两周前，区块链成为热词。上周，区块链概念股再度被资金爆炒，在上周一催生近期罕见的“百股涨停”之后，周二开始相关概念股出现分化，当天尾盘甚至出现了“炸板潮”，许多存在蹭热点嫌疑的跟风品种纷纷走下神坛。
Two weeks ago, the block chain became the hot word. Last week, the block chain concept unit was blown up again, triggering the recent rare & & & & & & & & ; then Tuesday, when the concept unit began to split, and the end of the day even appeared & & & ; the blast wave & & rdquo; and many species of wind that were suspected of damping.
2008年后，比特币的诞生标志着区块链的首个应用正式诞生，经历了此后几年币圈、ICO（首次代币发行）的泥沙俱下、链圈的漫长的技术蛰伏期，但不可否认，近年来各类区块链的实践应用也逐步浮现。同时，Libra的出现也加速了全球对于央行数字货币（CBDC）的讨论和研发步伐。
After 2008, the birth of Bitcoin marked the birth of the first application of the block chain, after several years of silt under the currency ring, the ICO (the first issue of the token), and the long period of technical ambush in the chain, it is undeniable that the application of the various blocks’ chain has emerged in practice in recent years. Meanwhile, the emergence of Libra has accelerated global discussions and research and development on the central bank’s digital currency (CBDC).
尽管如此，区块链技术仍然在发展初期，实践应用也停留在试水阶段。就金融等领域而言，区块链究竟意味着什么？今后实践应用的前景何在？在Libra的倒逼下，全球央行数字货币又将如何发展？
Nevertheless, block chain technology is still in the early stages of development, and practice is still in the testing phase. What does block chain mean in areas like finance?
如何简单理解区块链
区块链本质上是一个去中心化的分布式账本数据库，其本身是一串使用密码学相关联所产生的数据块，每一个数据块中包含了多次交易有效确认的信息。
The block chain is essentially a decentralised distributed book database, which itself is a series of data blocks generated by cryptography, each containing information validly confirmed by multiple transactions.
如果要形象地来理解区块链，那么支付宝的案例较为合适，其也被多次用于解释何为中心化和去中心化。例如，若要用支付宝买一部手机，交易流程是：将钱打给支付宝－支付宝收款后通知卖家发货－卖家发货－你确认收货－支付宝把钱打给卖家。在这个过程中，虽然你是在和卖家交易，但是这笔交易还牵扯到了第三方，即支付宝。因此，如果支付宝系统出了问题便会造成这笔交易的失败。
For example, in order to buy a mobile phone with a payment treasure, the transaction process is to call the money to pay the money - to notify the seller of the money - to send the goods - to confirm the receipt - to pay the money to the seller. In the process, although you are dealing with the seller, the transaction is also connected to a third party, that is, to pay the money.
而去中心化的处理方式则是，你只需要和卖家交换钱和手机，然后双方都声称完成了这笔交易，流程就完成了。但是，在去中心化以后，整个系统中没有了权威的中心化代理，信息的可信度和准确性便会面临问题。这时，基于区块链技术，形象地来说，就是账本在每个人的电脑上，即我声明把100块钱给卖家了，而且这个声明是所有用户都接收到的，这个支付操作不需要第三方参与。整个网络里的所有用户都知道我给了他100块钱，这样所有人的电子账本上都给我减去了这100块钱，给卖家加了100块钱。去中心化、加密化是区块链的重要标志，因此原则上来说，区块链技术可以从技术上保证安全。
The centralization process is that you simply exchange money and cell phones with the seller, and both parties claim to have completed the transaction, and the process is complete. But, after the centralization, there is no centralization of authority in the system, and the credibility and accuracy of the information is a problem. At that point, based on block chain technology, it is visualized that the account book is on everyone's computer, i.e., that I declare 100 dollars to all users, and that the payment is received without the involvement of a third party. All users in the entire network know that I gave him 100 dollars, so that everyone else's electronic books subtracted 100 dollars and added 100 dollars to the seller. Decentralization, encryption, is an important sign of the block chain, so that, in principle, the block chain technology can be technically secure.
尽管理想中的区块链很美好，但区块链技术要与实体商业对接，在技术和规则上还需要进一步开拓，区块链解决的所谓“不信任”问题其对象也只局限于区块链上的数据。因此如果区块链要与实体业务对接，还需要进一步推动实体与数据之间跨域的“游戏规则”的建立，这也是为何目前的实践应用也仅限于试水阶段。
While the desired block chain is beautiful, the technology of block chain interface with entity commerce needs to be further developed both technically and by regulation, with so-called “ mistrust & & rdquo addressed by block chains; the problem being limited to data on the block chain. So if block chains are to interface with entity operations, & & ldquao; rules of the game & & rdquo; and establishment, the application of current practice is also limited to the test water phase.
