABS市场的发展。然而，当触发加速清偿或违约事件 时 ，智能合约条款将被自动强制执行。实现自动对账等投后管理工作的简化有助于降低管理成本。 广发ABS云平台。2018年发布了第一期，主要包括了数据收集和区块链存证功能，2018年10月18日平台实现首笔基础资产上链保存：广发资管担任管理人的“广发恒进——正佳企业集团正佳广场资产支持专项计划”，该计划基于广发证券ABS云平台进行管理。第一期具有两大特点：1）全通用的数据模型全通用的数据模型。针对资产证券化业务的基础资产种类繁多的特点，广发证券ABS云平台注重数据模型和接口设计的通用性，适用于各种类型的基础资产。2）可回溯的历史数据。每一次基础资产数据的变动都将形成一个数据版本，用户可以回溯历史上任意版本的数据。 Wide-ABS Cloud Platform. 2
3、贸易融资
3, trade finance
贸易融资是银行利用结构性短期融资工具，基于商品交易中的货物、账款等为交易方进行融资。区块链的智能合约技术，可实现贸易环节全流程掌控。利用智能合约，跨境贸易各环节都可被接入区块链平台，使多方拥有统一账本，省去对账环节，打通贸易数据流，可以很好地解决贷前调查、贷中审核、贷后管理等贸易融资相关流程的实时监控，保证预设条件触发后强制及自动执行相关流程，提高业务处理效率。
Trade finance is the use by banks of structured short-term financing instruments that finance traders on the basis of goods, accounts, etc. in commodity transactions. Smart contract techniques in the
同时，信息集中上链，利于银行准确进行信息验证和对比，更为有效防范各个环节中所隐藏的由伪造、欺诈带来的风险。
At the same time,
粵港澳大湾区贸易金融区块链平台。在中国人民银行数字货币研究所与中国人民银行深圳市中心支行的共同推动、协调和组织下，深圳金融科技研究院联合中国银行、建设银行、招商银行、平安银行、渣打银行及比亚迪共同开发的基于区块链技术的贸易金融底层平台。2018年10月，招商银行成功通过该平台，为战略合作伙伴投放首单应收账款融资业务。在该笔应收账款融资业务中，核心企业付款明细签发、 供应商融资申请以及银行受理等全程均通过该平台完成。
. , co-facilitated, coordinated and organized by the People's Bank of China Digital Monetary Institute and the Central Bank of Shenzhen, the Shenzhen Institute of Financial Science and Technology, in conjunction with the Chinese Bank, built banks, recruiting banks, safe banks, slag banks, and Biadi, developed a low-level trade finance platform based on block-chain technology.
4、供应链金融
4 , supply chain finance
供应链金融是以核心企业为出发点，为其上下游的中小企业提供信贷服务。各级供应商、经销商、物流企业、银行、征信机构等相关主体接入区块链网络中，使用共享账本，对核心企业相关交易的多级追溯，将应收等资产的确认、流转、融资、清分等流程上链，实现清晰的资产确权，同时实现资金的多级分配和流转，有效解决供应链末端企业融资难难题。资金方也能够清晰获知各相关企业的风险与经营状况的真实信息，降低贷款不良率，减少调查成本。
Supply chain finance is based on core enterprises and provides credit services to SMEs upstream and downstream. suppliers at all levels, distributors, logistics firms, banks, credit institutions, etc. have access to the block chain network , using shared ledgers, multi-level retrospectives of transactions related to core enterprises, chaining the identification, transfer, financing, segregation of assets, etc. receivables up the chain, achieving clear asset rights while achieving multi-level allocation and transfer of funds, and effectively addressing the challenges of financing enterprises at the end of the supply chain.
综上，区块链技术的应用，有助于安全透明可信的供应链信贷生态的建设，真正发挥金融支持实体经济发展的价值。同时，还能加强上下游联动，发挥产业链上企业之间的协同效应。
Taken together, the application of block chain technology contributes to the construction of a secure and transparent supply chain credit ecology that truly leverages the value of financial support for the economic development of the entity. also enhances upstream-downstream linkages and leverages synergies among firms in the industrial chain.
