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[#]: collector: (lujun9972)
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[#]: translator: (sanfusu)
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[#]: reviewer: ( )
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[#]: publisher: ( )
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[#]: url: ( )
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[#]: subject: (Blockchain 2.0: Revolutionizing The Financial System [Part 2])
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[#]: via: (https://www.ostechnix.com/blockchain-2-0-revolutionizing-the-financial-system/)
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[#]: author: (EDITOR https://www.ostechnix.com/author/editor/)
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Blockchain 2.0: Revolutionizing The Financial System [Part 2]
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======
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This is the second part of our [**Blockchain 2.0**][1] series. The blockchain can transform how individuals and institutions deal with their finances. This post looks at how the existing monetary system evolved and how new blockchain systems are bringing in change as the next crucial step in the evolution of money.
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Two key ideas will lay the foundation for this article. **PayPal** , when it was launched, was revolutionary in terms of its operation. The company would gather, process and confirm massive amounts of consumer data to facilitate online transactions of all kinds, virtually allowing platforms such as eBay to grow into trustful sources for commerce, and laying the benchmark for digital payment systems worldwide. The second, albeit much more important key idea to be highlighted here, is a somewhat existential question. We all use money or rather currency for our day-to-day needs. A ten-dollar bill will get you a cup or two from your favorite coffee shop and get you a head start on your day for instance. We depend on our respective national currencies for virtually everything.
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Sure, mankind has come a long way since the **barter system** ruled what you ate for breakfast, but still, what exactly is currency? Who or what gives it it’s a value? And as the popular rumor suggests, does going to a bank and giving them a dollar bill actually get you the true value of whatever that currency “token” stands for?
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The answer to most of those questions doesn’t exist. If they do, they’ll to be undependably vague and subjective at best. Back in the day when civilization started off establishing small cities and towns, the local currency deemed legal by the guy who ruled over them, was almost always made of something precious to that community. Indians are thought to have transacted in peppercorns while ancient Greeks and Romans in **salt** [1]. Gradually most of these little prehistoric civilizations adopted precious metals and stones as their tokens to transact. Gold coins, silver heirlooms, and rubies became eponymous with “value”. With the industrial revolution, people started printing these tokens of transaction and we finally seemed to have found our calling in paper currencies. They were dependable and cheap to produce and as long as a nation-state guaranteed its users that the piece of paper, they were holding was just a token for an amount of “value” they had and as long as they were able to show them that this value when demanded could be supported with precious substances such as gold or hard assets, people were happy to use them. However, if you still believe that the currency note you hold in your hand right now has the same guarantee, you’re wrong. We currently live in an age where almost all the major currencies in circulation around the globe are what economists would call a **fiat currency** [2]. Value-less pieces of paper that are only backed by the guarantees of the nation-state you’re residing in. The exact nature of fiat currencies and why they may possibly be a flawed system falls into the domain of economics and we won’t get into that now.
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In fact, the only takeaway from all of this history that is relevant to this post is that civilizations started using tokens that hinted or represented value for trading goods and services rather than the non-practical barter system. Tokens. Naturally, this is the crucial concept behind cryptocurrencies as well. They don’t have any inherent value attached to them. Their value is tied to the number of people adopting that particular platform, the trust the adopters have on the system, and of course if released by a supervising entity, the background of the entity itself. The high price and market cap of **Bitcoin (BTC)** isn’t a coincidence, they were among the first in business and had a lot of early adopters. This ultimate truth behind cryptocurrencies is what makes it so important yet so unforgivingly complex to understand. It’s the natural next step in the evolution of “money”. Some understand this and some still like to think of the solid currency concept where “real” money is always backed by something of inherent value.[3] Though there have been countless debates and studies on this dilemma, there is no looking back from a blockchain powered future.
