能量守恒，在学术界中，对该词的定义是“各种能量形式互相转换是有方向和条件限制的，能量互相转换时其量值不变，表明能量是不能被创造或消灭的”。简单地说就是一种能量不会凭空消失，而是通过某种形式转化成另外一种能量，如一个物体从高空落下，重力势能转化为动能等。或许有人会感觉有点懵，这跟金融和科技有关系吗？这明明就是一个物理学里面的一个科学解释而已。但是大部分人可能也并不知道牛顿是金本位币制（Gold standard）的创始人吧！虽然不能100%地经济学里面的事情可以通过物理学的定义来解说，但绝对可以用类似的定义来分析。
Energy remains constant xff0c; in academia xff0c; the term is defined as xff0c, where there are directional and conditional limits to the conversion of various forms of energy. xff0c, where the amount of energy is constant xff0c; which indicates that energy cannot be created or eliminated.” Simply put, it is an energy that will not disappear in vain xff0c; it is transformed into another energy xff0c; for example, an object falling from a high altitude xff0c; gravity power to kinetic energy, etc.
股票交易的市场守恒定律
在股票市场里，能量守恒定律，指任何一个存在价格波动的市场，无论价格上涨还是下跌都是由市场内在多头合力与空头合力间的相互转换相互作用形成的。其中上涨和下跌的两个合力都由宏观拉力、价值拉力和市场情绪拉力组成。由于多（空）头力=宏观拉力+价值拉力+市场情绪拉力，而且三个拉力无论何时均存在着向上的拉力和向下的拉力，然后合并成多（空）头二力。所以价格或指数的上涨和下跌，只是两个力相互转换而已。就如同一个人通过滑轮和吊绳不断地将一桶水往高处拉，整个过程重力都一直存在，只是越往高处重力就小，拉力就越大。直到这个人感觉到很累，没有力气而忽然放手，那么水桶就会马上从高处掉落到地上，而且此过程的力量转换也会比拉上去的时候快。这个从近时点的2015年02月10日到7月09日或者较远时点的2005年12月20日到2008年10月30日，这两个上证A股就可以证明，涨起来需要长时间，跌起来仅需一下子。这也说明了上涨需要很多理由，下跌仅需一只“黑天鹅”的原因。多（空）头力=宏观拉力+价值拉力+市场情绪拉力，这个公式可以套用到任何只要存在价格交易的产品或市场当中，当多头力＞空头力则价格向上，反之价格向下。这是恒定不变的定理。但这两个力哪个何时会比较大，何时比较小的问题，则属于当下交易市场或者交易品种的构造问题，随时改变。市场只有恒定的理论，但没有恒定的交易模型，即便是目前流行的量化交易也要定期地修改公式或数据。市场永远是守恒的，唯一变化的是内在力量的转换。引用世界投资大师巴菲特先生的语句“没有公式能判定股票的真正价值，唯一方法是彻底了解这家公司”。
& #xff0c in the stock market; #xff0c; #xff0c; #jrjrjjjjjk; #43; #jrjrjjjjjjjk; #jrjrjk; #jrjöffk; #kjöfk; #kmjjjjjjök; #kjöfjöfjök; #kjöfjök; #kjöfjöfjök; #kjöfjök; #kjökjöfjöfjök; #jökjökjökjöfjök; #kjöfjöfjökjökjöfjök; #kjöfjökjökjöfjökjökjökjökjökjökjökjkjkjkjkjjjkwkjjjjjjjjwjjjjjm; ffhjmjwjwjwjwh; #kwhjwwht; #khtwwwwwht; #kwwwwwwwwwktttttttttttttttttttttt; fft; ffttttttttttttttttttttttttttttttt; ffttttttttttttttttttttttttt ftttttttttttttttttttt fttttttttttttt fttttttttttt ft ft ftttttttttttttttttt ftttttttttttt ftttt fttttttt ft ft ftt
金融资产质量和风控水平的能量守恒
The quality of financial assets and energy maintenance at wind control levels
金融的本质是风控。金融资产质量优，风控要做的事情就非常少，管理相对省力；金融质量差，则风控遇到的问题就会很多，管理相对费劲。金融平台的稳定运行，就像一个世界的缩影，能量在资产质量与风控水平间相互转换，无非是你多我少还是你少我多的问题。不过一旦，这种稳定被破坏，则会升级到更高维度的能量守恒中，具体表现是资产和风控双优平台稳定成长，资产劣质、风控羸弱的平台则面临暴雷、监管审查、业务发展迟缓等风险。两者综合起来仍然遵循着某种形态的能量守恒定律。
Financial assets are of excellent quality & #xff0c; wind controls are very few & #xff0c; management relative power & #xff1b; financial quality & #xff0c; and wind controls are very problematic & #xff0c; management is expensive. Financial platforms are stable xff0c; like a world microcosm xff0c; energy converts between asset quality and wind control levels xff0c; nothing is less for you or you are less for me. But once xff0c; this stability is destroyed xff0c; and it is upgraded to a higher dimension of energy maintenance #xff0c; this is demonstrated by assets and wind control two superior platforms growing steadily xff0c; platforms with poor asset quality, wind control and weak control are exposed to thunderstorms, regulatory reviews, slow business development, etc.
