Recently, Sun Xiaopan, Executive President of Beijing Association for the Promotion of Asia-Pacific Economic Cooperation, met with Zou Pingzuo, Principal Investigator of the People's Bank of China to discuss the application of blockchain technology in the financial field and both agreed that blockchain technology will drive the development of China in the global financial competition, reshape the global financial industry, and rebuild the financial system among the world.

 （Sun Xiaopan, Executive President of Beijing Association for the Promotion of Asia-Pacific Economic Cooperation; Zou Pingzuo, Principal Investigator of the People's Bank of China）

Professor Zou also pointed out that the combination of blockchain and financial business has already realized the leap from “idea” to “product” and has begun to profoundly affect the transformation of financial business. Taking supply chain finance as an example, with the deep restriction of the industry: the credit of core enterprises is difficult to pass to multi-level suppliers, which causes difficulties in financing. It is difficult to verify the authenticity of trade background, which delays the business processes. Data security of supply chain platforms and authenticity are hard to guarantee, for they are required to be verified by a third-party authority. Due to the need of data interaction, multi-party systems such as the bank supply chain pre-system are docked, which is time-consuming and labor-intensive. The application of blockchain technology can not only solve the above pain points, but also build a trust ecology, so that credit can be effectively transmitted along the supply chain, thereby promoting the traditional supply chain finance to safely and efficiently benefit the entire chain.

Undoubtedly, finance has been the significant part in global blockchain innovation and application exploration. Great breakthroughs have been made in exploration and development in cross-border remittances, payment and settlement, and smart contracts since 2018. In June, Ant Financial launched the world's first e-wallet cross-border remittance service based on blockchain technology; in August, Tencent launched the nation's first blockchain electronic invoice; in September, JPMorgan Chase and other three banks initiated blockchain payment trials and implemented them in 75 new banks around the world to achieve seamless and fast interbank settlements. It can be seen that the global exploration of blockchain technology in the financial field will stimulate the online, intelligent and ecologicalization of the future financial industry.

Sun Xiaopan pointed that the blockchain technology can effectively solve problems such as information asymmetry, the centralization of intermediaries, and “information islands”; greatly improve the breadth, depth and efficiency of traditional financial services. It can be said that the blockchain is profoundly affecting the evolution of financial business. In 2019, the application of blockchain will speed up in the fields of supply chain finance, cross-border payment, asset securitization, bills, and credit reporting and risk management.