Blockchain is a new application model for computer technology such as distributed data storage, peer-to-peer transmission, consensus mechanism, and encryption algorithms. Blockchain is essentially a decentralized database and serves as the underlying technology for innovative financial businesses. It is a series of data blocks generated using cryptographic methods, each containing information about a batch of financial network transactions, used to verify the effectiveness of its information (anti-counterfeiting) and generate the next block.
The distributed ledger technology, a key element of blockchain, grants all network participants access to the distributed ledger and its immutable transaction records. Using this shared ledger, transactions are only recorded once, eliminating typical duplicate work in traditional business networks. The recorded account cannot be changed arbitrarily, and after the transaction is recorded in the shared ledger, no participant is allowed to change or tamper with the transaction. If the transaction record contains an error, a new transaction must be added to undo the error, and both transactions will be visible.
Given the arrival of the new era of technology and finance, commercial banks have the characteristics of high transparency, strong attack resistance, and traceability in blockchain technology, achieving distributed accounting between banks and enterprises, allowing each node to track and supervise common information, which cannot be arbitrarily changed, and can trace more detailed information, achieving automated information association and sharing.
The blockchain finance project involved in the development and implementation team of IPACS core application is to effectively utilize this technology in the financial field. The company's bank core business system development team collaborates with financial clients to develop digital innovation business projects, and uses blockchain technology to solve core issues such as information and data storage, verification, invocation, and data credit in the financial system, Its natural decentralization and public attributes also align with the public service attributes of finance itself.