开发与测试，软件与运维的守恒定律
development and testingxff0c; constant law of software and transport
在软件行业，我们经常会看到开发团队与测试团队，软件部门与运维部门经常吵的不可开交，质量问题相互推诿，互相指责。这个现象也可以用能量守恒来解释，在同样交付质量标准下，开发人员多投入一些，测试人员工作量就相应减轻；开发质量变差，测试就会投入大量工作找问题，找到问题后倒逼开发改进。开发和测试都优秀的团队最终在企业竞争中生出，其产品也拥有更强的生命力；双差的团队，则会在竞争中逐步退出，其软件产品生命力也不强，随时会被竞争对手超越。这点上也是形成了更高维度的能量守恒。
In the software industry & #xff0c; we often see development teams and test teams & #xff0c; software departments and transport departments often argue inconspicuously #xff0c; quality issues push each other & #xff0c; blame each other. This phenomenon can also explain ， with energy constantity; xff0c under the same quality standards of delivery; developers invest more xff0c; test crews reduce xff1b; develop quality variations xff0c; test xff0c; test xff0c; develop a lot of work to find problems xff0c; develop and test good teams after finding problems xff0c; eventually develop xff0c in corporate competition; their products also have a stronger life force xff1b; double teams xff0c; and they gradually withdraw from competition xff0c; their software products do not have a strong life force xff0c; and they are likely to overtake higher energy.
在软件与运维环节也存在一样的问题，在同样的客户服务标准下，软件做的越好，运维工作量将会越轻松；软件生产存在大量问题的时候，诸如性能不过关、场景考虑不周全、功能体验不好等等，会导致软件上生产后产生大量的运维问题。运维问题暴露，倒逼软件生产团队对软件做出整改。双优的团队在市场竞争中胜出，双差的团队遭到淘汰，形成高维能量的守恒。
xff0c is the same problem with software as with its dimensions; under the same client service standards xff0c; the better the software xff0c; the easier it is going to be xff1b; when there are a lot of problems in software production xff0c; xff0c xff0c
软件开发代码守恒定律
Software development code to keep the law
软件架构设计里，我们经常会有一些原则，比如“薄前端、厚中台、强核心”，中台强调的是软件复用，不要造重复的轮子。但就具体某个软件功能而言，这种架构设计其实是一种代码转移。开发并长期运营的项目，实现同样功能需要编写/维护的代码量是固定的（准确地说是固定的最小代码量，因为有些项目搞不好还会引入另一个定律：熵增加原理），你在这个模块少写/维护了代码，就需要在另一个模块里多写/维护代码。前端偷懒少写代码，后端就需要补上；一个链路中的这个节点少些代码，后续节点就需要补上，或者你用其他现有框架实现功能，在使用第三方框架前你至少需要看那个框架的主要代码，如果不看以后出bug还是要看的。代码就在那里，你想看或不想看，你都得看。
xff0c in the software architecture design; we often have principles xff0c; e.g., “Blank front end, thick center, strong core” xff0c; medium-level emphasis on software reuse xff0c; non-repeal wheels. But xff0c for a specific software function; this architecture design is a code transfer. The developed and long-run project xff0c; the number of codes that will need to be written/maintained is fixed xff08; precisely the minimum number of codes that will be fixed xff0c; the later end will need to be replaced xff1a; xff0; xx0xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.x.ff.x.x.x.x.
