Xinhuanet: CITIC Bank holds blockchain and financial innovation seminar in Beijing

On October 22, CITIC Bank successfully held a seminar on blockchain and financial innovation in Beijing. At the meeting, CITIC Bank proposed that in order to accelerate the practical application of blockchain in my country's financial industry, it is necessary to study the establishment of a blockchain alliance among my country's banking peers in view of the consensus mechanism and disintermediation characteristics of blockchain. More than 50 people attended the seminar, including heads of financial institutions such as Minsheng Bank, Everbright Bank, Huaxia Bank, Hengfeng Bank, Beijing Rural Commercial Bank, Huishang Bank, and Sunshine Insurance, relevant leaders of companies such as Air China, China Eastern Airlines, and Shenzhen Airlines, and experts and scholars from institutions such as Zhongguancun Blockchain Research Institute and Beijing University of Aeronautics and Astronautics.

Sun Deshun, President of CITIC Bank, delivered a welcome speech and a keynote speech. Fang Heying, Vice President of CITIC Bank, presided over the meeting. President Sun Deshun elaborated on the impact of blockchain on the monetary system and financial reform from the three perspectives of macro, meso and micro. He proposed that blockchain technology can reconstruct the currency issuance system and credit production mechanism, which means that the national financial infrastructure will usher in major changes. In the future, the core competitive advantage of banks will be more reflected in the ability to integrate resources. Through a fast, efficient and low-cost blockchain system, it will be more conducive to banks to establish a good business system. Blockchain technology will accelerate the transformation of traditional banking industry into a financial technology company. In terms of the strategy of banks in dealing with blockchain, they should be proactive and cautious, start with the easy and then the difficult, combine the virtual and the real, and steadily advance.

Professor Cai Weide, a pioneer in blockchain technology research in my country, introduced the principles of blockchain, the strategies and development levels of various governments. He believes that blockchain will profoundly change the financial ecology and promote the third banking reform. Blockchain technology is developing rapidly. The "Beihang Chain" developed by its laboratory has greatly improved in architecture and performance compared with foreign technologies, but the development direction of "blockchain" is still difficult to predict. Assistant to the President of Sunshine Insurance Group Su Wenli shared the application case of blockchain points. He believes that blockchain applications should start from solving the pain points of the business, which is simple and easy. Blockchain allows individuals to control their own data and generate value from it. At the same time, it can also help corporate data generate greater value to serve customers, which will promote the realization of autonomous management of digital society. Mr. Yang Jie, a member of the preparatory group of Zhongguancun Blockchain Research Institute and CTO of Arshan Company, demonstrated the company's research and development results and applications such as P2P network and financial management.

During the discussion, Yuan Li, the head of the preparatory group of Zhongguancun Blockchain Research Institute, explained that the country and the People's Bank of China attach great importance to the research and application of blockchain technology, and proposed that my country should seize the opportunity before the arrival of digital currency and strive to make a difference in the commanding heights of blockchain technology and the right to speak in rule-making. All joint-stock banks have expressed that blockchain technology will subvert the existing financial model and solve the credit value problem of the financial industry. They are willing to actively join the banking blockchain alliance and hope that the alliance will be established as soon as possible and make breakthroughs in certain areas. Starting from their pain points, the three airlines raised the current problems of the single product and limited service of the aviation industry, hoping to increase cooperation with banks in the application of blockchain technology, improve customer service experience, and explore new business models.

Participants said that this seminar further broadened the banking industry's thinking on promoting blockchain financial innovation. The organizer, China CITIC Bank, said that it will accelerate the implementation of blockchain technology applications in the bank, increase cooperation with financial institutions, aviation companies, and technology units, and work with peers and partners to promote blockchain technology applications and financial innovation.