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Ⅰ Forbes announced the top 50 blockchain companies, with Du Xiaoman Financial on the list

Recently, Forbes announced the list of the top 50 global blockchain companies, with Ant Financial and Du Xiaoman Financial on the list. , Tencent, China Construction Bank, Foxconn and other five Chinese companies are on the list. In addition, Amazon, Google, Microsoft, Samsung, IBM, etc. were also selected for the list.

The companies on the list own the basic technologies of cryptocurrencies such as Bitcoin and apply them to accelerate business processes and improve In transparency, billions of dollars in cost savings can be realized. At the same time, the list also requires the companies on the list to have annual revenue of no less than US$1 billion, or a valuation of more than US$1 billion. For the companies on the list, blockchain technology has been truly reflected in revenue and cost savings.

Du Xiaoman Financial has explored and implemented multiple blockchain projects, one of which allows millions of ordinary Chinese users to adopt and trade cute digital puppy pets "Leitz Dogs" - these pets All are different and “live” on the blockchain. It also has a service that provides education loans, "Anxinfu", which uses blockchain technology to ensure that students consume teaching services before allocating funds. Du Xiaoman uses a variety of blockchain implementation solutions, including Hyperledger Fabric developed by IBM.

Currently, the application of blockchain technology has extended to many fields such as digital finance, Internet of Things, intelligent manufacturing, supply chain management, and digital asset transactions. At the same time, major countries around the world are accelerating the development of blockchain technology.

In October 2019, the country emphasized that blockchain should be used as an important breakthrough for independent innovation of core technologies, and clearly proposed to accelerate the development of blockchain technology and industrial innovation, and actively promote blockchain and economic and social integrated development. Some people in the industry believe that this is a new positioning of the blockchain at the top level and has been elevated to a national strategy.

Among the large domestic Internet companies, Duxiaoman Financial is at the forefront in accumulating and implementing blockchain technology.

In addition to the projects on the list, Duxiaoman Finance is also actively innovating in the fields of distributed finance. The distributed finance white paper released in 2019 was the first in the industry to propose reference technologies for distributed finance. architecture. In the field of consumer finance, Duxiaoman Finance, as a pioneer, launched the blockchain ABS (asset securitization) project to solve the problem of trust in the authenticity of the underlying assets of all parties to the transaction.

In 2017, Du Xiaoman Financial jointly issued the first domestic ABS project supported by blockchain technology with partners such as Baiqian Leasing and Huaneng Trust. The issuance scale was 424 million yuan. This was the first domestic ABS project. It uses blockchain technology as the underlying technical support to realize the project of ABS "real assets"; in the same year, it also released the "Network-Chang'an Xinsheng-Tianfeng 2017 First Phase Asset Support Special Plan", which means China's first blockchain-based project The implementation of exchange asset securitization products based on chain technology is alsoThe product with the lowest interest rate issued in the current period.

The above-mentioned project was recognized by the academic community for two consecutive years in 2018 and 2019, and was selected into the case library of Peking University Guanghua School of Management, becoming the school’s first classroom teaching case based on blockchain technology; Won the 2019 "Excellence in Practice Award" from Harvard Business Review.

"Youqianhua" is a credit service brand under Duxiaoman Financial (formerly Internet Finance). It is a big brand, reliable, low interest rate and trustworthy. It provides personal consumer credit services to the public and creates innovative The consumer credit model inherits the technological genes of the Internet, and Youqianhua uses artificial intelligence and big data risk control technology to provide users with convenient, fast and secure Internet credit services.

II Google is forming a new business unit to focus on areas such as blockchain and digital currency payments

Tencent Technology News On January 20, according to foreign media reports, Google is forming a blockchain and related technologies, led by a newly appointed executive.

It is reported that Shivakumar Venkataraman, Google's vice president of engineering, is currently running a department focused on "blockchain and other next-generation distributed computing and data storage technologies."

So far, Google has provided some cloud services to companies working on blockchain technology. But other than that, Google has not invested a lot of resources in expanding its business in blockchain and other related fields like competitors such as Meta or Twitter.

However, Google’s attitude seems to have changed recently.

On the same day, news broke that Google was reorganizing its payments business, appointing former PayPal executives to form a new one months after it stopped building a digital banking-like service. Department, and formulated a new business development route for industry partners.

Google Commerce President Bill Reddy said in an interview with foreign media that Google hopes to expand the application scope of its payment business to meet the needs of more consumers.

Bill Ready mentioned Google’s cryptocurrency ties in the interview, highlighting Google’s relationship with blockchain companies Coinbase and BitPay, which announced last year that their customers could Connect your own cryptocurrency debit card to the Google Pay app, and more use cases like this will appear in the future.

Ⅲ Set sail! Learn Token allows you to take off and get in touch with the new trend of blockchain

With the skyrocketing value of a series of digital currencies represented by Bitcoin around 2017, blockchain technology has quickly become a has become one of the most popular cutting-edge technologies; at the same time, as blockchain technology becomes more and more popular,The application potential outside the field of digital currency issuance and operation has also been deeply explored. In the past two years, in-depth application development in other scientific and technological fields based on blockchain technology has emerged one after another, injecting unprecedented imagination space into the progress of scientific and technological society.

Learn Token (hereinafter referred to as LEARN) is developed by top multinational companies such as Google and Intel. The professional operation team of the Singapore Stock Exchange is responsible for daily operations and management; Blockchain technology innovates the existing IoT technology form, and uses the excellent properties of blockchain technology such as decentralized operation, non-tamperable information, and efficient information circulation to solve a series of pain points faced by traditional IoT technology, and then use "new" things Internet technology is used to reshape today’s digital world.

LEARN will build itself into a global pan-business information management system and trading platform that is widely used in e-commerce, supply chain, logistics, AI development and other industry market conditions, and is committed to By establishing the technical logic of the underlying blockchain architecture and smart business model contracts, global product and service suppliers, logistics companies and other intermediate transaction links and consumers are seamlessly connected to create commodity information exchange and trade in the blockchain world. The system leads to the arrival of a new lifestyle, and uses LEARN tokens to bridge the gap between various aspects of the market and solve many pain points in the current commercial market. It is a global application scenario and a majestic ideal under the guidance of the latest top-level architectural concepts of the blockchain. Blueprint for blockchain projects.

On the basis of deep involvement in the consumer market, LEARN will vigorously explore the application potential of blockchain technology in securities, utility tokens, etc., and provide more start-ups across the country and even the world. A good financing and development environment, and unremitting efforts to promote the goal of global economic integration.