比特币与能量守恒定律
bitcoin and energy keep the law
在物理学中，“能量”的定义是表征物理系统做功本领的量度。这就意味着钱就是能量，因为它可以支付他人来完成工作。而在钱当中的能量，可被认为是“经济能量”。经济学家称经济能量为“价格”，并以“欧元”或“美元”等来衡量它们。但是，这些单位是抽象的，因它们的量会随时间而改变。物理学家宁愿选择使用焦耳或千瓦小时这样单位，这些在物理现实当中，是有具体依据的（如质量（kg）、长度（m）和时间（s））。既然钱就是能量，我们就可以运用能量守恒定律，既：“能量不能无故生成，也不能无故摧毁，但它能够改变形式。”你可能还记得高中时期的科学课本中提到的：一台烤面包机将电能转化成热能；一台搅拌机将电能转化成机械能。一张100美元的钞票具有显著的经济能量。然而，其在生成的过程中，使用的是廉价的原料以及微不足道的电能。那问题就来了：这100美元的经济能量，是从何而来？
In physics, xff0c; “energy” is defined as the measure of the ability of the physical system to do its work. This means that money is the amount of energy xff0c; it is the amount of energy xff0c; it can be considered “economic energy.” Economists refer to economic energy as “price” xff0c; it is measured as “euro” or “United States dollar”. But xff0c; these are abstract xff0c; their quantity will change with time xff0c; their amount will change with time xff0c; they are the unit of energy xff0c; they are in the physical reality xff0c; they are the source of energy x; they are the source of energy xx; they are the source of energy; they are the source of energy; they are the source of energy; they are the source of energy; they are the source of energy; they are the source of energy; they are the source of energy; they are the source of energy.
答案就来自经济学，其表示价格（经济能量）是供应与需求的体现。当商品的整体供应增加时，则每个单位的经济能量就会减小。因此，存储在一张新百元美钞中的能量，是从预先存在的美元当中转化过来的（其失去了一小部分的能量），而整个美元能量就是一个零和游戏。
The answer comes from economics & #xff0c; it means price & #xff08; economic energy & #xff09; it is a reflection of supply and demand. When the overall supply of commodities increases & #xff0c; each unit reduces its economic energy. So & #xff0c; energy stored in a new $100 dollar banknote & #xff0c; xff08, which is transformed from a pre-existing dollar; it loses a fraction of its energy xff09; xff0c; and the entire dollar energy is a zero-sum game.
这也同样适用于权益量证明（POS）货币，以及工作量证明（POW）货币比特币。
The same applies to certificate of entitlement xff08; POSxff09; currency xff0c; and proof of workload xff08; Powxff09; currency bitcoin.
那些将能量存储在美元当中的人， 会因为经济寄生者而被吸取经济能量，而将能量存储在比特币当中的人则不会。比特币矿工们已经找到了一种方式，可将电能转化为经济能量。
Those who store energy in dollars & #xff0c; those who are drawn from economic energy & #xff0c as economic parasites ; and those who store energy in bitcoin. Bitcoin miners have found a way & #xff0c; they can convert electricity into economic energy.