蚂蚁区块链推出的“双链通”供应链存证平台，已经为全国7800万家中小微企业提供秒级融资服务 。
The ants block chain's “two-link” supply chain documentation platform has provided second-class financing services to 78 million small and medium-sized enterprises across the country.
工商银行，将核心企业与各层级供应商间的采购资金流与贸易流集成到区块联盟平台上，供应链上任意持有应收款数字凭据的供应商均可在线向工行提出融资申请，申请指令经工行智慧信贷平台后，贷款可瞬间到达企业账户。（注：数字信用凭据是指以供应链中买方(核心企业)对卖方(一级供应商)的付款确认书为基础，采用区块链技术，由买方在工行或工行认可的联盟机构平台签发、并以数据电文方式记录的应付债务信用凭据，并随产业链贸易流向上游逆向流转，产业链上任一供应商可凭债务数字凭据随时向工行申请保理业务。）
A business bank, which integrates the procurement and trade flows between the core business and the various tiers of suppliers into a block union platform, can submit an online request for financing to the union by suppliers with whatever number of receivables in the supply chain and direct the loan to the business account immediately after the branch has an intelligent credit platform. (Note: Digital credit is based on a confirmation of payment from the buyer (the core) to the seller (the first-tier supplier) in the supply chain, using block chain technology, issued by the buyer in the union platform endorsed by the bank or the bank and recorded in the form of a data message, and moving upstream in the direction of trade in the chain, any supplier in the chain may apply to the firm for insurance operations at any time on the basis of debt figures.)
5、局限性
5, limitations
目前来看，区块链技术的应用对于金融机构而言，更多在于优化业务流程，提高银行支付、信贷等系统运行效率，或提高用户体验，或降低人力成本。
At present, the application of the block chain technology of
但一方面，区块链技术部署与维护成本目前受限于技术条件和应用规模还不够明确。另一方面，交易制度和社会信用体系的完善健全或许作用更明显，导致一时难以断定应用区块链的成本收益比是否真正划算。
But, on the one hand, the deployment and maintenance costs of block chains are currently limited to technical conditions and the scale of applications, which is not clear enough. On the other hand, the soundness of trading systems and social credit systems may be more evident, making it difficult to determine whether the cost-benefit ratio of the application of block chains is truly cost-effective.
同时，在贸易、汇款等场景中，区块链技术实现信息数据共享，会给诸如商业银行等传统金融机构带来挑战，或进一步打破其传统业务壁垒：信息差。
At the same time, in such contexts as trade and remittances, the sharing of information data by block-chain technologies can challenge traditional financial institutions, such as commercial banks, or further break their traditional barriers to business: poor information.
此外，各家金融机构之间的系统和业务存在差别，经营体量也不同，导致在技术标准的制定上难以平等对话。例如作为由40多家国际银行业金融机构参与的联盟链项目R3推进并不顺利，早期成员、融资金额也不达预期。
In addition, there are differences in systems and operations between financial institutions, as well as differences in the size of operations, which make it difficult to have an equitable dialogue on the development of technical standards. For example, R3 as a coalition chain project involving more than 40 international banking institutions has not been well advanced, nor have early members and financing levels been as expected.
当然，我们认为随着区块链技术成熟度的进一步提升，以上问题都将不会是局限。而目前区块链技术项目虽然很多，但规模整体偏小，行业也尚属早期。区块链技术在进一步加强性能和安全后，行业应用规模会随之大范围提升，区块链产业生态也将更加丰富和完善。
Of course, we believe that these problems will not be limited as the technical maturity of the block chain increases further. While there are many, the current block chain technology projects are small in size, and the industry is still at an early stage.
作者丨InfoQ 研究院
注册有任何问题请添加 微信：MVIP619 拉你进入群
打开微信扫一扫
添加客服
进入交流群
发表评论