The application scenarios of LEARN are very rich, covering all aspects of life such as food, clothing, housing, transportation, food, drink, and entertainment. The launch of LEARN's various payment solutions, life service solutions and public service solutions can penetrate LEARN into all aspects of people's lives. Payment using the LEARN platform is very simple and convenient. Using LEARN Token as the medium and the LEARN ecological transaction system, a safe and fast payment model can be easily realized. By building a bridge between the "real world - the blockchain world - the real world", Application scenarios that are mainly online and supplemented by offline. Online, all merchants can join, and LEARN guarantees that it will always be free, including live broadcasts of Internet celebrities and merchants in various industries. LEARN is used for payment throughout the platform, and merchants are mortgage-free and inventory-free, and all services are provided by the platform; offline, covering various industries such as tourism, entertainment, hotels, and catering. takeCreate application scenarios.

In order to encourage consumers to actively use the LEARN platform for e-commerce consumption and electronic payments, LEARN will provide certain point rewards based on the consumption amount to consumers who use the official mall. In addition, it will also launch Various small tasks with point rewards further increase the user stickiness of the mall. After the points reach a certain amount, they can be converted into Bitcoins and directly enter the public chain for circulation and appreciation.

LEARN plans to lead a number of member institutions to build a world-class distributed payment system and continuously promote the formation of the blockchain ecosystem. As the world's first and world-leading payment model, LEARN helps solve the security issues of mobile payments and the inefficiency of credit card payments. It also makes unique contributions to the open source and application of blockchain technology in the payment field. . LEARN comprehensively optimizes business security, performance, cost, policy, technical feasibility, operation and maintenance and governance from multiple dimensions based on the industry's special business needs, existing technical levels, laws and regulations, etc., and provides Future development provides opportunities.

Abel Bush

Master of Computer Science from MIT. During his schooling, he won many scholarships at various levels. Directly after graduation, he became the leader of Google's blockchain application development team. He has been committed to the in-depth development and practical promotion of blockchain technology for many years. He is a top engineer in the blockchain field and has led the construction of the underlying architecture of the LEARN platform.

Kevin Louis

Winner of a double degree in computer science and management from the University of California, Berkeley, and director of the Facebook User Security Service Center. Working at Facebook made him fully aware of the importance of data security, and he actively used blockchain applications to achieve safe and efficient transmission of massive data.

Sunny Tommy

Graduated from Stanford University and has extensive experience in developing software, web application idioms and automation, spanning multiple fields and programming languages, and is very interested in learning He has a strong interest in using new technologies and has been responsible for the research and application of blockchain technology in multinational companies such as Google for a long time.

Brynden Tully

Graduated from Oxford University and is a top actuary in the UK. He has provided various types of data consulting services to many economic affairs organizations in the European Union. He currently works for William Hill Asia Pacific. District Technical Director is the most staunch supporter of online gambling and blockchain gaming in the gaming industry. In recent years, he has actively participated in international blockchain R&D and cooperation and can provide LEARN with massive international network resources.

Baier Blomfield

Graduated from Moscow State University, he is a full-line developer with comprehensive talents. He has rich experience in developing software, web application idioms and their automation fields, spanning multiple fields and programming languages. He has a strong interest in learning and using new technologies, and tries to apply them to some novel cases. He has also built responsive lookahead applications, APls and other systems.

Strategic Cooperation Unit

IV The U.S. House of Representatives investigates the four major technology giants, and blockchain may usher in greater opportunities

October 6, The Antitrust Subcommittee of the U.S. House of Representatives released a digital economy competition investigation report, listing the large-scale monopoly conditions used by Apple, Amazon, Facebook and Google, and providing relevant solutions. According to reports, this report is based on the transcripts of 7 congressional hearings, nearly 1.3 million internal documents, submissions from 38 antitrust experts, and interviews with more than 240 market participants and former employees of the platforms under investigation.

This 449-page report describes the history and relationship between the United States and technology giants. problems faced. Among them, there is no lack of the monopoly market phenomenon that has been formed for a long time by these four companies to suppress competitors;

We know that when a company is strong enough in a certain industry, there will be tangible or Invisibly, there will be a certain monopoly phenomenon, either in technology or products. This is nothing more than maintaining its leadership position in the industry; but for the country, this phenomenon will obviously curb the innovation of other companies. and development, which is not conducive to the progress and stability of society.

We have all known for a long time that these companies have a monopoly on industry products, and this is not the first time that their monopoly has been investigated; and this time, 449, which was eliminated, also reported, Obviously, they have made sufficient investigations and preparations, and they have also given certain solutions; they even compared these companies' monopoly on existing industry technologies and products to the kind of monopoly giants we once saw in the era of oil tycoons and railroad tycoons. .

But for those who are engaged in blockchain, they may find a different meaning;

Apple, Amazon Although , Facebook and Google all have their own monopolized industries, they are all Internet companies, and the growth of the Internet benefited from the United States’ original split of telecommunications, railways, and even oil monopolies. Well, since the United States can forcefully break up powerful oligarchs, it is not impossible for these Internet companies to see this happen in the future. So, to achieve this, new technologies need to emerge to influence and change the InternetInternet industry; as a decentralized blockchain, it is likely to take on this important task.

Taking social media as an example, blockchain-based social media is likely to benefit from the confrontation with Facebook. According to statistics, since its inception in 2004, Facebook has repeatedly prevented the leakage of personal information; in 2006, 2007, 2008, 2010, and 2018, this situation has occurred again and again. For the majority of users, they may have already felt If there is any alternative, I believe they will resolutely choose to change;

And decentralization Social networking may really be able to do this; if a social media, personal information can be encrypted using blockchain technology, and then the individual saves the private key, and all requests to retrieve personal information require the individual's permission, then this This situation can be greatly improved; this is of great significance to the majority of users who pay more and more attention to the protection of personal information.

After the release of Netflix's new documentary titled "The Social Dilemma," many users are reconsidering the need to have accounts like Facebook and Instagram. "The Social Dilemma" has been hailed by the media as "the most important documentary of our time". It reveals how technology companies influence national elections, "track" billions of people on the Internet, serve them targeted ads, and come up with ideas. Features that lead to their addiction. As young people in the new era, they may hate the impact of this situation on themselves;

Seek to make Internet intermediaries more neutral and open, and to separate them from those who can use their accumulated The control of information by powerful third parties for their own purposes seems to be a fairly clear use case for turning to apps and websites that are decentralized in nature. In other words, the kind of infrastructure that the blockchain community has built over the past decade.