从逻辑学角度上来看，一旦人们意识到他们可存储纯粹的经济能量，而不会面临经济寄生虫的缺点，他们便会把美元兑换成比特币。这将导致美元当中的能量转换至比特币。之后，随着比特币的总经济能量接近于美元，人们会发现美元的经济能量会因为需求的下跌而下跌。这就像是一个化学反应，能量会快速地转换，并且是接近完全转化（用了“接近完全”这个词，这是因为一些人会拒绝放弃对美元的信任）。最后，从物理学者的角度来看，宇宙中的熵必然是会增加的。而像比特币这样的PoW币，它们是唯一一类增加熵的货币（通过挖矿中损失的热能），因此从宇宙角度来看，它们也是唯一符合这种趋势的货币。
From a logical point of view, xff0c; once people realize that they can store pure economic energy xff0c; rather than face the shortcomings of the economic parasite xff0c; they will convert the dollar to bitcoin. This will result in the conversion of energy from the dollar to bitcoin. After xff0c; as the total economic energy of Bitcoin approaches the dollar xff0c; as the economic energy of the dollar falls from the point of view of physics xff0c; as a chemical reaction xff0c; as a result of the rapid conversion of energy xff0c; as close to the complete conversion xff08; as the word xff0c; because some people will refuse to give up trust in the dollar xff09; as a result, xffc; as a result of the growth in the universe #09; as a result of the discovery of offx; as a result, #0xfffff; as a result of the increase in the currency.
人工智能的能量守恒
The power of artificial intelligence holds
“有多少人工就有多少智能！”这是人工智能时代，对于智能化所需的投入的普遍认知。人工智能无论是机器学习、深度学习还是nlp、知识图谱，形成感知智能或者认知智能的前提是大量的模型训练，训练来自于大量的样本数据，或者语料，这些是多年的某项业务经营成果留存的数据资产，而做这样的训练首先是样本数据的标注，这些都是大量人工的投入，所以这里形成了一个能量守恒的公式：数据+算法+算力=人工智能。类似google这样的搜索引擎服务，界面很简单，一个搜索输入框，而驱动这个搜索的是一系列人工智能的服务，这既是代码转移到后端的代码转移定律的体现，也是人工智能能量守恒公式的体现。
"How many people are artificially smart xff01;" is the A.I. Age xff0c; there is a general understanding of the inputs required for intelligence. Artificial intelligence is either machine learning, depth learning, or nlp, knowledge mapping xff0c; there is a large number of model training xff0c; training is derived from a large number of sample data xff0c; or language xff0c; these are data assets that have been retained for years as a result of a business operation xff0c; this training is done first for sample data xff0c; these are a large number of manual inputs xff0c; so a formula for energy maintenance xff1a; #43; algorithms #43; algorithms #43; algorithmic #61; artificial intelligence. Search engine services like google #xff0c; interface is simple xff0c; a search input frame xff0c; this search is driven by a series of artificial intelligence #x0c; this is also a command codeless code & code #0c.
“高利润守恒定律”是由《创新者的窘境》和《创新者的解答》这两本畅销书的作者克莱顿·克里斯坦森在 2004 年左右提出来的。这个定律是这样说的：当价值链上某个环节的高利润由于产品的模块化和商品化而消失时，赚取高利润的机会往往会出现在相邻环节的专有产品上。定律比较绕口，可以简单理解为：当原本可以赚取高利润的某类产品，因为技术进步和市场竞争等因素导致价格下降，原有的高利润消失时，有可能会促成对该产品的大规模使用，从而催生出新的产品和应用，而企业可以通过这些新的产品和应用，赚取高额利润。
The “high profit maintenance law” was introduced around 2004 by Clayton Christensen, author of two best-selling books, The Innovator's Innovator's Condition and The Innovator's Answers. The law was put forward by xff1a; xff0c when high profits from a link in the value chain disappear as a result of modularization and commodification of products; xff0c when high profits are lost; xff0c where opportunities for high profits are often found in the niche of the adjacent product. The law is more proximate xff0c; can be understood simply as xff1a; xff0c when high profits could otherwise be earned; xff0c when prices fall because of technological advances and competition; xff0c when old high profits disappears; may lead to large-scale use of the product xff0c; thus generate new products and applications xff0c; and enterprises can generate high profits through these new products and applications xff0c.
下面我们就用一些例子来说明”高利润守恒定律”。
Here are some examples of "high profits keep the law of constantity."
