Blockchain Technology Empowers China's Green Finance Innovation Development

Dongming Zhuang

doi:10.54254/2754-1169/39/20231945

Research Article

Open access

Published on 10 November 2023

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Zhuang,D. (2023). Blockchain Technology Empowers China's Green Finance Innovation Development. Advances in Economics, Management and Political Sciences,39,114-120.

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Blockchain Technology Empowers China's Green Finance Innovation Development

Dongming Zhuang *^,1,

¹ Tianjin University of Finance and Economics

* Author to whom correspondence should be addressed.

https://doi.org/10.54254/2754-1169/39/20231945

Abstract

Financial technology and green finance have an irreplaceable position in today's society. The relationship between the two is becoming increasingly close due to the diversification of economic development. For a long time, with the main support of national banks, China's green finance has been initially developed, but there are still many defects in its development, mainly facing five major challenges of imperfect information sharing, high riskiness of green projects, low participation of green industry, lack of effective regulatory mechanism and too single green financial products. By systematically analyzing the problems faced in the development of green finance in China, this paper aims to propose five specific suggestions and solutions by combining the four characteristics of blockchain: distributed ledger, decentralization, de-trust and non-tamperability, as well as its three application types of public chain, private chain and alliance chain to improve the information sharing system, use smart contracts to reduce risks, promote the transformation of small and micro enterprises through inclusive finance, introduce sandbox supervision mechanism and increase supervision, and enrich green financial service products. The use of blockchain features can provide feasibility for solving the current dilemma of green finance development and empower the innovative development of green finance.

Keywords

financial technology, blockchain, green financial innovation

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Cite this article

Zhuang,D. (2023). Blockchain Technology Empowers China's Green Finance Innovation Development. Advances in Economics, Management and Political Sciences,39,114-120.

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About volume

Volume title: Proceedings of the 7th International Conference on Economic Management and Green Development

Conference website: https://www.icemgd.org/

ISBN：978-1-83558-099-8(Print) / 978-1-83558-100-1(Online)

Conference date: 6 August 2023

Editor：Canh Thien Dang

Series: Advances in Economics, Management and Political Sciences

Volume number: Vol.39

ISSN：2754-1169(Print) / 2754-1177(Online)

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