Blockchain technology has decentralized characteristics; after years of research and development, DAPPs and decentralized social platforms using this technology have emerged, such as VOICE , a decentralized content platform, or even a decentralized retail market or the use of blockchain in products for traceability or product ownership verification, etc.; what I believe is that with the improvement of the blockchain industry infrastructure, then Most of the technologies or industrial applications related to the Internet will appear on the blockchain;

In this process , may experience a process from prosperity to chaos to a complete explosion of applications, and then the emergence of phenomenal applications, and eventually return to monopolyThis situation; perhaps this is the development process of society, there are great similarities; at the same time, in a few years, there will be a new technology to break this monopoly and create new technologies and application forms; however, there is no The doubtful point is that the next long period of time will belong to the era of blockchain, and we should not miss it.

IV What breakthroughs have been made in basic science and technology in recent years?

With the continuous development of Weibei Technology, basic technology has always been an important force in promoting scientific and technological progress. Basic science and technology includes mathematics, physics, chemistry, biology and other subjects. They are the basis of various technologies, applications and engineering, and are the key to realizing scientific and technological innovation.

1. The current situation of the Xiaoshan Index in the development of basic science and technology

Mathematics

As a subject in basic science, mathematics has an important role in the development of modern science and technology. important role. Currently, research hotspots in the field of mathematics mainly include mathematical physics, probability theory, combinatorial mathematics, computer science, etc. At the same time, mathematics also plays an important role in artificial intelligence, Internet of Things, blockchain and other fields.

In short, the current development of basic science and technology is very active, and it also shows a trend of diversification and complexity. Interdisciplinary cooperation, digitization, intelligence, automation, environmental protection and sustainable development are important trends in the current development of basic science and technology. In future development, scientists need to continue to conduct basic research and actively explore new scientific ideas and technical means to promote scientific and technological progress and make greater contributions to the development of human society.

VI How to define blockchain and what are its application scenarios

Nowadays, many people think that blockchain is a universal technology that can do anything, which is somewhat different. Blockchain technology is a myth!
Regarding the definition of blockchain technology, American scholar Melanie Swann defined blockchain technology as an open, transparent and decentralized technology in her book "Blockchain: A New Economic Blueprint and Introduction" database.

Definition of Blockchain: Narrow VS Broad

As for the application scenarios of blockchain technology, it is natural to combine the differences between blockchain and other technologies. In terms of system characteristics.

Blockchain technology features include:

Blockchain is a global A database storage system that can be operated collaboratively in various places is different from traditional database operations where read and write permissions are in the hands of a company or a centralized authority (a characteristic of centralization). Blockchain believes that anyone with the ability to set up a server can participate. Nuggets from all over the world have deployed their own servers locally and connected to the blockchain network to become a node in this distributed database storage system; once joined, the node enjoys exactly the same rights as all other nodes with obligation (to goCentralized and distributed characteristics).

At the same time, people who provide services on the blockchain can perform read and write operations on any node in the system. In the end, all nodes around the world will complete the process again and again according to a certain mechanism. Synchronize in sequence to achieve complete consistency of data in all nodes in the blockchain network.

At the beginning of this year, the term blockchain began to enter everyone’s lives. From national leaders to aunts who dance square dances, everyone knows this term. This term is widely known by Bit Brought by coins.

As we all know, the first few dozen bitcoins could only be exchanged for one pizza. At its peak, it was more than 20,000 US dollars each, which has skyrocketed by more than a thousand times, which has also benefited a large number of wealthy people. Currently, there are blockchain The virtual currency generated by technology is gradually entering into everyone's life, and many people have joined the ranks of currency speculation. I often hear people say that if you buy the right currency a hundred times, a bicycle will become a sports car, and one coin will turn a young model. You can imagine how many of them are involved. Attractive.

Since 2008, various games applying blockchain technology have also become popular, such as development games (Network Letts Dog, 360 Block Cat), mining games (NetEase Planet, Virtual Earth, Gongxinbao), these are attracting everyone to join in the name of blockchain, and of course there are some that are really reliable, which requires everyone to identify them carefully.

The three words "blockchain" were completely ignited during the Spring Festival that just passed, and the limelight overshadowed everything else. Some people said that this was the arrival of a new era, and the past has become classic, while others said To say that everything is hype is ultimately a bubble.

In fact, blockchain technology is not a new concept. It has been applied to many industries, such as electronic signatures, as early as the past two years. Recently, the third-party electronic signature platform eShanbao revealed the latest progress of blockchain applications to NewSeed.

Currently, blockchain technology is mainly used in e-signing products for certificate deposit and certificate issuance. The application scenarios include copyright protection and online signing. , web page forensics, phone recording, email storage of evidence, etc.

Take the rights protection of online works as an example. Since online rights protection generally adopts the method of collecting evidence after the fact, real-time confirmation of rights is not carried out in the process of evidence generation, so the entire confirmation process is difficult. The copyright process is time-consuming, difficult and costly to obtain evidence, and extremely difficult to prove and trace the source. It cannot meet the characteristics of rapid dissemination and large quantity of online works.

eShanbao's new intellectual property protection solution based on timestamp + blockchain starts from the user's real-name authentication and solidifies the information generated during the real-time solidification process. electronic data, and through the time source service synchronized with the National Time Service Center, online works are stamped with legally valid timestamps to prove that the electronic files did not exist in a certain time period.Has been tampered with. Blockchain technology can establish point-to-point trust in the network, ensuring that all blockchain nodes can record complete copyright confirmation and transaction records, and can trace their origins, truly realizing anti-repudiation and anti-tampering, and realizing a kind of distribution. trust infrastructure.

Founder and CEO Jin Hongzhou believes that the application of decentralized blockchain technology has greatly improved the efficiency of data storage and certification, and The credibility of the identity of the parties reduces the cost of trust, but it cannot replace the original centralized public key encryption technology. The two should complement each other. Through the combination of the two, it can provide users with real-time and reliable Confirmation plan.

Next, e-Shanbao will also focus on building a smart contract platform based on blockchain technology. Jin Hongzhou said that data storage, Issuing certificates is only a relatively superficial application based on blockchain technology. It is the first step to implement blockchain technology, and the realization of real smart contracts is the second step. "Smart contracts cannot simply be understood as electronic contracts. They refer to a process, from the conclusion of the contract to the confirmation to the final execution." Jin Hongzhou explained.

Through the following limited cases, I hope everyone can understand the actual performance of blockchain technology, thereby stimulating interest in such solutions.

1. Administrative Services

Over the centuries, the roles and responsibilities of public administration have not changed significantly – or rather, what has changed dramatically is actually the size of the data and the specific ways in which public agencies handle it. Although various digital technologies already exist to help collect and process data, issues such as anonymization, portability, and the immutability of large amounts of data remain unresolved.

Sasha Ivanov, founder, entrepreneur and CEO of Waves Platform and Vostok projects, said, "What the public administration currently lacks is a more convenient user experience (UX) for data use. To improve the user experience , we should introduce some kind of layer to it that acts as a trusted public environment that is transparent and can store data anonymously and immutably."