第一个例子是高利润从硬件行业向软件行业的转移。
The first example of
我们都知道，在微软崛起之前，计算机行业是靠卖硬件赚钱的。那时候计算机行业的巨无霸是
IBM。IBM 靠把计算机卖给企业、机构和学校赚了大钱；但进入到上世纪八十年代，它遇到了一个强劲对手，就是苹果。苹果做出了第一台供个人使用的计算机，迅速占领了新市场。IBM 为了应对苹果的挑战，采取了一个非常大胆的策略，就是开放自己的硬件架构，允许第三方制造商使用这个架构生产各自品牌的个人计算机。同时，IBM 把操作系统的开发分包给了微软。这之后，微软崛起，靠卖Windows操作系统和Office办公软件赚了大钱；而计算机硬件由于市场已经进入了充分竞争阶段，所以利润下降到几乎为零。国内的计算机厂商，像联想，最初是靠着国家保护和政府采购，才维持了高定价、高利润，但随着中国入关，计算机市场一打开就迅速被国外厂商占领。联想明明可以从国外的市场学到东西，但却眼睁睁错过了转型的机会。
We all know that xff0c; xff0c prior to the rise of Microsoft; the computer industry made the first computer for personal use xff0c; quickly seized the new market. IBM took a very bold strategy to deal with the Apple challenge xff0c; opened its hardware structure xff0c; allowed third-party manufacturers to produce their branded personal computers xff0c; it met apples. Apple made the first computer for personal use xff0c; quickly seized the new market.
第二个例子是高利润从专有软件向互联网应用的转移。
The second example of
微软靠卖专有软件赚了大钱。但它随后也遇到了挑战，就是开源软件。开源软件的前身是自由软件，自由软件的自由，在英文中也有”免费”的意思。所以，绝大多数自由软件也都是免费的。后来，在蒂姆·奥莱利的推动下，自由软件运动演化成了开源软件运动。开源软件运动最有价值的成果就是 Linux 操作系统的诞生。当然，还有很多其他的开源软件产品也非常有名，比如最早的网页浏览器是开源的，后来市场占有率非常高的数据库 MySQL 也是开源的，还有很多编程语言都是开源的。开源软件运动让微软非常恼火。包括比尔·盖茨在内的微软高管都曾不遗余力地攻击过开源运动，指责开源软件运动会毁掉一个非常有价值的产业。
Microsoft earns a lot of money by selling proprietary software. It also faces challenges xff0c; that is open-source software. Open-source software is preceded by free software xff0c; free software xff0c; free-of-charge meaning in English. So xff0c; most free software is also free. xff0c; then xff0c; then Tim Orelli’s very high-presumption database MySQL is also an open-source software movement. The most valuable result of open-source software campaigns is the birth of Linux operating systems.
但开源软件运动也犯了一个错误，就是没能认识到”高利润守恒定律”。当时很多开源软件运动的核心人物都在努力与微软争夺软件市场。蒂姆·奥莱利在《未来地图》这本书中就引用当时一家非常有名的开源软件公司 RedHat 的创始人说过的一句话，他说，”我的目标就是要让操作系统市场萎缩”。但是，RedHat 的主要收入就是来自于操作系统市场。这不是自相矛盾吗？
But the open-source software movement also made a mistake xff0c; it failed to recognize the "high-profit rule" that many of the core players in the open-source software movement at the time were trying to compete with Microsoft for the software market. Tim O'Leary cited in the book Map of the Future a very well-known founder of open-source software at the time xff0c; he said xff0c; "I'm aiming to shrunk the operating system market." But xff0c; RedHat's main income is from the operating system market. Isn't that a contradiction?
如果开源软件运动的核心人物能够了解”高利润守恒定律”的话，那他们就不会把商业战场选择在软件这个领域，而是应该去在软件基础之上拓展新的领域。后来 Google 的崛起就再一次地验证了”高利润守恒定律”。
If the core of the open-source software movement is able to understand the law of high profit, #xff0c; then they will not choose a commercial battlefield in the field of software & #xff0c; rather, they should go to the software base to expand the new field. The rise of Google proved again the law of high profit.
