Abstract
Blockchain technology is considered to be a subversive innovation of computing mode after mainframe, personal computer and Internet. In the financial, medical, supply chain and other industries show great development potential. As an important part of financial management, financial transfer payment system is an important part of modern financial system. This paper combines blockchain technology with the management of financial transfer payment, analyzes the adaptation scenarios of blockchain technology, summarizes the status and development bottleneck of financial transfer payment informatization, tries to establish a financial transfer payment system based on blockchain technology, describes the advantages of blockchain technology in supporting the management of financial transfer payment, and puts forward suggestions on the possible problems.
Highlights
The report of the 19th National Congress of the Communist Party of China[1] pointed out that the establishment of a modern fiscal system should be accelerated, and the central and local fiscal relations should be established with clear powers and responsibilities, financial coordination, and regional balance
In view of the huge scale of financial transfer payment funds, a relatively high proportion of expenditures, and the important role it plays in ensuring the smooth implementation of central policies and effectively improving the governance capabilities of local governments, the Budget Law [2] requires that financial transfer payments should be normative, fair and open
In the financial transfer payment system based on blockchain technology, the national, provincial, municipal, and county financial departments and supervision departments are connected in the form of nodes
Summary
The report of the 19th National Congress of the Communist Party of China[1] pointed out that the establishment of a modern fiscal system should be accelerated, and the central and local fiscal relations should be established with clear powers and responsibilities, financial coordination, and regional balance. The fiscal transfer payment system of China is an important part aspect for clarifying the fiscal powers and expenditure responsibilities of the central and local governments. In view of the huge scale of financial transfer payment funds, a relatively high proportion of expenditures, and the important role it plays in ensuring the smooth implementation of central policies and effectively improving the governance capabilities of local governments, the Budget Law [2] requires that financial transfer payments should be normative, fair and open. Any administrative division can't grasp the usage data of financial transfer payment funds in time and lacks the means to supervise the whole process. The process of financial transfer payment fund management involves financial department and budget departments at all levels, which fits the characteristics of blockchain, such as multi-party participation, decentralization, openness and transparency. This article will try to explore ‘blockchain + financial transfer payment’, which builds a financial transfer payment system based on blockchain technology, analyses the advantages of that system, and puts forward countermeasures and suggestions for the difficulties in promotion and application
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