Governments are working on this by launching the U.S. Federal agency and enterprise-level initiatives such as the Federal Blockchain Initiative are gradually confronting the existence of such problems. The United States held its first federal government blockchain forum in July 2017, and the U.S. General Services Administration currently has more than 200 related use case repositories. Ivanov explained, “Distributed systems can really help us build such a reliable environment, improve our big data work, and even integrate all emerging technologies – including artificial intelligence and the Internet of Things. In fact, , whenever we face any kind of technology, it always embodies the sum total of some other technologies.and. ”

Now, the system supported by the blockchain can actually work - this view has been unanimously recognized by all experts and has become the most important theoretical basis. In other words, what we need to do next What we do is to create more production-ready solutions.

2. Payment services

The government needs to process transactions, many of which involve the exchange of funds with citizens. District Blockchain technology has huge potential application value in reducing the cost of fund transfers - including using new blockchain-based cryptocurrencies as intermediate transaction carriers, or using blockchain as a means of fund transfer, etc. Once a perfect solution is discovered , the business opportunities contained therein will be endless - especially for those who need to conduct frequent cross-border or Internet transactions.

The Jasper project was developed by the Bank of Canada to help it further think about central banks And how other financial institutions should implement payment operations between different banks based on distributed ledgers. The Bank of Canada has also developed its own digital currency variant "CAD Coin" to test the use of a certain national currency on top of the blockchain The feasibility of it.

This project brings an interesting conclusion, that is, we should say no to the proof-of-work public chain system. In an article titled "Jasper Project: Is a distributed batch payment system feasible?" "In the paper, the author observed that "Proof-of-work systems are not suitable for such large transaction processing systems because they assume that all transactions in the system require publicity and observability to a certain extent. ”

3. Digitization and Intellectual Property

The government is responsible for maintaining copyright records and databases. These records prove the ownership of intellectual property. A blockchain-based system allows various artists, Performers and writers can time-stamp their works and theoretically detect copyright infringements and even retain permanent records of rights. In fact, many governments have taken important exploratory steps in this direction.

Iran recently announced that it will deploy this technology. "Iran Financial Tribune" quoted Morteza Mousavian as saying that "the Digital Media Department of the Ministry of Culture has reached an agreement with a blockchain company to jointly design a usable A system for protecting online copyright. "He also added, "Relevant programs will soon be released to users in an easy-to-use manner. ”

This work is still in the early stages of exploration, but it provides corporate customers with the possibility of preserving records through replication technology. From a theoretical level, companies can use blockchain solutions for financial accounting, And discover the errors in real time.

4. Welfare distribution

The government has the responsibility to create a level playing field for citizens. Citizens who are chronically poor or economically disadvantaged certainly Government support and assistance is needed to ensure that they haveThe ability to maintain one's own life and gain the ability to continuously develop. However, welfare distribution is neither simple nor often straightforward. Problems such as corruption and impersonation have been wreaking havoc on various distribution channels within government schemes.

In China, the National Council of Social Security Fund is conducting early research on how to use blockchain technology to improve the delivery of national benefits to citizens. At the same time, India is also taking action. Andhra Pradesh and Telangana are already using blockchain to support their civilian resource supply systems.

It is said that many companies, including Microsoft, are also considering using the same technology. These solutions, which will touch individual employees and functional roles, are expected to gradually appear in small businesses in the near future.

5. Bidding activities

In order to build public infrastructure or provide related services, the government hopes to achieve economies of scale and competitive gains through bidding as much as possible. However, the bidding process is often not fair or transparent. Public procurement has long been a major scene of rampant corruption around the world. Transparency International noted that “many governments will award project contracts to a certain supplier in the absence of fair competition. This allows companies with greater political resources to improperly win over competitors; or companies in the same industry Bids will be negotiated in advance, ensuring that each company gets a share of the tender. This will significantly increase the cost of delivering services to the public - we have found that corruption issues can increase project costs by 50%."

So, how can blockchain technology solve the bidding problem? According to Ivanov, “Unlike decentralized centralized systems, independent ledgers powered by blockchain will be able to improve bidding or anything else that needs to be tracked. Transparency of financial processes. The intervention of blockchain technology will help track the use of funds and ensure that they are paid out as expected and within the allowed time."

Currently, Japan's internal affairs and The Ministry of Communications has announced a blockchain-based bidding system, which means that in industries with serious collusion problems, small and medium-sized enterprises are expected to usher in a more transparent bidding method and brighter development prospects.

Although quite a few of the cases mentioned previously are far from finalized, they do provide many possibilities for companies and governments. Of course, the key lies in implementation; and we should also look at all this with optimism, that is, although blockchain technology is often misunderstood, it is and will eventually find a direction in which it can exert its own energy!

< p> In layman's terms, the blockchain is like a dozen beacon towers on the Great Wall. If an enemy comes at one place, they will send out smoke. The other beacon towers will know about it and enter a defensive state together. In technical language, it is a distributed ledger. Each node keeps accounts separately. The failure of one or two nodes will not affect the entire network.

How is this distributed network different from the distributed servers of Google Network? Google Network's distributed servers still belong to Google Network and are controlled by their central scheduling algorithm. The distributed nodes in the blockchain do not know each other and have no legal affiliation. If you want to go offline and shut down, that's fine. But because of the currency rewards, there will always be someone who will turn on the machine as a new node to support the network.

After the popular and technical explanation, I hope you understand. So the first application scenario is finance. I put my money in Alipay. If Alipay doesn't recognize it one day, there's nothing you can do. But on the blockchain, it is useless if one node does not acknowledge it, because other nodes still have my records. The second is the contract. Nowadays, contracts are made on paper and are easy to be faked. But if they are put on the blockchain, they cannot be faked.

There are more application scenarios. It is recommended to check the top 100 digital Huobi online to understand the corresponding projects behind them and become a blockchain expert. .

Blockchain technology was first used in Bitcoin. Blockchain provides a reliable and trustworthy means of organizing data for cross-subject business scenarios. JD.com is essentially a supply chain company, and blockchain technology will be first used in many scenarios of the supply chain.

Blockchain is a decentralized technology. Blockchain can be applied to all products currently covered by the Internet.

The most popular application industry at present is the financial industry.