事实上，今天几乎绝大多数网络服务器的操作系统都是基于 Linux 的。Linux 没有从 Google、从亚马逊、从 Facebook、从腾讯等这些互联网巨头身上收过一分钱，但它却为巨大的互联网应用市场奠定了基础，而这个市场的利润，远远超过了旧的专有软件市场。
In fact xff0c; today almost the vast majority of network servers operate based on Linux. Linux has not received a penny from Google, from Amazons, from Facebook, from tethers, etc.; but it has laid the foundation for a huge Internet application market xff0c; the profits of this market xff0c; and far more than the old proprietary software market.
类似的例子还有很多。比如，高利润从数据库向企业应用的转移，这里面的主角是 Oracle；再比如，高利润从服务器托管向大数据服务的转移，这里面的主角是亚马逊、是阿里巴巴。等等，等等。
There are many similar examples. For example, xff0c; xff0c; xff0c; xff1b; xff0c; xff0c; xff0c; xyf0c; Amazon; Alibaba; et cetera; xff0c; et cetera.
那下一个高利润转移会发生在哪儿呢？
Where's the next high profit transfer going?
答案肯定不止一个。每个领域、每个市场，都有可能发生高利润转移。记住，当一个原本具有高利润的产品变得平价化后，高利润转移的可能性就出现了。如果对照软件的历程，我们可以看到一个非常相似的过程正在进行中，那就是硬件的再度平价化。当开源硬件运动兴起，当手机等智能设备的价格降到极低时，物联网应用很可能就是新的高利润环节。
There is certainly more than one answer. High profit transfers are possible in every area, every market & #xff0c. Remember & #xff0c; & #xff0c; the possibility of high profit transfers occurs when a product with a high profit becomes evenly priced. If you compare software & #xff0c; we can see that a very similar process is under way & #xff0c; that is, re-priced hardware. When open-source hardware moves rise xff0c; xff0c when the price of smart equipment, such as mobile phones, falls to a very low level; and it is probably a new high-profit link.
克莱顿·克里斯坦森在提出“高利润守恒定律”后，在2009年提出模块接口守恒定律，这个定律近十年来在金融科技领域有深远的影响。许多金融科技公司即便是没有听说过这个守恒定律，但也下意识地遵循了这个定律所指引的方向。
Clayton Christensen, after proposing the “high profit law” xff0c; in 2009, the module interface law xff0c; this law has had far-reaching implications in the area of financial science and technology for nearly a decade. Many financial and technological companies have not even heard of the law xff0c; but consciously followed the direction of the law.
这个定律的大概意思可以由下图展示。
The general meaning of this law can be illustrated in the following graphs.
早期金融服务的前台和后台是整合在一起的，金融服务机构的后台是自己组建和运营的，包括公司自己的信息技术部门，风险管理部门等。金融服务机构用内部的团队自己开发软件系统，自己采集和储存数据，前台和后台整合在一起。在这种结构下，各大金融机构之间自立门户，不准许第三方系统的接入。
The front and backstages of early financial services are integrated xff0c; the backstage of financial services institutions is self-formed and operated xff0c; includes the company's own information technology sector xff0c; risk management sector, etc. Financial services institutions use their own teams to develop software systems xff0c; collect and store their own data xff0c; the front and backstage are integrated. Under this structure xff0c; self-contained portals between major financial institutions xff0c; and access to third-party systems is denied.
同时，金融机构与用户的终端接口是可以更换的，表现在金融服务提供商和消费者之间的接口是完全开放的。用银行服务作为案例，银行客户对开户银行随时都可以有选择。如果对开户的银行不满意，客户可以将其在银行的户头关闭，在另外一家银行开个户头，就完成了客户与银行接口的更换。
At the same time xff0c; the terminal interface between financial institutions and users can be replaced xff0c; the interface between financial service providers and consumers is fully open. The use of banking services as a case xff0c; bank-to-bank options are always available. If the bank that opened the account is not satisfied xff0c; the customer can close its account at the bank xff0c; the account opening at another bank xff0c; and the replacement of the customer-to-bank interface is completed.
