Blockchain is an important cornerstone of the transformation from the Internet of Information to the Internet of Value，and its application areas are constantly expanding and deepening. This report discusses the important application fields，technological innovation and architecture design of blockchain since 2019. In the field of digital currency，it analyzed whether the decentralized characteristics of the blockchain can be incorporated into the centralized management and distributed operation of the central bank’s digital currency. In the field of digital assets，it analyzed the digitization of assets brought about by trusted technological innovations such as blockchain as the core digital financial innovation；In the field of financial infrastructure，it proposed a new financial infrastructure concept based on blockchain. In the field of cross-border payment，it analyzed the shortcomings of the existing international payment system，and proposed a new international blockchain based Payment system. Finally，on the basis of summarizing the supervision of virtual currency in various countries，new ideas and new plans for supervision are proposed for the blockchain self-financing model.