Liu Zhijun: Blockchain technology improves financial efficiency

At the "Blockchain Microfinance: Technology Changing Finance" salon held recently, Liu Zhijun, chief data officer of Mashang Consumer Finance, said: "Any progress in science and technology will greatly promote the development of finance. Blockchain technology will have a great role in promoting the financial industry, and this role may even be fundamental."

Blockchain is the underlying technology of Bitcoin, like a database ledger. This emerging technology has gradually attracted the attention of the banking and financial industries due to its high transparency, immutability, and the absence of middlemen. Regarding the promotion of microfinance by blockchain, Tong Yongbo, co-founder and CTO of Zhongwang Financial Services, said: "Microfinance, as the capillaries of the market economy, serves the front and end of the economy, and its goal is inclusive finance. Blockchain technology can greatly improve the efficiency of finance and ultimately provide a level of inclusiveness for the microfinance industry."

At present, there is a very obvious information dispersion in the supply chain finance of small and medium-sized enterprises, which leads to false information before loan, repeated pledge, repeated guarantee, excessive credit, high verification cost, and difficulty in post-loan risk control. Li Jun, co-founder and COO of Bubi Network, believes that the core significance of blockchain is to establish data credit between participants. The core feature of blockchain is that it is safe and controllable, and can do technical credit investigation. After applying blockchain technology, it can achieve the effect of reducing pre-loan credit investigation costs and enhancing post-loan risk control capabilities.