In the last live broadcast, Professor Cao Huining and Professor Hu Jie deeply analyzed the impact of the blockchain on the field of banking.
The studious viewers watched the entire live broadcast carefully, the witty viewers chose the barrage to ask questions to the two professors, and the lucky viewers were drawn to ask questions and received in-depth answers from the two professors.
The following is a selection of live questions and answers, take a look~
Live Q&A Featured
@ETHAN1874: Do traditional banks have any advantages in deploying fintech?
Cao Huining: We believe that traditional banks still have certain advantages in credit management and risk management.
Hu Jie: First of all, I think blockchain is a tool. The application of tools to any industry must not be separated from the logic of the industry itself, and the same is true for finance. The financial industry has the logic of the financial industry. We don’t think that the blockchain itself as a tool can subvert anything, but what special functions this tool has to help us. Maybe it's because the efficiency of a certain link has been improved, maybe it's because of a change in the operation method or efficiency, and we gradually discovered that our previous business model has changed. At this time, we will exaggerately say that this is a kind of subversion, but this will cause some unnecessary verbal disputes, so we should not talk about subversion lightly. Leaving aside these concepts, it is still possible to calmly look at the application of blockchain in the financial field.
@Feng: How can the blockchain be correctly applied to the financial field?
Professor Cao Huining: KYC is very important. It is necessary to know the identity of the user and whether it is used in illegal places.
@大富豪: What is the definition of stable currency, is it compared to the US dollar or to other things?
Hu Jie: It depends on how you define it. Stable currency basically means that when the currency is used as a medium of exchange within the scope of its circulation, the ratio of its reference to it is stable, so it is called a stable currency. It is conceivable that if Bitcoin is really used in our daily exchanges, then a statistical system needs to be established to see whether the price of Bitcoin for these goods is stable. definite.
Whether being a currency is stable to the world, we can take a proxy variable to measure. If the coin is stable relative to mainstream currencies, then it is stable against the rest of the world.Many people now use the U.S. dollar as a proxy variable for this stablecoin—if a stable ratio can be formed against the U.S. dollar, then it is basically stable for the world. Next, if you want to make a currency that is stable against the US dollar, there are two major ideas. One is centralized, that is, every time a coin is issued, one dollar is bet, but this is nothing new, and it is not subversive compared with the current financial system; the other is that you make a coin that does not bet on dollars, but can pass Some algorithms form a relatively stable ratio relationship with the US dollar, then this currency is really interesting.Then this currency is stable relative to the U.S. dollar, and thus stable relative to all goods in the world; at the same time, it is not a currency backed by U.S. dollar mortgages, but it relies on its own algorithm to form a stable currency.
Cao Huining: This is more controversial. Because there is no stable currency with any collateral at all, it is like an Alibaba falling from the sky, which is more difficult. I think the stable currency,Algorithms should be used as auxiliary,It cannot be said that I create a currency now, which is anchored to any exchange rate, and one hundred trillion dollars can be generated out of thin air at once. So no matter how good the algorithm is, remember that there is no free lunch (there is no free lunch in the world). There is no creating something out of thin air, and its value can be infinite.
@Tina: What are the application scenarios of blockchain in the banking industry?
Cao Huining: The insurance industry, commercial bank asset management, and the securities industry can all be used.
Hu Jie: In other financial fields, such as insurance and funds, this technology can have an impact on business operations in some way, and there is still a lot to discuss.
@Robot: In the name of "token economy", replacing "stock" with "token", is it changing the soup but not the medicine?
Cao Huining: I just talked about the difference between stocks, securities and tokens. There are relatively few types of stocks and securities, which are basically equity, debt, and some financial derivatives.And tokens are more extensive. For example, personal labor capital, personal reputation, certain points, and fan economy can all be tokenized.
Therefore, tokens contain much more than our traditional securities, and are relatively easy to circulate. It will take many years to circulate the stock, but it will be completed in a few months for tokenization. Therefore, tokens have advantages in cost and communication convenience. What the token economy brings is unprecedented. Anything, like Professor Hu Jie, his time can be tokenized. For example, if he spends an hour with you, then you have to give him a Hujie pass accordingly, just to give an example.
Hu Jie: Yes, let me add my understanding. In the past, we all wrote our rights and interests on paper. The house I wrote above is yours, it is a real estate certificate; the degree I wrote is yours, it is a degree certificate. Now we find that if we want to write the rights and interests on the chain, it is written on the certificate.Therefore, the certificate itself is a universal carrier, and it is what it carries.For example, if it carries equity, it is a stock, and it is a tokenized stock; if it carries claims, then it is a bond.
In addition, because it is encrypted and has a digital advantage, its tradability is very good.So once we put some of our own rights and interests, it is naturally exchangeable. This can bring many economic and commercial benefits.
@指票: Where will the new direction of future tokenized blockchain applications be?
Cao Huining: I think that with the supervision of the blockchain industry, the token economy will have great potential. Not only in the banking industry, but also in many sharing fields, such as car sharing, hotel sharing, and fields with high demand for precise marketing, such as coupons and points in the catering industry, tokenization has a very good prospect.
@走飞: Can the blockchain really be applied in the banking industry?
Cao Huining: In fact, there are already certain applications, such as Ripple. The application of traditional banks like China's industrial, commercial and agricultural construction requires certain regulatory cooperation.If KYC can solve some inappropriate application problems used by criminals such as money laundering and identity verification, I think blockchain can be applied in the banking industry.
Hu Jie: In the past, the ledger was controlled by an organization or a single person, but now the ledger is public, and the impact of this will be far-reaching. I think there are two cores of a financial system, one is the ledger and the other is the currency. If there is a good ledger and a good currency, the financial system will be established.Now, Bitcoin provides us with a very good account book, but the currency is not done well, and the volatility of the currency is too great.If someone can make a good coin on the basis of this ledger, we can see the foundation of a financial system independent of all sovereign systems. But this financial system may be a complement, not a replacement. There are many parallel financial systems in the world. The United States has its own, and China has its own. It is entirely possible to have another financial system that is completely separated from sovereign countries.
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