Sample Application Of Block Chain: Solving The Problem Of Benign Withdrawal Of Net Loan

With the introduction of the policy, the block chain has become a draught this year. However, the application of block chain technology has already begun, especially in the financial field.

In retrospect, in 2019, the risk of P2P net lending continued to be grim. Meanwhile, the work of repaying all over the country has been going on, and there is the use of block chains.

During the Spring Festival this year, the Shenzhen local financial supervisory authority discussed how to solve the problem of P2P net loan withdrawal. "One is the vicious exit, the judicial, one is benign exit, we participate in the construction of a benign exit network voting system." Chen Yingying, product manager of micro public bank, told the twenty-first Century business reporter.

She said: "P2P platform lenders throughout the country, in the traditional case solving method, and even need to set up thousands of offline outlets in the country to collect lenders' information registration. This is the pain point of regulators. Clients are very broad. Registration of platforms, registration of debts, identification of status and distrust of voting are all problems. We made a voting system for these pain points.

This system is the P2P net loan institution that Shenzhen first took advantage of. It withdrew from voting system in a small way and presented itself in front of users. Behind it, it was based on block chain and AI technology.

According to the data provided by micro bank, as early as the beginning of December, a total of 25 net loan institutions in Shenzhen had used the online voting platform, and the number of voting participants has been 390 thousand, involving 21 billion 430 million yuan to be refunded.

Financial industry first

At present, the voting system of net loan institutions is spreading throughout the country.

From a specific case, in June of this year, Futian District's first P2P platform for testing water was completed in 2-3 weeks. "Recently, a platform for the use of the system, a total of 260 thousand loaned people, released in November 8th on the reunification message, on the 12 day of the platform on the right, the 30 set up the Commission, and then within a month passed 260 thousand lenders 6 billion 300 million yuan payment scheme." Chen Yingying told reporters.

Compared with the process of checking information and repeated voting in the past, block chain technology is more efficient and non tampered.

How does this system work?

On the whole, the voting system is built on the open source underlying platform of FISCO BCOS block of micro public bank. There are three main technologies behind it, including block chain, biometrics and voice outgoing.

The first step is to confirm the creditor's information and save voice recording by voice interaction between the voice robot and the lenders.

Secondly, the identity of the lender is recognized by face recognition and digital certificate authentication, and the block chain is recorded on the identity of the voter. This can not only prevent the others from appearing in the voting process, but also avoid all the sensitive information links on the voters, while ensuring the user's privacy and ensuring the credibility of the voting results.

Subsequently, the relevant users can collect and vote in the small program to produce the CAC and vote for the cash payment scheme.

Chang Tao, head of the voting system technology, told reporters that the block chain had solved the trust problem and the trust vote had not been faked. In the process, the technical team builds a voter identity chain on the basis of the general judicial arbitration arbitration chain, and links the two chains across the chain.

By recording the data summaries of all voting records and results on the chain, it also ensures that each voting result is accurately recorded and can not be tampered with under the protection of user privacy. At the same time, every deposit certificate has authoritative arbitration institutions participating in the judicial custody of the chain, which ensures the evidence preservation of the voting results from a legal perspective, and ultimately guarantees the validity and truthful validity of the voting data in the whole process.

Finally, the voting system also builds an independent voting verification service to verify whether the data of the voting system and the data stored on the block chain are consistent. The summary of the voting data is stored in the voting system in the chain, and the two parts are compared. The data in the chain can not be tampered with, and will be identified if the plaintext is tampered with. Chang Tao said.

On the one hand, the FISCO BCOS block chain itself has technology accumulation and technology components are relatively mature, so building new chains is not difficult technically, and the key is to find suitable landing scenes.

On the other hand, there is a lot of demand in financial supervision. From the policy point of view, the No. 175 article published is "opinions on the classified disposal and risk prevention work of the net loan institutions". The guidelines for the benign withdrawal of the information intermediaries of Shenzhen online lending agencies issued by the Shenzhen mutual Gold Association require major decisions to be voted online.

The whole process involves financial level security requirements and technologies such as identity verification, credit confirmation, announcement service, etc. the ordinary voting platform can not support, and needs the support of new technologies such as block chain.

"We are vigorously applying some of the means of financial technology, including big data, cloud computing, block chaining, artificial intelligence, and apply them to the field of financial regulation." In an interview with reporters, He Jie, director of the Shenzhen local financial supervision and Administration Bureau, said that the platform introduced the technology of block chain and face recognition. After the data was imported, it could not be tampered with again, and the robot automatic push technology improved the repayment rate and return efficiency of the funds.

Expand industry application

It is reported that the voting system in addition to Shenzhen, Guangzhou, other domestic cities in the relevant financial institutions will also continue to use.

At the same time, the voting system based on block chain is also developing horizontally. Chen Yingying said: "we are also exploring cooperation with the Futian District Financial Work Bureau. In addition, there are voting needs in the private equity fund voting field. This is to deal with risks and exit safely. There are already 6 institutions in the pilot."

Chang Tao, for example, said that the application of voting can be applied to the election of the community industry committee, the bidding and other fields. For example, in the field of tendering and bidding, the electronic tendering system encrypts the bidding content through CA, but it can not conceal the identity of the bidder, so that the insider may reveal the identity of the tenderer and lead to the phenomenon of bids. However, block chain technology can be used to verify the qualification of the tenderer and hide the identity of the tenderer from the system level. Foreign countries have already applied for voting, for example, the Canadian stock exchange has used block chaining technology to vote for shareholders.

Besides the voting system, there are many cases of micro public banks. For example, the joint operation of micro public banks, based on the early version of BCOS, has introduced the inter agency reconciliation platform of micro credit institutions. In the field of intelligent government, Macao and the government have collaborated with the government of Macao to promote the construction of smart city by using block chain technology.

Behind these cases are the early layout of micro public banks. The FISCO BCOS block chain open source platform is led by the open source working group of the financial block chain cooperation alliance (Shenzhen). FISCO BCOS code has been completely open source and continuously updated in 2017. At present, its open source community has tens of thousands of community members, and more than 500 enterprises have participated, successfully landing more than 60 production environment application cases.

However, technology is not the biggest challenge in expanding the application process. Chang Tao said, "the TPS of FISCO BCOS block chaining technology reaches 20 thousand. But the technology of block chain and AI is not the same, and more emphasis is put on the new organization mode. Micro public banks are advocating distributed business and establishing a new organization mode. This is not only a technical problem, but a thinking mode and a business design problem. "

In the process of landing block chain technology, on the one hand, we should popularize the concept of block chain, and on the other hand, we should look for real upper level applications.

Today, the public's knowledge of the technology and application of block chain is just beginning. Insiders pointed out: "now we have diverse understanding of the block chain. Some users think that the block chain can solve all the problems, and there are also questions about the real benefits of the block chain. There are also some agencies wishing to apply some block chain applications, but they themselves are not clear about what to do with the block chain, and really tap the demand is very difficult.

Many block chain developers told the twenty-first Century business news reporter that the block chain is also in the initial stage of application, and other applications outside the Token are still being popularized.

Chang Tao also said: "there is no stage for the application of the block chain, and now many attempts hope that we can understand the application scenarios of the block chain, apply it from a small scale, and then gradually explore the large-scale."