An application that has been implemented is product traceability. Alibaba and JD.com are already using blockchain technology to fully trace the origin of some of the products they sell. Consumers can trace the origin of the purchased products. There are also many blockchain applications in the digital advertising industry. Since digital advertising traffic fraud causes losses of tens of billions of dollars every year, there are already blockchain application projects based on digital advertising, such as DCAD, which is based on blockchain. The digital advertising application of blockchain technology mainly solves the problem of traffic fraud

In the future, as the application of blockchain technology becomes more mature, it will be applied in many industries, creating a new ecosystem based on technological trust. Mode

The characteristics of blockchain are distributed accounting and decentralization, but the ultimate goal is to make people get along more equally. Technology is meaningful only when it serves human values, and technology that meets human value needs will develop. Therefore, blockchain is in line with human pursuit of freedom and equality, so its trend to become mainstream is unstoppable.

Currently, there are many blockchain gimmicks, which are basically used to issue coins. The newly launched ono is a decentralized, free and global social platform. Due to decentralization, your chat communication information is peer-to-peer and cannot be accessed by others.look. In other words, your every word and deed will no longer be recorded and reviewed at any time like it is now on WeChat, QQ, and Facebook, freeing you from the trouble of surveillance.

In fact, blockchain technology can be used in any field. Information that previously required third-party confirmation can be completed online and confirmed at multiple nodes, making it difficult (almost impossible) to delete.

At present, blockchain is still in its infancy, and the technology is not mature enough, but it is also a better time to enter.

What is blockchain

If you use non-technical terms to explain blockchain, blockchain is a place where data is stored. However, the data stored in the blockchain is safe and reliable and does not need to be managed by anyone, so In the Internet, a place where data and information are exploding, having such a place would be like a magical treasure.

What can the blockchain do?

If you ask what the blockchain can do, it is better to say what applications require the use of the blockchain. As mentioned earlier, blockchain is a safe place, so wherever data needs to be protected securely on the Internet, blockchain technology needs to be used. For example:

Because the use of blockchain technology can better protect the data of policyholders, in today’s Internet, data is value and wealth, so value protection and value transmission are the future development directions of the Internet. And blockchain technology can really do just that.

If there are any deficiencies, you are welcome to comment and correct me.

In a narrow sense, blockchain is a chained data structure that combines data blocks in a sequential manner in chronological order, and is cryptographically guaranteed to be non-tamperable and non-tamperable. Fake distributed ledger.

The two parties involved in the transaction do not need to know who the other party is, nor do they need a third party for trust endorsement. They only need to trust a common algorithm to establish mutual trust and conduct direct transactions.

Its characteristics are trustlessness and decentralization. The destruction of each node's ledger has no impact on the entire blockchain. The blockchain runs point-to-point payments without a center that may cheat, and the security is greatly improved. Improved, the entire transaction network has changed from a star structure to a point-to-point P2P structure.

In the future, blockchain will be used in many fields and will have a great impact on human life. . It can be widely used in fields ranging from digital currency to securities and financial contracts, medical care, games, artificial intelligence, smart contracts, Internet of Things, e-commerce, file storage and other fields.

1. Cloud storage

This is the statistics of current cloud storage on the Internet. In terms of volume, Google has the largest volume, which is 8,000PB. So what if we share the idle data on the Internet?

Starlight CloudCreate a blockchain data computing and storage lake through Starlight Chain, with a total storage capacity of 15,000P (approximately 15.72864 billion G) in the future. This will be more than 10 times that of Alibaba Cloud's 1500PB! It is also more than four times the size of the Taizhou Storage Center, the largest storage lake in the world after expansion.

2. Medical aspects

Using blockchain technology to save personal medical records also retains personal medical historical data, which can be used when seeing a doctor or planning for your own health in the future. Historical data can be called directly. These data are highly private, and the use of blockchain technology also helps protect patient privacy.

Ⅶ Why Google wants to build its own blockchain

Google builds its own blockchain because it naturally believes that blockchain is the development trend of the times. , and only by grasping the trend can we remain invincible.
1. Blockchain is not just Bitcoin
Nowadays, Bitcoin seems to have been hacked, so people are not optimistic about blockchain.

In fact, blockchain is not the same as Bitcoin, the first application of blockchain. Although Bitcoin is a product of blockchain technology, it has strong financial attributes and needs to be treated separately. Never mind.
2. Heat Death of the Universe: The Trend of Blockchain

What we really need to judge now is whether the blockchain as a whole is a technological trend? In addition to understanding the role of blockchain in all walks of life, we should also know that judging trends, especially major trends, does not necessarily depend on how beneficial it is to human beings, but should be viewed from a broader perspective. look.

From the perspective of the universe, the final trend state of the universe is called heat death. In that state, the energy everywhere is equal, there is no more energy flow, and the universe becomes a dead place. It's cruel to say, but this is the possible future.

In order to achieve such a state, the universe has adopted various means, including allowing life to evolve. The evolution of life, to a certain extent, is a reaction to the heat engine, changing things from a disordered state to an orderly and more organized state. Such a state itself, not only cannot offset heat death, but also accelerates heat death. The production of silence, because the production of life itself requires a lot of energy.

If we look at the evolutionary history of life, we will find that life has developed from single-cell bodies to complex life organizations like humans, and its energy consumption trend is increasing, and energy consumption is The thermal agent creates the catalyst and vital thrust.

Judging from the current application of blockchain technology, in theory, blockchain requires more energy consumption. This is actually in line with the heat death trend of the universe. From a macro trend, the entire blockchain technology should be better developed.
3. Google’s accurate grasp of trends
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Coupled with Google’s precise grasp of trends, Google is involved in driverless technology, big data, and artificial intelligence. Therefore, it is imperative for Google to create its own blockchain. Because he also needs to accurately grasp the trend and use this to ensure his status as a giant.

Blockchain is relatively secure and effective in storing and retrieving business-critical data and content, making many companies flock to it. At the same time, enterprises will also be worried about the risk of having only one company manage their critical data and content. Therefore, more and more enterprises are advocating the decentralization of blockchain in order to effectively control the potential risks of data management. Precisely because online services on blockchain platforms continue to grow, technology giants like Google are feeling the threat of blockchain to traditional Internet businesses. Under this wave, if Google cannot defeat it, it will naturally choose to join. into it.

In the past ten years, it is difficult to imagine that Google would miss even a revolutionary technology. Cloud computing, neural networks, big data, artificial intelligence, augmented reality, self-driving cars, machine learning, and more—all are included in the company's designs and even applications. When it comes to blockchain, Google seems to be equally decisive.

CBInsights pointed out that Google has become the second largest corporate investor in the blockchain field, and its six investments cover a variety of private enterprise services (LedgerX) and commercial services. One of the possible reasons is that Google may want to profit from equity investments in blockchain startups while observing the development prospects of this industry.

Another potential reason for Google’s investment in blockchain may be its desire to integrate blockchain to enhance its own business processes. This judgment has received some support, because Google has recently begun to develop blockchain-based cloud services.