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For instance, the country of **Ecuador** made headlines in 2015 for its purported plans to develop and release **its own national cryptocurrency** [4]. Albeit the attempt officially was to aid and support their existing currency system. Since then other countries and their regulatory bodies have or are drafting up papers to control the “epidemic” that is cryptocurrency with some already having published frameworks to the extent of creating a roadmap for blockchain and crypto development. **Germany** is thought to be investing in a long term blockchain project to streamline its taxation and financial systems[5]. Banks in developing countries are joining in on something called a Bank chain, cooperating in creating a **private blockchain** to increase efficiency in and optimize their operations
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Now is when we tie both the ends of the stories together, remember the first mention of PayPal before the casual history lesson? Experts have compared Bitcoin’s (BTC) adoption rate with that of PayPal when it was launched. Initial consumer hesitation, where only a few early adopters are ready to jump into using the said product and then all a wider adoption gradually becoming a benchmark for similar platforms. Bitcoin (BTC) is already a benchmark for similar cryptocurrency platforms with major coins such as **Ethereum (ETH)** and **Ripple (XRP)** [6]. Adoption is steadily increasing, legal and regulatory frameworks being made to support it, and active research and development being done on the front as well. And not unlike PayPal, experts believe that cryptocurrencies and platforms utilizing blockchain tech for their digital infrastructure will soon become the standard norm rather than the exception.
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Although the rise in cryptocurrency prices in 2018 can be termed as an economic bubble, companies and governments have continued to invest as much or more into the development of their own blockchain platforms and financial tokens. To counteract and prevent such an incident in the future while still looking forward to investing in the area, an alternative to traditional cryptocurrencies called **stablecoins** have made the rounds recently.
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Financial behemoth **JP Morgan** came out with their own enterprise ready blockchain solution called **Quorum** handling their stablecoin called **JPM Coin** [7]. Each such JPM coin is tied to 1 USD and their value is guaranteed by the parent organization under supporting legal frameworks, in this case, JP Morgan. Platforms such as this one make it easier for large financial transactions to the tunes of millions or billions of dollars to be transferred instantaneously over the internet without having to rely on conventional banking systems such as SWIFT which involve lengthy procedures and are themselves decades old.
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In the same spirit of making the niceties of the blockchain available for everyone, The Ethereum platform allows 3rd parties to utilize their blockchain or derive from it to create and administer their own takes on the triad of the **Blockchain-protocol-token** system thereby leading to wider adoption of the standard with lesser work on its foundations.
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The blockchain allows for digital versions of existing financial instruments to be created, recorded, and traded quickly over a network without the need for third-party monitoring. The inherent safety and security features of the system makes the entire process totally safe and immune to fraud and tampering, basically the only reason why third-party monitoring was required in the sector. Another area where governmental and regulatory bodies presided over when it came to financial services and instruments were in regards to transparency and auditing. With blockchain banks and other financial institutes will be able to maintain a fully transparent, layered, almost permanent and tamper-proof record of all their transactions rendering auditing tasks near useless. Much needed developments and changes to the current financial system and services industry can be made possible by exploiting blockchains. The platform being distributed, tamper-proof, near permanent, and quick to execute is highly valuable to bankers and government regulators alike and their investments in this regard seem to be well placed[8].
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In the next article of the series, we see how companies are using blockchains to deliver the next generation of financial services. Looking at individual firms creating ripples in the industry, we explore how the future of a blockchain backed economy would look like.
