Research On Risk Of Internet Financial Based On Blockchain Trust Mechanism

This paper,from the perspective of trust and blockchain trust mechanism,takes the default risk of P2 P lending as the main research object,and studies the root,essence and prevention method of default risk in credit transaction.The research process is based on three facts: First,blockchain trust mechanism can reduce reliance on credit intermediaries and achieve direct trust between financial transactions.Specifically,financial transactions can build mutual trust between points and complete peer trading without central credit endorsement.Second,the P2 P network lending is a typical direct financial mode,and there is a need for direct trust.Under the assumption that P2 P lending institutions meet the requirements of business compliance and peer trading,default risk is not only caused by credit problems,but also by trust issues.The borrower's low credit level is still the largest short board in the industry.In addition to enhancing the risk control technology,the risk of default can not be reduced by changing the average credit level in the short term.From the transaction process,the degree of direct trust of the lender affects the transaction scale,the rationality of lenders' direct trust affects the probability of default risk.Third,there are functional defects in information disclosure and sharing mechanism.Using the year of 2015-2017 micro data and the online survey data of the investor,this paper examines the effect of information disclosure and information sharing mechanism on establishing direct trust and resolving default risk,reveals the shortcomings of the two mechanisms,and examines the application of the block chain trust mechanism in the network lending.The research founds that: First,the information disclosure mechanism can be divided into three aspects: the network information technology,the meaning of the risk information,the authenticity of the information,and the direct trust is completed by reducing the information cost,exposing the characteristics of the borrower's default risk and reducing the information asymmetry.The disadvantage is that the lender has false trust under the information disclosure mechanism,which leads to default risk.The regression results of the empirical model show that the borrower's ability to repay the lender's repayment ability is too optimistic to reveal the authenticity of the information and the risk information,and there is a right bias.It shows that the function of information disclosure mechanism is limited.Second,information sharing mechanism encourages borrowers to performance and penalties for breach of contract,strengthening direct trust,increasing financial supply,and improving the efficiency of establishing direct trust.The limitation of information sharing lies in the fact that the direct trust level of the borrower can not be raised generally.The change of direct trust is not only related to the degree of information sharing,but also related to the individual characteristics and participation experience,and the lender who has no related experience is not easy to change trust expectation.Third,the blockchain trust mechanism can improve the authenticity of information through multiparty consensus,and realize the circulation of barrier free information through distributed accounting,and further improve the information disclosure and sharing.Building intelligent contracts based on blockchain trust mechanism will effectively increase P2 P lending direct trust and reduce default risk.From the perspective of trust,this paper explains the reasons for the default risk in P2 P lending,examines the effect of information disclosure and information sharing mechanism to establish direct trust and reduce the risk of default,analyzes the application of the blockchain trust mechanism in peer to peer credit transaction.It is of great significance to promote the healthy development of P2 P lending,improve the financial service ability,optimize the financial structure and alleviate the small and medium enterprises and individual investment and financing.