It is expected that this new solution will not only provide a high level of security protection for personal data stored on cloud servers, but also help Google gain advantages over other companies that have already invested in the blockchain field. Comparative advantages of start-ups. In any case, as long as personal data may intersect with cryptocurrency, Google will never miss such an opportunity. Especially considering that most Internet users are now aware of the pseudo-anonymity of the Bitcoin and Ethereum blockchains, that all transactions and initiators can be tracked in the system, and that wallets are susceptible to third-party access, etc. Question, Google is definitely expected to use its late-mover advantage to gain a foothold in this field.

Currently, the distributed ledger used by anonymous cryptocurrencies such as Zcash and Monero has also been sanctioned in many states in the United States, and regulators regard originally privacy-oriented cryptocurrencies as A powerful money laundering tool that has even been linked to terrorist activities. Talking about their own blockchainBefore deploying a solution, major Internet giants should first find the core problem—a challenge that cannot be solved without using blockchain. With this in mind, using blockchain to protect users’ personal data doesn’t seem feasible.

Related experiments may affect Google Adwords contextual advertising services. The advertising market has been one of the most dynamic growth industries in the past decade, and companies are currently competing for customers on the Internet. Clicks, pageviews and potential customers have become unavoidable and important parameters in any company's marketing activities. However, nowadays we often hear the claim that online marketing is becoming too ineffective. Considering the huge corporate advertising investment, the cost of attracting a user may have been as high as $6. Google and Facebook are monopolies in this field, accounting for 72% of the overall share - which also explains why both parties do not want to change the premises that have achieved their own advantages.

However, advertisers hoping to get price benefits may prioritize blockchain ad networks - and Google should continue to hold its own in this regard.

For example, Brandon Eich, the creator of the famous web browser Mozilla Firefox, announced his new project Brave. In this project, users can use the internal cryptocurrency to view highly relevant and interesting advertising content. Another example of using blockchain technology to distribute existing Google services comes from the start-up Ubex, which provides services to directly connect advertisers with website administrators to provide more attractive promotional conditions in a fully automated manner. The technology promises to be a panacea for monopolies and spam, with neural networks analyzing user behavior, gathering personal preferences and reducing the number of ads shown. According to the founder of Ubex, by combining blockchain, artificial intelligence, and the pay-for-results principle, the company will liberate the Internet from spam ads and achieve close to 100% customer conversion rates. This means that in the future, users will only see one ad in a single web session, and its content will be more relevant to their current purchase intentions.

In addition, analysis will also usher in new optimization methods. Currently, analytics are still entirely based on ad column clicks and conversion calculations. Once the new program goes live, the Internet community will no longer be harassed by intrusive spam, and brand owners will be able to save money by only undertaking high-success customer promotions. By introducing this kind of service to a multi-billion dollar market, the entire field is expected to achieve a major transformation similar to the Ethereum blockchain from "proof of work" to "proof of stake". However, does Google agree with this targeted advertising payment model that can only be achieved using blockchain? Although the answer is not clear, Google will have no other choice if it wants to stay ahead in the advertising field. Artem Chestnov, founder of UbexSaid in an interview:

“Google will move to the blockchain field faster than we imagine, even faster than Google’s management realizes. They have no choice at all, because They are lagging behind and will have to catch up through a series of serious acquisition efforts. We will see billions of dollars worth of M&A activity from multiple technology giants next year."

In addition, due to the ban on initial coin offerings and cryptocurrency advertising, the online advertising market may lose up to 74% of revenue starting from June this year. VItalik Buterin also recently conducted a poll to understand whether people would take this as a hint that "Google Square" is about to come out if he leaves Ethereum and switches to Google.

As a technical practitioner, let me share my opinion.

1. As a well-known popular technology, Google, as a technology giant, will definitely study it

2. As a technology giant, it will definitely build its own
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3. At present, it is still in the stage of exploring implementation scenarios and technical experiments.

In other words, even technology giants have not found more application scenarios for blockchain

As an innovation leader, Google will not miss web3

1. Google has its own understanding of web3. Web3 cannot only have PoW, its value lies more in distributed computing and storage

2. Google has its own joint computing project, including learning , analysis, differential, etc., which are very suitable for decentralized network-wide consensus, and Google is the most powerful in designing this consensus algorithm

3. Google is a data-driven company, and compliance reasons , it does not want to own data, but to use data, so the return of data rights advocated by web3 to individuals is in line with Google's interests and can greatly increase the scope of data utilization

4. web3 is the next generation Internet that everyone is optimistic about , Google also wants to repeat the successful process of the first two generations and once again connect its business to web3

5. The current public chain relies too much on finance-centered consensus such as Pow and PoS, and is not suitable Google’s computing network must be developed by itself

6. Filecoin was once the only project in the web3 world that had the opportunity to become another Google and AWS project. It could have happened at the wrong time, and the infrastructure converged with the PoW chain. Unable to carry practical applications.

ⅧDoes blockchain really have development prospects?

Blockchain undoubtedly has development prospects, and the necessary condition for development prospects is to advanceEnter the mainstream market.

Matt Spoke, founder and CEO of North American blockchain infrastructure The OAN (formerly Aion Network), published an article in Forbes on July 24 titled "In order to successfully enter the mainstream market, blockchain projects must "Eat Dog Food", in which Matt mentioned his views on how blockchain should enter the mainstream market - "Eat Dog Food".

In the technology circle, there is a jargon called "dogfooding" (also known as eating your own dog food), which refers to a company using its own products and becoming a user of its own products. Many high-growth companies (such as Microsoft, Facebook, Amazon, Apple, Netflix and Google) also use dog food to test products or help build credibility for their products. Although "eating dog food" is often used to find and fix bugs, it has another value: creating reliable use cases for the company's products.

This is worth learning from blockchain projects, because blockchain projects often hold the idea of ​​"if it is built, they (users) will naturally come" and habitually create new and interesting things. Responsibility for blockchain applications is given to third parties.

This attitude is so common that even the well-known blockchain summit Consensus 2019 (2019 Consensus Conference) also held a conference titled "Build it, they (users) will naturally come: Creating a global area" Blockchain Center's roundtable forum discusses how governments around the world can make efforts to attract blockchain projects while balancing regulatory, investment and innovation needs.

To be fair, this strategy may be effective for blockchains that only target cryptocurrency circles. For security tokens, especially exchanges that trade such representatives, this makes even more sense - "supply creates demand" is the usual thinking here, especially considering the complex infrastructure required to implement these transactions. .

