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Ⅰ What is "Blockchain"
Blockchain is a public ledger. There is no centralized hardware or management organization. Any Everyone can automatically verify the authenticity of the ledger and easily discover whether the ledger has been tampered with by others.
In a word, the blockchain is a public ledger that can be verified by everyone.
The concept of being verifiable by everyone is crucial to blockchain.
Bitcoin uses the blockchain to record all transactions, so anyone knows the number of Bitcoins on each account.
So, as a publicly verifiable ledger, what are some use cases for blockchain?
In fact, there are many use cases that can be thought of. Blockchain is suitable for any data that can be recorded on a public ledger. Here are 4 examples:
1. Decentralized domain name server, namely domain currency. The domain name server is actually a ledger that records domain names.
2. Trustless public key encryption, such as https that discards unreliable certification authorities.
3. Ownership records, truthfully record the items and their corresponding owners.
4. Contracts and performance guarantees, the account book truthfully records the parties to the contract and saves the contract text.
But don’t forget that blockchain also has a very important component.
The ledger recorded using blockchain technology will always be updated. New data such as transactions, domain name inputs, records and contracts will be converted into hash values of the same length by the hash algorithm and saved. However, hashing algorithms are not only not free but also very expensive.
Therefore, the ledger itself needs to have a recognition system to recognize the person who enters the block hash value.
In Bitcoin, this system is called mining and is rooted in the Bitcoin protocol. Bitcoin miners use a hash algorithm to convert transactions waiting for verification into hash values, and charge a certain amount of Bitcoin as a service fee.
Therefore, for non-monetary use cases, blockchain needs to find a way to bear the high cost of hashing algorithms.
I would like to remind everyone that my answer mainly focuses on the possible use cases of blockchain technology, and does not cover all aspects of blockchain, such as why hashing algorithms are so expensive. I'm sure you can find a lot of detailed information about Bitcoin and other blockchain applications online.
Supplement
Although blockchain technology has many advantages, there are still some less than ideal use cases. For example, there is no way to convert Bitcoin into any national currency; a ledger with billions of data entries would take up space and be impractical.
Bitcoin has shown the world that blockchain technology canIt is feasible in theory, and people are also trying to solve these increasingly prominent problems, such as technological transformation of Bitcoin or the introduction of a completely different blockchain technology. I think the following two methods are worth trying: one is to split the ledger according to certain standards such as the payer address, and the other is to introduce a main blockchain to verify the sub-blockchain. Blockchain technology is ever-changing and dazzling, and it’s unknown whether someone is already making such an attempt. But Bitcoin is still the world's first currency blockchain, what others call a cryptocurrency.
Whether in the technology circle or the financial circle, blockchain has become the hottest word, no one. Blockchain has core advantages such as decentralization and trustlessness, and can perfectly solve problems such as information asymmetry, high transaction costs, and trust of strangers in the development of the sharing economy, making "individual economy" possible. Based on this, blockchain technology is considered to be the core technology that has the greatest potential to trigger the fifth wave of disruptive revolution after steam engines, electricity, information and Internet technology.
In this context, a blockchain craze was born in society, and everyone praised it overwhelmingly. Dialectics tells us that everything has flaws, and only by seeing the pros and cons of things can we make rational decisions. Therefore, in this article, Xue Hongyan (Hong Yanweiyu), a senior researcher at Suning Financial Research Institute, focuses on pouring some cold water on the blockchain.
| What is Blockchain
Blockchain, English Blockchain, has a rather mysterious technological flavor in its name, and can be simply broken down into "data blocks" and "links". Each data block contains all the information exchange data of the system within a certain period of time, and is encrypted using cryptographic methods; the link means that each block has a link relationship with the next block, thus forming a blockchain.
It is generally believed that blockchain has two major characteristics: decentralization and trustlessness. A brief introduction is as follows:
Since each block contains all the information exchange data of the system within a specific period of time, Therefore, each block is equal, and the damage of a single block does not affect the security of the entire system, so the blockchain has decentralized characteristics.