供应链金融领域的应用
不可否认，相比起前两年的炒作，2018年是分水岭，在2019年我们看到更多的应用场景，如何应用区块链技术去解决某个行业或领域的问题。比如说食品溯源、司法的存证、音乐的版权等，也包括供应链金融的数据真实性来满足金融产品的应用问题。
There is no denying that 2018 is a watershed compared to the previous two years, and in 2019 we saw more applications of block-chain technology to solve problems in a particular industry or field. For example, food traceability, judicial documentation, copyright for music, etc., also includes data authenticity in supply chain finance to meet the application of financial products.
目前，在汽车整车物流供应链领域，区块链的优越性逐步凸显，且已经出现了一些落地应用。
At present, the advantages of block chains are becoming apparent in the area of whole-car logistics supply chains, and a number of landing applications have emerged.
该行业的痛点在于，汽车整车物流的承运商很多是个体户，货车的过路费、油费、保养费、司机工资等，综合起来是笔不小的开支。而运费往往有较长的账期，资金周转很容易出现问题，导致业务难以持续拓展。此前，银行很难触达这些承运商，一是因为贷款额度太小（几万到几十万元）；二是很难对这些贷款申请进行专程调查，承运商同样很难向银行提供应收账款凭证，提交贷款所需的审计报告等。
The industry suffers from the fact that many of the carriers of car-to-car logistics are self-employed, and that the cost of transit, oil, maintenance, driver’s wages, etc. is a great expense combined. And freight costs tend to be long-term, making the flow of funds difficult to sustain. Previously, it was difficult for banks to reach these carriers, either because the loan amount was too small (from tens of thousands to hundreds of thousands); and second, it was difficult to carry out an ad hoc investigation of these loan applications, and it was also difficult for carriers to provide bank certificates of receivables, audit reports for loans, etc.
为了解决这个问题，以“运链盟—汽车供应链物流服务平台”为例，通过将整车物流业务相关方上链管理，汽车主机厂商和物流总包商可在线发布订单和运单，各级承运商可将作业交接凭证、结算凭证、发票等业务数据记录在线，并实现上下游企业在线对账。金融机构则可以根据链上记录的业务数据，为承运商提供融资服务。
In order to address this problem, “ Linkage & mdash; Auto Supply Chain Logistics Services platform & & rdquo; for example, through the uplink management of business-related aspects of whole-of-car logistics operations, the owner of the vehicle and the master contractor of logistics can issue orders and manifests online, and the carrier at all levels can record operational data such as operational handover vouchers, settlement vouchers, invoices, etc., and perform online reconciliations between upstream and downstream enterprises. Financial institutions can provide financing services to carriers on the basis of the business data recorded on the chain.
简单来说，这是为承运商增信，使得银行敢于为承运商提供金融服务。对于承运商而言，银行贷款利率由此从15%~18%降至7%左右，显然是很大的优惠；对于银行来说，贷款给信用等级优质的汽车制造商，仅能收取优惠利率（约5%以下），现在这些企业替承运商做担保，证明每个月的确会支付承运商一定数量的运费（应收账款），银行更敢于贷款给承运商，相较而言等于多赚了利差。就整体效应来说，这种模式其实降低了实体经济融资成本。因为承运商如果无法获得银行贷款，很可能就要去举借民间高利贷。目前，类似上述的区块链场景应用已经越来越多。
Simply put, this is an increase in the carrier’s confidence that banks are willing to provide financial services to carriers. For carriers, the bank loan interest rate has thus dropped from 15-18% to around 7%, apparently on a very favourable basis; for banks, loans to high-quality car manufacturers can only charge preferential interest rates (about 5%), which are now secured on behalf of carriers, proving that they do pay a certain amount of freight (receivables) per month, and banks are more likely to lend to carriers, which is more profitable than ever.
海外探索用区块链加速银行间交易结算
Overseas Exploration Block Chains to accelerate Inter-bank Transactions Settlement
区块链的另一大理想场景则是银行间的交易结算，摩根大通此前在这一领域已经进行探索。
Another ideal scenario of the block chain is inter-bank transactions settlement, an area that was previously explored by J. J. Morgan Chase.
