FeaturesWang Yongli: Blockchain has obvious advantages over traditional banks and SWIFT
According to Bijie.com, Wang Yongli, former Vice President of the Bank of China, has published an article stating that the integration of blockchain and encryption technologies has enabled a single platform with borderless global coverage. By integrating the platform's operating rules into the system, the platform controller is no longer required as an intermediary. Users register and open accounts on a unified platform, rather than with a clearing house. Clearing houses are no longer required as transfer intermediaries. Instead, payers make their own payments, achieving direct point-to-point payments with payees. The platform system participates in distributed verification, storage, and accounting, ensuring that the entire process is transparent, traceable, and difficult to falsify. This can greatly improve efficiency and reduce costs, especially compared to the traditional cross-border payment and clearing system dominated by banks and SWIFT. Its superiority is very obvious, bringing a huge impact to the traditional payment and clearing system. This new blockchain technology and platform can now promote blockchain-native crypto assets (such as Bitcoin, Ethereum, etc.), as well as blockchain-derived crypto assets issued through ICOs (various altcoins), various stablecoins (especially fiat stablecoins pegged to fiat currencies), non-fungible tokens (NFTs), real-world asset tokens (RWA, including real data asset tokens RDA), and even tokenized stocks, tokenized bonds, tokenized money funds, etc., to achieve global 7x24 hours of uninterrupted trading and settlement on public (non-permissioned) blockchain platforms, thereby giving birth to a new borderless "crypto world" and accelerating its development. This trend requires close attention.