Similarly, since each block contains all the information of the system, the authenticity of the information can be cross-verified. Only by breaking through more than 51% of the nodes can the information be tampered with. In a large enough blockchain system , the cost is extremely high, it can be considered that the information in the blockchain is true, so the blockchain has the characteristics of trustlessness.
Most people’s understanding of blockchain begins with Bitcoin. The relationship between the two is that blockchain is the underlying technology and concept, and Bitcoin is only the most popular application of blockchain at present. .
Maybe the above is not popular enough. Finally, let me summarize, what do you think the blockchain is? It is a disruptive new technology? NO! According to Xue Hongyan (Hong Yanweiyu), a senior researcher at Suning Financial Research Institute, blockchain is not so much a new technology as it is a new ideological concept. The information encryption and other technologies included in the blockchain have been around for a long time, and it is more of a conceptual innovation. This is also the reason why the blockchain has a huge impact. New technologies will be surpassed sooner or later, ranging from one or two years to four to five years; only innovative ideas have enough energy to affect all aspects of the economy and society.
| Blockchain is expected to change the underlying rules of the financial system
In applications in the financial field, blockchain will change the transaction process and record keeping methods, thus significantly reducing transaction costs. It has significantly improved efficiency and is considered to have a broad market environment in digital currency, cross-border payment and clearing, bill trading, securities issuance and trading, property rights transactions, customer credit reporting, anti-fraud, and anti-money laundering.
Such a good technology is naturally sought after by everyone. Like many traditional financial people, Hong Yanweiyu resisted it at first, thinking that this thing was not that great, and did not do any research specifically. Later, as the research on financial technology gradually deepened, it was discovered that blockchain was an obstacle that could not be bypassed, because whether it was robo-advisory, big data risk control or online lending, they were only technological innovations at the financial business level and risk control level. It has not penetrated the bottom layer of the financial system. What is the underlying layer of the financial system? Naturally, it is payment and settlement, transaction rules and system interaction. What the blockchain changes is precisely the underlying rules.
Therefore, throughout the world, financial institutions are the most active in researching blockchain. If nothing else, they are really afraid. After the decentralization and trustless features of the blockchain are fully utilized, what else will the intermediaries of financial institutions do? It is estimated that this is also the first feeling of many people who have a preliminary understanding of blockchain.
In this article, Hong Yanweiyu focuses on pouring cold water on this view.
| Subverting the financial system, blockchain still faces two mountains
Marxist dialectics tells us that everything has two sides. The more prominent the advantages, the more obvious the flaws. It’s just the perspective. Just different. The two major problems with blockchain subverting the financial system lie precisely in the two major advantages of decentralization and trustlessness.
First, let’s talk about decentralization. First, we need to clarify a truth. Does centralization necessarily mean low efficiency? Of course not. Within a specific scope, the concentration of resources brought about by centralization can greatly improve efficiency. This is also the reason why human beings evolve from individuals to villages to tribes and then to countries in the process of evolution. Take UnionPay as an example. UnionPay is the clearing and settlement center for the domestic banking industry. After UnionPay is established, each bank only needs to connect with UnionPay to realize transactions with all banks. If it is decentralized, without UnionPay, each bank will need to When communicating with all counterparties, which one is more efficient? Therefore, there is no need to beat centralization to death with a stick. The decentralized characteristics of blockchain are destined to only be used in certain fields.How can it disrupt everything if the domain (that is, a domain not suitable for centralization) comes into play?
Furthermore, it is a matter of trust. There is nothing wrong with detrusting itself, but the technical logic behind it is deeply flawed. Blockchain relies on universal accounting to achieve trustlessness, that is, all transaction information is retained in each block for system cross-verification to identify authenticity. Here comes the problem. Each block retains all transaction information. There is no problem on a small blockchain. However, as more and more information is added, it will inevitably lead to an explosive growth of transaction information and will also bring information. Dramatic increase in storage costs. At the same time, the greater the amount of information, the longer cross-validation takes and the lower the efficiency. Therefore, the blockchain solves the trust problem, but it brings about rising costs and declining efficiency.