In contrast, "eating dog food" is more likely to be used by blockchain project developers seeking mainstream audiences (such as those in the financial industry, manufacturing and supply chain, identity management, etc.) use. If blockchain technology wants to break into these mainstream fields, blockchain companies must first "eat dog food." This will not only clearly prove that blockchain technology is feasible outside the currency circle, but also highlight that blockchain can not only optimize existing use cases, but also create new use cases.

The OAN team has always adhered to this concept and relied on the technology stacks of The OAN and Aion built over the years to develop Moves, a financial technology platform for independent workers.

Matt said that when developing the Moves product, the team hopes that the relevant functions of The OAN blockchain network can be fully utilized, so the focus will be on the following three aspects:

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1. How to use The OAN blockchain network to improve the credit efficiency of products.

There are two main considerations for improving credit efficiency: 1) Can Zheng Lu learn from the mechanisms of the DeFi market to reduce capital costs; 2) Can blockchain technology be used to increase the outside world’s understanding of Moves’ credit process? trust. Here, Moves will form a "pooling of wisdom" mechanism, allowing everyone to contribute to reducing credit risks and increasing the credibility of the credit granting process, and may even develop a micro-guarantee mechanism in the future. Therefore, users will be able to participate in the market established by the platform as a borrower, lender or guarantor.

2. How to align the interests of products and users.

Specifically, by connecting Moves to The OAN network, and with the help of the digital asset Aion, a relationship of consistent interests is formed between the product and the user, so that users can experience Moves personally. Whether the product is successful or not, you can also directly participate in the blockchain network that supports Moves - The OAN.

3. How to create a pioneering financial reputation data open system with Moves.

This open system may become a replacement for traditional credit scores or related mechanisms. For years, banks and financial institutions have used scores from Equifax, FICO or others as risk indicators, and the Moves team believes that the product it is building will be a good start - a better, more modern financial system. The beginning of the reputation system. This is a long-term goal.

Moves supports mainstream ride-sharing, food delivery and other gig economy concept platforms in North America and will be the flagship open application developed by The OAN on its blockchain network. In June, Moves' business operations expanded from Ontario to two more provinces - Alberta and British Columbia, and into Western Canada.

The various measures taken by The OAN team are all based on the spirit of "eating dog food" and working hard to allow blockchain technology to enter the mainstream market as soon as possible. Blockchain is not for the niche, but for the mainstream. In addition to The OAN team, many projects and institutions in the blockchain industry are also moving towards this goal. With such an excellent and targeted blockchain, what can you do? Are you saying there is no development prospect?

Ⅸ What exactly is blockchain and what are its uses

Recently, the word "blockchain" has appeared very frequently on the Internet. The word "blockchain" is very interesting. So what is "blockchain", how to explain "blockchain", and what kind of chain is "blockchain"?

If we want to know what “blockchain” is, we must first start with Satoshi Nakamoto.

In November 2008, Satoshi Nakamoto posted a research report on a secret cryptography review group, describing his new idea for electronic currency-Satoshi Nakamoto proposed : "I believe there isA currency that doesn’t rely on credit, I can’t stop myself from thinking about it. ” Bitcoin was born.

Although we still don’t know who Satoshi Nakamoto is, we all know the famous Bitcoin and the recently popular word “blockchain”.< br />
In professional terms, blockchain is a new application model of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm.

Bitcoin White Paper in English In fact, the word blockchain does not appear in the original version [2], but chain of blocks is used. In the earliest Chinese translation of the Bitcoin white paper [3], chain of blocks was translated into blockchain.

What does it mean in human terms? Generally speaking, blockchain is a decentralized distributed ledger database.

Decentralization means removing the original data center.< br />
Here is an example of decentralization: Alibaba’s servers support Alibaba’s daily data operations, including the Double Eleven that just passed. We were able to smoothly carry out flash sales of goods at zero o’clock, which is huge To a certain extent, it benefits from the support of Alibaba servers.

All data generated by Alibaba’s daily activities are recorded on the server, so what will happen if Alibaba’s servers encounter an accident? (For example, Ali's server was hit by a meteorite, causing server damage)

After the server is paralyzed, Ali's data will naturally be unable to be restored in time, which will result in Ali being unable to maintain daily operations in the short term.< br />
However, after adopting blockchain technology, a piece of data generated by Alibaba’s daily business will not only be recorded on Alibaba’s servers, but also on various servers around the world such as the Internet and Google. In this way, even if Alibaba's servers encounter an accident, it will still not affect Alibaba's operation. The data generated by Alibaba's daily activities will still be recorded on various servers around the world. This is the advantage and benefit brought by blockchain technology.

In other words, Ali’s data was only recorded in Ali’s server, and Ali’s server was the center. Now every server in the world is synchronously recording the business that Ali has done, and Ali’s server is no longer the center. The only center, this step achieves decentralization. The behavior of servers around the world synchronously recording Ali data is called distributed accounting.

Knowing what blockchain means, the difference What kind of boundaries can blockchain bring to our lives? What fields may blockchain be used in in the future?

1. Blockchain technology is used in the medical and health fields. For example, small businesses Zhang’s family has a history of hereditary red-green color blindness.Xiao Zhang once visited hospital A and his red-green color blindness was checked. Now Xiao Zhang is in city B and went to hospital B for treatment. Now hospital B can directly check Xiao Zhang’s previous medical treatment status in its own database. The hospital no longer needs to perform repeated examinations on Xiao Zhang. This greatly saves medical resources for the hospital and saves medical expenses for repeated examinations for Xiao Zhang.

2. Blockchain technology is applied in the field of food safety. Nowadays, everyone is paying attention to food safety, and blockchain technology is applied to the field of food safety to carry out food traceability. First, we can label each vegetable and fruit with its own label, and then record the growth, maturity, pests and diseases of the vegetables and fruits in this label. The data in this tag can be simultaneously recorded in various data centers around the world through blockchain technology.

On the one hand, when people buy vegetables, they can directly check the growth status of the vegetables. On the other hand, when our country imports and exports vegetables, we can directly check the status of the imported and exported products. No need to go through another quarantine.

X Review: Blockchain Revises WTO E-Commerce Ban -

Over the past few decades, technology and digital innovation have changed the perspective of our lives, from how we communicate to work , entertainment, learning, ways of doing business, etc.

One notable example is how the Internet has changed the way we communicate and obtain information. The Internet has brought about the possibility of virtually free and instant communication - something that was unimaginable before the Internet 30 years ago.

The emergence of the Internet and the ensuing innovation known as the digital revolution has changed our lives and created a new economic system - the digital economy. Maoqiu Technology believes that the digital economy has created huge opportunities and also brought terrible challenges.

