Blockchain technology and innovation in the financial services market of China

Abstract

The objective of this paper is to explain the innovations and improvement of blockchain technology’s use of current internet finance industry in China. Through quantitative analysis, this paper explores the cognition of Internet financial risk and some existing problems of the current general population. Based on the qualitative analysis, the innovation brought by the technical characteristics of blockchain to the financial field is discussed to improve the transaction efficiency, reduce the transaction cost and reduce the risk. The rapid development of Internet technology has greatly improved the efficiency of financial services, with the rapid growth of transaction volume, the improvement of transaction efficiency is still an urgent need in the field of financial services. It also brings new challenges to financial management, and exposes some problems and risks in its rapid development process. In multi-party transaction scenarios, there are often problems such as information dispersion, repeated verification, complex process and time-lag, etc. However, the mutual trust platform with block chain technology as the core can share information more effectively, merge verification, simplify process and improve time. The research based on this paper can provide some reference for the further development of blockchain technology in the financial field in China.