但随着数据的重要性得到体现，金融体系的结构会有一个颠覆性的改变。这意味着未来的金融服务的系统结构会跟过去的形态大不一样。因为银行对客户掌握大量的数据，因而有能力对客户提供个性化定制的金融服务，从而提高客户对银行的粘度性。而竞争对手因为没有所需的客户数据，无法提供质量相当的服务，所以客户如果要更换服务的银行的话会遭到服务质量下降的损失。实际上，在未来银行与用户的接口已经因为数据的原因而牢牢地整合在一起。
But as the importance of the data is reflected in xff0c; the structure of the financial system is subject to a disruptive change. This means that the system structure of future financial services will be very different from that of the past. Because banks have a lot of data on their clients xff0c; they are therefore able to provide customized financial services to their clients xff0c; and they will increase their customer viscosity to banks.
但因为接口守恒定律，接口在某一段价值链关闭，必然在另一段价值链打开。这是因为，金融体系运作的效率必然要求产业链模块化。所以，与终端客户关闭的接口，必然导致前端与后端的接口被打开。也就是说，金融服务机构会更愿意将后端整体外包，以提高效率，更好地服务其终端消费者客户。
But because the interface adheres to the law of xff0c; the interface closes xff0c in one segment of the value chain; it must be opened in another. This is because xff0c; the efficiency of the financial system necessarily requires the modularization of the industrial chain. So xff0c; the interface closed to the end client xff0c; it inevitably leads to the opening of the front-end interface with the back end. That is, xff0c; financial services institutions will be more willing to outsource the back end as a whole xff0c; to improve efficiency xff0c; and to better serve their terminal customers.
模块接口守恒的意思是说，当金融服务机构与前端消费客户的接口封闭以后，其与后台的接口将被打开，所以整个生态链的接口还是守恒的。
The module interface is meant to be xff0c; xff0c when the interface between the financial services provider and the front consumer customer is closed; the interface with the backstage will be opened xff0c; so the interface across the ecological chain is still constant.
金融行业近十几年的演变，无论是有意的战略还是无意的直觉，基本上是按照这个逻辑演进的。从
Fintech 100 名单上可以看出这类公司成功的案例。FIS 是一家市值360亿美元的金融科技公司，FISERV是一家市值340亿美元的公司，FIS 和
FISERV 名列 Fintech 100 榜首。他们这些公司的业务特点是这些公司自己本身对数据并没有所有权。他们不拥有数据，但他们有能力为客户的数据提供后台数据管理的服务，包括帮助客户采集数据、储存数据、分析数据，为数据的安全和隐私提供服务，使客户的数据能够转化成价值。Fiserv和FIS的基础设施是现代化银行尤其是小型银行系统的主要外包商。随着社区银行数量的减少，基础设施提供商的收入和利润却大幅增长。他们被称为“核心供应商”，为小型金融机构提供可以与大型机构比美的新技术，包括开放数据平台和按需服务等最新型的金融工具。
The evolution of the financial sector over the last decade xff0c; whether intentional strategies or unintended intuition xff0c; is basically based on this logic. Examples of such companies’ success can be seen in the list of
Fintech 100. The FIS is a 36 billion-dollar financial technology company xff0c; FISERV is a $34 billion company xff0c; FIS and
FISERV are ranked first on the Fintech 100 list. Their business characteristics are that these companies have no ownership of the data themselves. They do not have data xff0c; they have the capacity to provide back-office data management services for their clients xff0c; they include helping customers to collect data, store data, analyse data xff0c; they provide security and privacy of data xff.
这一类的价值模型是数据商业模式的一个大类型，包括所有的金融数据基础设施服务公司。这种业务模型目前在美国还处于初级发展阶段，所以，其未来的发展潜力和空间仍然巨大。超大型的美国金融机构（摩根和高盛）仍然是内部自开发模式，等到大型金融公司也愿意接受后台外包金融服务模式，金融行业以数据为中心的变革也就走到了成熟的阶段。
The value model in this category is a large type of data business model xff0c; it includes all financial data infrastructure service companies. This business model is currently in the early stages of development in the United States xff0c; so xff0c; its potential for future development and space is still enormous. The mega-United States financial institutions xff08; Morgan and Goldman Sachs xff09; it remains an internal self-development model xff0c; it waits for large financial firms to accept backstage outsourcing of financial services xff0c; and the data-centred transformation of the financial sector has reached a mature stage.
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