Nothing in the world is perfect, and the same is true for blockchain.
As a conclusion, Hongyanweiyu wants to clarify that blockchain, as a conceptual innovation, does have great value and can also have a disruptive impact in specific fields. However, the current one-sided thinking about blockchain is problematic. Eastern wisdom tells us that "the most brilliant and the golden mean", in the face of anything, it is wisest to maintain the golden mean.
(Text/Xue Hongyan, senior researcher at Suning Financial Research Institute; WeChat public account: Hongyan Weiyu)
As early as a few years ago, the word "mining" came with Bitcoin is well known for its popularity. Many people know about Bitcoin first and then the blockchain, and they even don’t know about the blockchain yet. By definition, blockchain is a series of data blocks generated using cryptographic methods. Each data block contains information about a Bitcoin network transaction, which is used to verify the validity (anti-counterfeiting) and generation of its information. Next block.
Blockchain is a platform of the Internet. Through this platform, people and people, things and things, and everything is interconnected. It is the most advanced technology platform for information today. I personally think that in the banking industry, everything is A double-edged sword, it has a good side and a bad side. Let’s talk about the bad side first. Banks serve depositors. Simply put, they are a channel through which money circulates. Why do people go to Swiss banks to deposit money? , Guan Jian keeps the depositors secret. If all depositors are disclosed, who dares to deposit in the bank? No one in the bank can make money and go bankrupt. The advantages are saving the cost of printing banknotes, preventing counterfeit banknotes, convenient and fast, I personally think it can only be tried on a trial basis, but Everyone's information cannot be disclosed and must be kept confidential for depositors, so that the People's Bank of China can become stronger and bigger o
I am not a computer technology expert. The following introduction to blockchain comes from reading and comments from expert friends, and is for reference only. .
If you want to use one word to explain blockchain, it is: distributed accounting.
To understand what this word means, you need to first understand that traditional accounting has a center. For example, in a bank, you withdraw money from a bank deposit and lend money to others through the bank.People are all centered on banks, and all these transactions are based on the bank's credit. What if the bank cheats? Or is it more serious, is the country cheating? The Kuomintang's indiscriminate issuance of gold yuan coupons at the end of its rule in mainland China, as well as the hyperinflation in Weimar Germany and Zimbabwe, which made the currency less valuable than toilet paper, are very famous examples.
Golden Yuan Coupons
This is the problem that blockchain is aimed at. They believe that decentralized accounting is non-modifiable and non-repudiable. How to achieve decentralized accounting? The basic idea is that all users store all transaction records, making it very difficult to illegally modify the ledger through mathematical methods. In this way, the reliability of the ledger is guaranteed.
Specifically, all users exhaustively enumerate random number variables, and the first user to obtain a specific required hash function value (Hash) will have the right to record this round of transactions and obtain the corresponding Bitcoins award. It is transmitted in the form of data blocks, and the data blocks are connected into a chain by appending at the end, so it is called a block chain.
After listening to the introduction, you may feel that this idea is interesting, but it is not as exciting or revolutionary as advertised. Your feeling is right. In fact, the basic logic of blockchain has some unavoidable problems.
For example, the current size of the complete Bitcoin public ledger has exceeded 150 G, and is rapidly increasing at a rate of tens of G per year - just to support 5 million users and 30 million transactions per year. If its processing volume is one day comparable to that of Alipay, the size of the Bitcoin ledger will increase by more than 500 terabytes per year. This is equivalent to backing up the Alipay server's storage data on all users' personal computers. Do you think this is a good idea?
For another example, in the traditional banking system, if you lose your password, it is no big deal. Just report it to the system in time, and your wealth will not disappear. But in the blockchain system, if you lose your password, it will be a huge trouble, and your currency will not be recovered. Not happy? Is it surprising?
Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithms. The so-called consensus mechanism is a mathematical algorithm to establish trust and obtain rights and interests between different nodes in the blockchain system
In layman’s terms, it is to play mahjong. Four people can take turns to be the banker, and each other can shoot four people. They all have their own ledger records, but if you want to modify the ledger, you must have more than 50% of the modification rights, so the cost of cheating on the ledger is very high.
In the future, blockchain will be used more in finance to combat money laundering and fraud, because all information can be traced, and in culture it can be used for copyright protection, etc.
1. The main function of blockchain is to store information. Any information that needs to be saved can be written to the blockchain and read from it, so it is a database.
2. Anyone can set up a server, join the blockchain network and become a node. In the world of blockchain, there is no central node. Every node is equal and stores the entire database. You can write/read data to any node, because all nodes will eventually be synchronized to ensure that the blockchain is consistent.
3. Everyone works on the same blockchain, everyone publicly shares the current state of the blockchain, everyone agrees on the rules for new data submission and tampering with the blockchain is prohibited. It is difficult to operate in terms of computing power.
If we assume that the database is a ledger, reading and writing the database is an accounting behavior:
Anyone can verify this public ledger, but there is no single The user can control it. Participants in the blockchain system will jointly maintain the update of the ledger: it can only be modified according to strict rules and consensus, and there is a very exquisite design behind this.
(1) Accounting, the system will find the person with the fastest and best accounting within a period of time, let this person do the accounting, and then broadcast the information on this page of the account book to everyone else on the entire network. node, which is equivalent to changing the database record; (consensus mechanism, cryptography)
(2) Verification, other valid nodes in the entire network check the correctness of the block accounting, and stamp the time Stamp to confirm that the block is legal; (timestamp, mathematics)
(3) Form a single chain, that is, compete for the next block after the previous legal block; (smart contract, encryption technology)
p>(4) Storage, the account book is stored in blocks. As transactions increase, new data blocks will be appended to the existing chain to form a chain structure; (distributed structure, information technology) < /p>
(5) Backup, every participating trader is a node of the block network, and each node has a complete backup of the public account book, which is a distributed ledger.
Features
1. The blockchain has no administrator and is completely centerless. It is precisely because it cannot be managed that the blockchain cannot be controlled. Without an administrator, everyone can write data into it. In order to ensure the trustworthiness of the data: the technology of blockchain makes it impossible to tamper with the data once it is written.
2. Close to zero trust cost.
The cycle time required for Internet companies to build their credit is extremely long. For example, Taobao often takes several years to build its credit. In the blockchain, everyone trusts the code, algorithm and rules, so the cost of trust is extremely low.
3. The marginal cost of constructing and trading assets approaches zero.
If traditional assets are to be used for trading, they need to rely heavily on third parties, such as investment banks, banks, securities firms, etc., for packaging and endorsement, and the fees and thresholds are extremely high. With blockchain, these will not be a problem, and the cost is extremely low.
The value transfer attribute of the blockchain also naturally solves the payment problem, and has the genes to support global payments.
I'm happy to answer your questions. The popularity of blockchain technology is largely due to the popularity of Bitcoin in 2017. I believe everyone knows that Bitcoin was born based on blockchain technology, but what is the principle? Today we are here to talk to you.
First of all, Bitcoin was not a digital currency invented by any country, but it now has transactional properties. So the question is, since no country is responsible for Bitcoin, who will record Bitcoin transactions?
Blockchain technology is used here. As we all know, blockchain technology is "decentralized" and "should not be tampered with." Bitcoin transactions use blockchain technology.
Let’s take Bitcoin transactions as an example. As we all know, legal currency transactions are recorded by banks. For example, Zhang San uses Alipay to transfer 100 yuan to Li Si. At this time, Alipay will notify the central bank that Zhang San transfers 100 yuan to Li Si, and the central bank will record the transfer. This is the so-called "centralization". But Bitcoin is not the case. During the transaction, the node will record the transfer and then pass it to the next node, one to the next, until all nodes have recorded the transfer. This is called "decentralization."