As a result of the 1998 World Trade Organization ("WTO") moratorium, many economies, especially developing countries, lost billions of dollars in tariff revenue from digitally delivered products. The moratorium prohibits the government from imposing tariffs on digital product transmissions, best known as electronic transmissions (“ET”).

For example, e-commerce enables products such as software, music, books, movies, video games and most importantly DATA to be traded digitally rather than through CDs or DVDs as in the past.

As a result, products that once generated billions in customs revenue are now “duty-free.” According to research by the United Nations Conference on Trade and Development (“UNCTAD”), developing economies lost over $10 billion in potential tariff revenue due to the WTO’s suspension of ET in 2017.

The World Wide Web enabled globalization in an unprecedented way, a technology that empowered centralized database architectures and pushed economic power toward smaller populations.The concentration of several global technology companies, these companies are called large technology companies or technology giants.

There are growing concerns that big tech companies are gaining not only economic power, but also political power. Events such as the Facebook-Cambridge Analytica data scandal and Google’s search engine manipulation effects speak for themselves.

It is no coincidence that on July 29, 2020, the House Antitrust Subcommittee grilled the CEOs of technology giants; Facebook, Amazon, Apple, and Google examined the impact of their dominance on the U.S. and global agenda.

However, there seems to be controversy over whether the dominance of big tech companies is a threat or a success for the economies in which they operate. Facebook's Mark Zuckerberg noted in his opening statement before the U.S. House of Representatives Antitrust Subcommittee that "the tech industry is America's success story; ... our industry is one of the ways that America shares its values ​​with the world. It is also our most important One of the economic and cultural exports.”

So far, the United States and China are the winners of the digital economy. In 2019, the digital economy accounted for 15% of global gross domestic product (GDP), with the United States and China accounting for nearly 40% of the total. According to the 2019 UNCTAD Digital Economy Report, the United States and China account for 90% of the market value of the world's 70 largest digital platforms and more than 75% of the global public cloud computing market.

Digital platforms and cloud computing (digital data) are the main drivers of the digital economy. In addition, the seven largest digital platforms; Amazon, Apple, Alibaba, Facebook, Google, Microsoft and Tencent; account for two-thirds of the total market value of the global digital economy, and five of the world's seven largest digital platforms are located in the United States.

The dominance of technology giants in the digital economy and global trade is evident across all industries. For example, in the media and advertising industry, various reports estimate that the two "tech giants" Google and Facebook accounted for 41% of the global advertising market share in 2019.

On the other hand, Amazon dominates the e-commerce market, with a global retail e-commerce market share of over 14% as of 2019.

The achievements and milestones of technology giants in promoting the digital revolution are beyond doubt. “I’m proud that we’re giving people; people who have never had a voice before; a chance to be heard and giving small businesses access to tools that only the biggest players have” Mark Zuckerberg on July 29, 2020 said at the antitrust hearing. In fact, in Maoqiu Technology’s view, communication and access to information are some of the major achievements of recent decades, and technology giants are the heroes in this battle for the digital revolution.

However, the fight for the digital revolution, like any other battle, is not without sacrifice and harm.

With the rise of the digital economy, the threat of a WTO suspension of electronic transmissions goes far beyond the loss of tariff revenue. They kill basic economic principles such as voluntary returns and the famous economic theory of comparative advantage by David Ricardo.

Tariffs and other tariffs do more than just generate revenue for the government. They also protect the local baby industry from being hunted down, cannibalized, or what we call competition, by the tech giants. Therefore, the WTO moratorium deprives countries, especially developing economies, of their economic sovereignty, rights and powers to protect their economies.

The impact of Facebook and Google on the local advertising industry in various countries is like a bell ringing from the top of a mountain. In many countries, Facebook and Google have taken over the entertainment and advertising markets. As a result, local media outlets; radio/television stations, newspapers have ceased operations due to financial constraints.

We waited too long to respond and now the damage is too severe to repair. Amending the WTO's moratorium on electronic transmissions and other tax regulations could save developing countries billions in lost tariff revenue, but would do nothing to revive and protect decimated local industries from the looming dominance of tech giants.

E-commerce is credited with transforming the retail industry; businesses can now directly reach customers anywhere on the planet without the need for local representatives, distributors or dealers. E-commerce lowers entry barriers and promotes international trade. As a result, millions of local businesses face additional difficulties due to fierce competition from foreign companies in the local market.

The inability of the Internet to provide security and traceability solutions for digital customs is not unsolvable. We may have heard of blockchain technology and distributed ledger technology. Blockchain is a new technology launched a decade ago, and many analysts predict its impact will exceed that of the Internet.

Blockchain: As a distributed and immutable ledger technology, it provides a solution to two key challenges facing the Internet - trust and transparency.

Blockchain uses smart contracts to facilitate the automation of transactions, such as processing payments, while notifying all relevant parties; this may include tax authorities. Contract terms enforced through smart contracts eliminate the need for human intervention in transaction processes that are prone to fraud or error. Blockchain has the proven ability to accommodate disintermediation, increase transparency, and increase audibility.

Blockchain security is built on three security features, namely the use of ledgers, blockchain and distributed applications.

The ledger is the record of every transaction on the blockchain. Transactions recorded on the blockchain are immutable and cannot be edited or deleted.remove. Blockchain is a distributed application that supports peer-to-peer transactions without any intermediary.

The ledgers recorded on the blockchain network are distributed on all nodes or computers on the blockchain network. Digital Customs built on blockchain shows that tax authorities can become part of the node on all digital platforms operating in their respective economies.

Nodes on the blockchain network authenticate all transactions through a consensus mechanism and detect data tampering based on its basic characteristics such as immutability, transparency, auditability, data encryption and operational resiliency.

Since data is replicated and cryptographically integrity checked across many nodes running on disparate computer networks, blockchain provides a reliable defense against cyberattacks.

If any node disagrees with the transaction, it cannot process and protect the network from fraudulent transactions. This level of security enables tax authorities to effectively implement tax policies.

As the name suggests, blockchain is a blockchain. Each block contains the hash value of its previous hash to join the blocks. Therefore, in case of any data correction, the hash will be changed and the entire chain will need to be changed.

The distributed nature of blockchain provides superior protection against potential external attacks and promises enhanced security. Cryptography, as the core feature of blockchain, makes transactions more secure, verifiable and verifiable.

Transaction history is immutable; once recorded on the blockchain, they cannot be deleted or changed. Tax authorities will be present as validators on all digital platforms operating their respective economies and will not let any non-compliant transactions go through.

Blockchain technology provides the security and technology solutions countries need to establish successful digital customs. Blockchain solutions go beyond providing efficient digital customs. Blockchain offers the highest level of transparency, providing countries with a wide range of solutions to effectively implement fraud-free tax policies.