摩根大通银行间信息网络（IIN）自2017年启动试点、2018年推出以来快速扩大，截至今年9月，已有包括德银在内的超过400家银行加入，其中超过65家银行已正式上线。
The Morgan Chase Interbank Information Network (IIN) has expanded rapidly since its launch in 2017 and its launch in 2018. As of September of this year, more than 400 banks, including Deutsche Bank, had joined, of which more than 65 have been officially online.
IIN旨在利用区块链等新兴技术，为复杂的跨境支付行业提供更好的服务，让款项可以更快速、更便捷地到达收款人账户，参与的银行也成为应用开发生态系统的一部分，可以各自开发符合自身需求的解决方案。
IIN aims to make use of emerging technologies, such as block chains, to provide better services to complex cross-border payment industries, allowing faster and easier access to payee accounts, and participating banks to become part of the application of ecosystem development and to develop individually solutions tailored to their needs.
具体而言，如果用分布式账本，共享账本则能实现一秒对账了，省去了很多中后台人力，也节省了资金在途时间。在途的资金无法生利息，早一点到账也能早一点释放资本金。
Specifically, if you use a distributed book, the shared book will be reconciled for one second, save a lot of back-office manpower and save money on the way.
跨境汇款也是适用于联盟链的场景。其好处首先是时间短，因为不同于传统支付体系，区块链上的交易和清算是实时的。其次，也能够降低汇款成本。
Cross-border remittances are also relevant to the coalition chain. The benefits are, first, short in time, because transactions and liquidations on the block chain are real-time, unlike traditional payment systems. Second, they can reduce the cost of remittances.
不过，就区块链交易所而言，目前仍停留在研究阶段，其实际性有待考证。此外，此前有报道称，全球多家证券交易所也在研究将区块链技术运用到证券交易全流程，以提高证券交易、清算和结算速度。
However, as far as block chain exchanges are concerned, they are still at the research stage, and their practicality has yet to be tested. In addition, there have been reports that global stock exchanges are also studying the application of block chain technology to the securities trading process as a whole, with a view to increasing the speed at which securities are traded, settled and settled.
问题在于，传统交易所的技术力量强大，上述消息表明，全球交易所更多在研究分布式账本这项技术对清算、结算的潜在影响，短期内可能仍然只停留在实验阶段。传统交易所只负责交易撮合和确认，此后股票的结算是在结算公司，资金的交收则是银行的事情。“三权分立”的模式，是经历风雨后形成的。在效率方面，上交所每秒20多万笔的成交，而且完全可以承受T+0，若用区块链则是“三步合一”，不仅效率不高而且可能带来未知的风险。
The problem is that the technology of traditional exchanges is powerful, and the above information suggests that more global exchanges are studying the potential impact of distributed books on liquidation and settlement, which may remain only at the experimental stage in the short term. The traditional exchanges are only responsible for brokering and confirming transactions, after which stocks are settled in the firm, and the transfer of funds is a matter for banks. & ldquo; separation of powers & rdquo; the model is developed after the storm. In terms of efficiency, more than 200,000 transactions per second are processed, and T+0 can be fully absorbed, with a chain of blocks being & & ldquao; three steps together & & rdquao; not only inefficient but also with unknown risks.
Libra前途未卜、DC/EP无需基于区块链
在说央行数字货币前，不得不提的就是Libra。今年6月，Facebook（脸书）的Libra项目白皮书一经发布，便轰动世界，Libra将打造的是去中心化区块链、低波动性加密货币和智能合约的综合平台，被誉为是区块链界的一次颠覆性实验。
Before talking about the central bank’s digital currency, it is Libra. Last June, when Facebook’s Libra Project White Paper was released, it shocked the world, and Libra will build an integrated platform for decentralizing block chains, low-volatility encrypted currency, and smart contracts, known as a subversive experiment in block chains.
但7月时，美国监管保守派就已经来势汹汹。美国国会在7月16日和17日举行了两次听证会，对Libra表示质疑。主要问题集中在三个方面：一是隐私，二是如何保证做到反洗钱，三是关于国家安全或者说如何防止冲击金融系统。“Libra之父”马库斯尽管极尽全力解答疑问，但并没有消除这些质疑。
On July 16 and 17, the United States Congress held two hearings in which it questioned Libra. The main issues focused on three areas: privacy, how to ensure anti-money-laundering, and national security, or how to prevent shocks to the financial system. & ldquo; Libra’s father & rdquo; and Marcus did not resolve those questions, despite his best efforts to answer them.