How to understand nodes? In fact, it can be understood as a piece of code. After you make a transaction, the code is recorded on your computer, and then the code will be automatically transferred to the next computer until this code is stored on all computers in the world.
Another important point to note is that the "code" that records your transaction cannot be tampered with by anyone. Therefore, all transmissions are safe and cannot be faked, which solves the security problem of Bitcoin.
Through the above description, do you have a general understanding of blockchain?
Blockchain, simply put, is the underlying technology that supports ICO (virtual currency). The popular Bitcoin is an application of ICO. In other words, the connotation of blockchain is richer, and its main features are:
1. Blockchain is equivalent to digital trust. Both parties to the transaction can independently enter into digital contracts, and companies providing blockchain services are equivalent to Digital trust company;
2. The purpose and characteristics of blockchain are "3 de-intermediaries" - de-intermediation, de-currency, de-sovereignty; yes
3. Bitcoin is An application of blockchain, Bitcoin is a cryptocurrency, and all blockchains apply digital encryption technology;
4. The "3 Go" feature is targeted at the financial industry, and only when high frequency is required transactionalBlockchain is only needed in the financial field;
5. Large platforms with a user base are more suitable for applying blockchain, and small companies’ participation is of little value, so Zuckerberg’s 2018 New Year’s wish includes research Digital cryptocurrency. Kodak also launched a digital currency, sending its stock price soaring.
Furthermore, when it comes to Bitcoin, it can be cashed out and exchanged into the currencies of most countries. Users can use Bitcoin to purchase some virtual items, and they can also use Bitcoin to purchase real-life items. In this sense, Bitcoin is similar to the world's currency, close to gold.
Peter Thiel, co-founder of PayPal and an early investor in Facebook, believes that Bitcoin is "undervalued" by people and compares it to gold. He said: "If one day Bitcoin becomes the online equivalent of gold, then it will have room for appreciation."
But on January 3, the "People's Daily" published an article saying, "Whether it is from The increase can still be seen from the value of the currency itself. There is a bubble in the price of Bitcoin. This is an issue that needs no discussion." Data show that in the past 2017, Bitcoin has skyrocketed and plummeted: within a year, the price skyrocketed about 20 times, and in one day It fell more than 40% within the period.
Indeed, Bitcoin has risks. However, blockchain with richer connotations obviously still has greater room for development.
Last night, screenshots of Xu Xiaoping, founder of ZhenFund, encouraging the embrace of the blockchain revolution in an internal group were posted online. In his view, the blockchain revolution has indeed arrived. “I strongly encourage everyone internally to embrace the blockchain revolution and learn blockchain technology. This is my understanding after long-term observation and thinking. I feel responsible to tell our entrepreneurs. I don’t want my understanding of blockchain The views have been misunderstood as views on ICO."
However, in the context of Internet companies and investment institutions collectively entering the market, the government will definitely take measures.
Recently, the U.S. Securities and Exchange Commission (SEC) has expressed concerns about this and shelved the proposal of two U.S. companies to launch a Bitcoin exchange-traded fund (ETF).
In fact, this is only a matter of time. Because the "three-go" feature of blockchain is inherently contradictory to government centralization.
Ⅱ What is "blockchain"
Blockchain technology is a technology that jointly maintains reliable databases through decentralization and elimination of trust. Four keywords can be used to describe blockchain technology: trust reduction, decentralization, collective maintenance and reliable database.
When we talk about the concept of "blockchain", Bitcoin is definitely a topic that will not be ignored. In recent years, Bitcoin has begun to enter the public eye, especially in 2017, which has continued to skyrocket throughout the year, making many people aware of this emerging thing.