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--------------------------------------------------------------------------------
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via: https://www.ostechnix.com/blockchain-2-0-revolutionizing-the-financial-system/
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作者：[EDITOR][a]
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选题：[lujun9972][b]
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译者：[译者ID](https://github.com/译者ID)
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校对：[校对者ID](https://github.com/校对者ID)
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本文由 [LCTT](https://github.com/LCTT/TranslateProject) 原创编译，[Linux中国](https://linux.cn/) 荣誉推出
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[a]: https://www.ostechnix.com/author/editor/
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[b]: https://github.com/lujun9972
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[1]: https://www.ostechnix.com/blockchain-2-0-an-introduction/
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@ -0,0 +1,53 @@
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[#]: collector: (lujun9972)
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[#]: translator: (sanfusu)
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[#]: reviewer: ( )
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[#]: publisher: ( )
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[#]: url: ( )
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[#]: subject: (Blockchain 2.0: Revolutionizing The Financial System [Part 2])
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[#]: via: (https://www.ostechnix.com/blockchain-2-0-revolutionizing-the-financial-system/)
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[#]: author: (EDITOR https://www.ostechnix.com/author/editor/)
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区块链2.0：金融体系改革[第2部分]
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======
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这是我们[**Blockchain 2.0**] [1]系列的第二部分。区块链可以改变个人和机构处理他们财务状况的方式。本文着眼于现有货币体系如何演变以及新的区块链系统如何为货币演变的下一个关键步骤带来改变。
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两个关键思想将为本文奠定基础。 **PayPal** 在推出之时，其运营操作上具有革命性。该公司将收集，处理和确认大量的消费者数据，以促进各种在线交易，从而切实允许 eBay 等平台成长为可信赖的商业来源，并为全球数字支付系统奠定基准。其二，虽然是要强调的更为重要的关键思想，但却是一个存在性问题。我们都使用金钱或货币来满足我们的日常需求。一张 10 美元的账单可以让你从最喜欢的咖啡店买到一两杯咖啡，从而开始美好的一天。事实上，我们各方面都依赖于各自的国家货币。
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当然，自从**易货系统**开始决定你的早餐是什么起，人类已经度过了漫长的时间。但是，货币到底是什么？谁或什么赋予它的价值？正如流行的谣言所说，去银行并给他们一美元钞票就可以获得货币“符号”所代表的真正价值吗？
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大多数问题的答案都不存在。如果他们这样做，他们最多将是不可思议的模糊和主观。早在文明开始建立小城镇的那一天，本地货币被统治者认为合法是合法货币，并且几乎总是由那个社区中宝贵的东西组成。人们认为印第安人使用干胡椒进行交易，而古希腊人和罗马人则使用**盐**[1]交易。渐渐地，这些史前启蒙文明中的大部分都采用贵重金属和石头作为代币进行交易。金币，银饰和红宝石开始与“价值”同名。随着工业发展，人们开始印刷这些交易凭证，我们终于似乎看到了对纸币需求的呼吁。纸币可靠且廉价，只要国家为其用户所持纸币提供担保，纸币所代表的“价值”可以在需要时，由同等价值的黄金或硬通货作支撑，人们便乐于使用它们。但是，如果你仍然认为你现在持有的纸币具有相同的保证，那么您就错了。我们目前生活在一个几乎所有主要货币都在全球流通的时代，经济学家称之为**法定货币** [2]。缺少价值的纸片只能得到你所居住的国家的保证支持。法定货币的确切性质以及为什么它们可能是一个有缺陷的系统属于经济领域，我们目前不会涉及。