与大多数加密货币不同，Libra是稳定币（Stablecoin）的一种，其完全由真实资产储备提供支持。每个新创建的Libra加密货币，都有相对应价值的一篮子货币和短期政府债券等，以此建立人们对其内在价值的信任。然而问题也在于，Libra究竟要如何管理资产价格的波动？如何真正保证资金管理的安全？其受众又能否接受？其一旦推出，大有冲击全球货币体系之势，监管的围追堵截可想而知。
Unlike most encrypted currencies, Libra is a stable currency, supported entirely by real asset reserves. Every newly created Libra encrypted currency, with a basket of money and short-term government bonds of comparable value, builds confidence in its intrinsic value.
再说到中国央行目前在酝酿的央行数字货币DC/EP（Digital Currency/Electronic Payment），其没有像Libra那样用到真正的区块链，根据万向区块链邹传伟的研究，DC/EP可能使用基于UTXO（Unspent Transaction Output，未花费的交易支出）模式的中心化账本，但仍属于Token范式。这个中心化账本体现为中央银行维护的数字货币发行登记系统，不需要跑共识算法，不会受制于区块链的性能瓶颈。区块链可能用于数字货币的确权登记，居于辅助地位。
Moreover, the central bank’s currently engineered central bank digital currency DC/EP (Digital Policy/Electrical Payment), which does not use a genuine block chain as Libra does, may use a centralized account book based on the UTXO model (Unspent Trade Operations Output, Unspent Transaction Expenditure), but it is still a Token paradigm. This central account book is embodied in the digital currency registry system maintained by the central bank, which does not need to run consensus algorithms and is not subject to block chain performance bottlenecks.
之所以不需要去中心化，是因为系统由中央银行维护，中央银行的信用显著高于商业银行和其他私营机构，没必要在DC/EP中引入区块链代表的分布式信任机制，所以DC/EP使用中心化账本是有道理的。当然，也可以把基于UTXO模式的中心化账本视为一种“退化”的区块链（或只有一个节点的区块链）。
There is no need to decentralize because the system is maintained by the Central Bank, whose credit is significantly higher than that of commercial banks and other private institutions, and there is no need to introduce distributed trust mechanisms represented by block chains in DC/EP, so DC/EP uses a centralized account book. Of course, a centralized account book based on the UTXO model can also be seen as a & ldquo; degradation & rdquo; and a block chain (or a block chain with only one node).
用户需要使用DC/EP钱包，钱包的核心是一对公钥和私钥。公钥也是地址，地址里面存放人民币的数字凭证。这个数字凭证基于100%人民币准备金发行。用户可以看到其他用户的地址，但不一定知道地址所有者的身份。中央银行通过管理的数字货币登记中心，知道地址与用户身份之间的对应关系，但不一定是强实名制。
Users need to use DC/EP wallets, whose core is a pair of public and private keys. Public keys are also addresses, in which digital vouchers in the renminbi are stored. The vouchers are issued on the basis of 100% RMB reserve. Users can see the addresses of other users, but do not necessarily know the identity of the address owner.
就DC/EP交易而言，用户通过钱包私钥，可以发起地址间转账交易。DC/EP转账交易不是像公链内Token交易那样，先广播到点对点网络中，再由矿工打包进区块并运行共识算法，而是由中央银行直接记录在中心化账本中。
In the case of DC/EP transactions, users can initiate inter-address transfer transactions through their wallets. DC/EP transfer transactions are not broadcast to the point-to-point network, then packaged by miners into blocks and run consensus algorithms, as in the case of Token transactions in the public chain, but are recorded directly by the Central Bank in the central ledger.
尽管DC/EP尚在酝酿阶段，但各界也认为，其将对“断直连”后第三方支付（支付宝、微信）产生一定冲击。但是，如果DC/EP钱包所依托的公私钥应用在普及程度、用户体验和私钥安全管理等方面没有显著提升，将会出现专门的数字货币托管和支付机构，这是私营机构参与DC/EP的主要机会，而场景的发掘也至关重要。
Although DC/EP is still in the gestation phase, there is also a perception that it will have some impact on “ breaking & rdquo; and subsequent third-party payments (paying treasures, micro-letters). But, if there is no significant improvement in the public-private key applications on which DC/EP wallets are based in terms of coverage, user experience, and private key security management, there will be a dedicated digital money hosting and payment agency, which is the main opportunity for private sector agencies to participate in DC/EP, and the discovery of the scene is also crucial.
第一财经获授权转载自“秦朔朋友圈”微信公众号
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