Blockchain is actually the underlying technology of Bitcoin. Bitcoin exists because people on the Internet who don’t know each other can move and trade digital currency through the Bitcoin network. And this is driven by blockchain technology. All Bitcoin transactions are recorded on the blockchain ledger. To a certain extent, in the application of Bitcoin, the blockchain plays the role of the underlying database of the bank transaction system. Both are for "keeping accounts". Although it is not very prudent to refer to the blockchain directly as a "database", for the sake of ease of understanding, let's temporarily call it a decentralized, shared and encrypted database. If described in professional terms, blockchain is a distributed ledger technology.
Blockchain can usually be divided into the following types:
1. Public blockchain. Anyone can access data on a public blockchain, and anyone can issue transactions waiting to be written to the blockchain. Participants in the consensus process (corresponding to miners in Bitcoin at the time) maintain the security of the database through cryptography and built-in economic incentives.
2. Collaborative blockchain. The nodes participating in the blockchain are pre-selected, and there are likely to be good network connections between the nodes. Other consensus algorithms other than proof-of-work can be used on such a blockchain. For example, a blockchain has been established among a hundred financial institutions, and it is stipulated that more than two-thirds of the institutions must agree to reach a consensus. The data on such a blockchain can be either public or shared internally by these node participants.
3. Private blockchain. The participating nodes are only individual users, and the access and use of data are subject to strict permission management. Most of the internally used blockchain technologies announced by some financial institutions recently are vague and may fall into this range.
The blockchain is a public ledger. There is no centralized hardware or management organization. Anyone can automatically verify the authenticity of the ledger and easily discover whether the ledger has been tampered with by others.
In a word, the blockchain is a public ledger that can be verified by everyone.
The concept of being verifiable by everyone is crucial to blockchain.
Bitcoin uses the blockchain to record all transactions, so anyone knows the number of Bitcoins on each account.
So, as a publicly verifiable ledger, what are some use cases for blockchain?
In fact, there are many use cases that can be thought of. Blockchain is suitable for any data that can be recorded on a public ledger. Here are 4 examples:
1. Decentralized domain name server, namely domain currency. The domain name server is actually a ledger that records domain names.
2. Trustless public key encryption, such as https that discards unreliable certification authorities.
3. Ownership records, truthfully record the items and theircorresponding everyone.
4. Contracts and performance guarantees, the account book truthfully records the parties to the contract and saves the contract text.
But don’t forget that blockchain also has a very important component.
The ledger recorded using blockchain technology will always be updated. New data such as transactions, domain name inputs, records and contracts will be converted into hash values of the same length by the hash algorithm and saved. However, hashing algorithms are not only not free but also very expensive.
Therefore, the ledger itself needs to have a recognition system to recognize the person who enters the block hash value.
In Bitcoin, this system is called mining and is rooted in the Bitcoin protocol. Bitcoin miners use a hash algorithm to convert transactions waiting for verification into hash values, and charge a certain amount of Bitcoin as a service fee.
Therefore, for non-monetary use cases, blockchain needs to find a way to bear the high cost of hashing algorithms.
I would like to remind everyone that my answer mainly focuses on the possible use cases of blockchain technology, and does not cover all aspects of blockchain, such as why hashing algorithms are so expensive. I'm sure you can find a lot of detailed information about Bitcoin and other blockchain applications online.
Supplement
Although blockchain technology has many advantages, there are still some less than ideal use cases. For example, there is no way to convert Bitcoin into any national currency; a ledger with billions of data entries would take up space and be impractical.
Bitcoin has shown the world that blockchain technology is feasible in principle, and people are also trying to solve these increasingly prominent problems, such as technological transformation of Bitcoin or the introduction of a completely Different blockchain technologies. I think the following two methods are worth trying: one is to split the ledger according to certain standards such as the payer address, and the other is to introduce a main blockchain to verify the sub-blockchain. Blockchain technology is ever-changing and dazzling, and it’s unknown whether someone is already making such an attempt. But Bitcoin is still the world's first currency blockchain, what others call a cryptocurrency.