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事实上，所有这一历史中与本篇文章相关的唯一的一点是，文明开始使用暗示或代表商品和服务贸易价值的代币，而不是非实际的易货系统。代币，当然，这也是加密货币背后的关键概念。他们没有任何固有的价值。它们的价值取决于采用该特定平台的人数，采用者对系统的信任，当然还有监管实体本身的背景（如果有监管实体的话）。 **比特币（BTC）**的高价格和市值并非巧合，它们是业内第一个加密货币并且有很多早期采用者。加密货币背后的最终真理使其如此重要而又具有如此难以理解的复杂性。这是“金钱”自然演变的下一步。有些人理解这一点，有些人仍然想到坚实的货币概念，其中“真正的”货币总是由某种内在价值支持。[3]虽然已经有无数关于这种困境的辩论和研究，但仍没有着眼于区块链的未来。
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例如，**厄瓜多尔**在 2015 年成为头条新闻，因为它声称计划开发和发布**自己的国家加密货币** [4]。虽然官方尝试是为了援助和支持他们现有的货币体系。从那时起，其他国家及其监管机构已经或正在起草文件来控制加密货币的“流行病”，其中一些已经发布了框架，以创建区块链和加密开发的路线图。 **德国**被认为正在长期投资区块链项目，以简化其税收和金融系统[5]。发展中国家的银行正在加入一个名为银行链的体系中，用以合作创建**私有区块链**以提高他们的效率并优化其运营
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现在，当我们将故事的两端结合在一起时，还记得在休闲历史课之前首次提到PayPal吗？专家们将比特币（BTC）的采用率与 PayPal 的采用率进行了比较。消费者最初有所犹豫，只有少数早期采用者准备好使用上述产品，但随后更广泛的采用逐渐成为类似平台的标杆态势。比特币（BTC）已经成为类似加密货币平台的基准，其主要硬币包括**以太坊（ETH）**和**波纹（XRP）** [6]。采用正在稳步增加，法律和监管框架也正在制定以支持它，积极的研究和开发也在进行中。与 PayPal 不同，专家认为，利用区块链技术为其数字基础设施提供加密货币和平台将很快成为标准规范而非个例。
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尽管 2018 年加密货币价格的上涨可以被称为经济泡沫，但公司和政府仍在继续投资开发自己的区块链平台和金融代币。为了抵制和预防未来发生这样的事件，并同时同时继续在该领域投资，替代传统加密货币的**稳定币**已经开发成功。
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金融巨头**摩根大通**推出了他们自己的企业就绪区块链解决方案，名为**Quorum**，用来处理被称为 **JPM Coin**[7]的稳定币。每个这样的 JPM 硬币都与 1 美元挂钩，其价值由母公司在支持法律框架下保证。像这样的平台使大型金融交易更容易通过互联网瞬间传输数百万或数十亿美元的音乐，而不必依赖 SWIFT 这样的传统银行系统，这些系统有着冗长的程序，而且本身已有数十年历史。
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为了让区块链的细节可供所有人使用，以太坊平台允许第三方利用他们的区块链或从中派生以创建和管理他们自己对**区块链-协议-令牌**三元组的看法。该系统使用更少的基础工作量来推动更广泛的标准采纳。
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区块链允许通过网络快速创建，记录和交易现有金融工具的数字版本，而无需第三方监控。该系统固有的安全性和安保特性使整个过程完全安全，并且不受欺诈和篡改的影响，这基本上是该部门需要第三方监控的唯一原因。政府和监管机构在金融服务和工具方面涉及的另一个领域是透明度和审计。通过区块链，银行和其他金融机构将能够维护完全透明，分层，几乎永久保存和防篡改的所有交易记录，使审计任务几乎无用。通过利用区块链，可以使当前金融系统和服务行业急需的发展和变化成为可能。分布式，防篡改，接近永久性存储和快速执行的平台对于银行家和政府监管机构来说都是非常有价值的，他们在这方面的投资似乎很有用[8]。
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在本系列的下一篇文章中，我们将了解公司如何使用区块链来提供下一代金融服务。纵观在行业中创造涟漪的个别公司后，我们将探讨区块链下的经济未来会如何发展。
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-------------------------------------------------- ------------------------------
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通过：https：//www.ostechnix.com/blockchain-2-0-revolutionizing-the-financial-system/
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作者：[EDITOR] [A]
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选题：[lujun9972] [B]
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译者：[sanfusu]（https://github.com/sanfusu）
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校对：校对者ID]（https://github.com/校对者ID）
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本文由[LCTT]（https://github.com/LCTT/TranslateProject）原创编译，[Linux中国]（https://linux.cn/）荣誉推出
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[a]：https：//www.ostechnix.com/author/editor/
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[b]：https：//github.com/lujun9972
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[1]：https：//www.ostechnix.com/blockchain-2-0-an-introduction/
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