Whether in the technology circle or the financial circle, blockchain has become the hottest word, no one. Blockchain has core advantages such as decentralization and trustlessness, and can perfectly solve problems such as information asymmetry, high transaction costs, and trust of strangers in the development of the sharing economy, making "individual economy" possible. Based on this, blockchain technology is considered to be the core technology that has the greatest potential to trigger the fifth wave of disruptive revolution after steam engines, electricity, information and Internet technology.
In this context, a blockchain craze was born in society, and everyone praised it overwhelmingly. dialectics tellsWe, everything has flaws, only by seeing both sides of things can we make rational decisions. Therefore, in this article, Xue Hongyan (Hong Yanweiyu), a senior researcher at Suning Financial Research Institute, focuses on pouring some cold water on the blockchain.
| What is Blockchain
Blockchain, English Blockchain, has a rather mysterious technological flavor in its name, and can be simply broken down into "data blocks" and "links". Each data block contains all the information exchange data of the system within a certain period of time, and is encrypted using cryptographic methods; the link means that each block has a link relationship with the next block, thus forming a blockchain.
It is generally believed that blockchain has two major characteristics: decentralization and trustlessness. A brief introduction is as follows:
Since each block contains all the information exchange data of the system within a specific period of time, Therefore, each block is equal, and the damage of a single block does not affect the security of the entire system, so the blockchain has decentralized characteristics.
Similarly, since each block contains all the information of the system, the authenticity of the information can be cross-verified. Only by breaking through more than 51% of the nodes can the information be tampered with. In a large enough blockchain system , the cost is extremely high, it can be considered that the information in the blockchain is true, so the blockchain has the characteristics of trustlessness.
Most people’s understanding of blockchain begins with Bitcoin. The relationship between the two is that blockchain is the underlying technology and concept, and Bitcoin is only the most popular application of blockchain at present. .
Maybe the above is not popular enough. Finally, let me summarize, what do you think the blockchain is? Is it a disruptive new technology? NO! According to Xue Hongyan (Hong Yanweiyu), a senior researcher at Suning Financial Research Institute, blockchain is not so much a new technology as it is a new ideological concept. The information encryption and other technologies included in the blockchain have been around for a long time, and it is more of a conceptual innovation. This is also the reason why the blockchain has a huge impact. New technologies will be surpassed sooner or later, ranging from one or two years to four to five years; only innovative ideas have enough energy to affect all aspects of the economy and society.
| Blockchain is expected to change the underlying rules of the financial system
In applications in the financial field, blockchain will change the transaction process and record keeping methods, thus significantly reducing transaction costs. It has significantly improved efficiency and is considered to have a broad market environment in digital currency, cross-border payment and clearing, bill trading, securities issuance and trading, property rights transactions, customer credit reporting, anti-fraud, and anti-money laundering.
Such a good technology is naturally sought after by everyone. Like many traditional financial people, Hong Yanweiyu resisted it at first, thinking that this thing was not that great, and did not do any research specifically. Later, as the research on financial technology gradually deepened, it was discovered that blockchain was an unavoidable hurdle, because whether it was intelligent investment advisory, big data risk control orOnline lending is only a technological innovation at the financial business level and risk control level, and has not penetrated into the bottom layer of the financial system. What is the underlying layer of the financial system? Naturally, it is payment and settlement, transaction rules and system interaction. What the blockchain changes is precisely the underlying rules.
Therefore, throughout the world, financial institutions are the most active in researching blockchain. If nothing else, they are really afraid. After the decentralization and trustless features of the blockchain are fully utilized, what else will the intermediaries of financial institutions do? It is estimated that this is also the first feeling of many people who have a preliminary understanding of blockchain.
In this article, Hong Yanweiyu focuses on pouring cold water on this view.
| Subverting the financial system, blockchain still faces two mountains
Marxist dialectics tells us that everything has two sides. The more prominent the advantages, the more obvious the flaws. It’s just the perspective. Just different. The two major problems with blockchain subverting the financial system lie precisely in the two major advantages of decentralization and trustlessness.
First, let’s talk about decentralization. First, we need to clarify a truth. Does centralization necessarily mean low efficiency? Of course not. Within a specific scope, the concentration of resources brought about by centralization can greatly improve efficiency. This is also the reason why human beings evolve from individuals to villages to tribes and then to countries in the process of evolution. Take UnionPay as an example. UnionPay is the clearing and settlement center for the domestic banking industry. After UnionPay is established, each bank only needs to connect with UnionPay to realize transactions with all banks. If it is decentralized, without UnionPay, each bank will need to When communicating with all counterparties, which one is more efficient? Therefore, there is no need to beat centralization to death with a stick. The decentralization feature of blockchain is destined to only play a role in specific fields (that is, fields that are not suitable for centralization). How can it subvert everything?
Furthermore, it is a matter of trust. There is nothing wrong with detrusting itself, but the technical logic behind it is deeply flawed. Blockchain relies on universal accounting to achieve trustlessness, that is, all transaction information is retained in each block for system cross-verification to identify authenticity. Here comes the problem. Each block retains all transaction information. There is no problem on a small blockchain. However, as more and more information is added, it will inevitably lead to an explosive growth of transaction information and will also bring information. Dramatic increase in storage costs. At the same time, the greater the amount of information, the longer cross-validation takes and the lower the efficiency. Therefore, the blockchain solves the trust problem, but it brings about rising costs and declining efficiency.
Nothing in the world is perfect, and the same is true for blockchain.
As a conclusion, Hongyanweiyu wants to clarify that blockchain, as a conceptual innovation, does have great value and can also have a disruptive impact in specific fields. However, the current one-sided thinking about blockchain is problematic. Eastern wisdom tells us that "the most brilliant and the golden mean", in the face of anything, it is wisest to maintain the golden mean.
(Text/Xue Hongyan, senior researcher at Suning Financial Research Institute; WeChat public account: Hong Yan Weiyu)
As early as a few years ago, the word "mining" became widely known with the popularity of Bitcoin. Many people first knew about Bitcoin and then about blockchain, and they even don’t know about blockchain yet. By definition, blockchain is a series of data blocks generated using cryptographic methods. Each data block contains information about a Bitcoin network transaction, which is used to verify the validity (anti-counterfeiting) and generation of its information. Next block.
I am not a computer technology expert. The following introduction to blockchain comes from reading and comments from expert friends and is for reference only.
If you want to use one word to explain blockchain, it is: distributed accounting.
To understand what this word means, you need to first understand that traditional accounting has a center. For example, in a bank, when you withdraw money from a bank deposit or lend money to others through the bank, the bank is the center, and all these transactions are based on the bank's credit. What if the bank cheats? Or is it more serious, is the country cheating? The Kuomintang's indiscriminate issuance of gold yuan coupons at the end of its rule in mainland China, as well as the hyperinflation in Weimar Germany and Zimbabwe, which made the currency less valuable than toilet paper, are very famous examples.
Golden Yuan Coupons
This is the problem that blockchain is aimed at. They believe that decentralized accounting is non-modifiable and non-repudiable. How to achieve decentralized accounting? The basic idea is that all users store all transaction records, making it very difficult to illegally modify the ledger through mathematical methods. In this way, the reliability of the ledger is guaranteed.
Specifically, all users exhaustively enumerate random number variables, and the first user to obtain a specific required hash function value (Hash) will have the right to record this round of transactions and obtain the corresponding Bitcoins award. It is transmitted in the form of data blocks, and the data blocks are connected into a chain by appending at the end, so it is called a block chain.
After listening to the introduction, you may feel that this idea is interesting, but it is not as exciting or revolutionary as advertised. Your feeling is right. In fact, the basic logic of blockchain has some unavoidable problems.
For example, the current size of the complete Bitcoin public ledger has exceeded 150 G, and is rapidly increasing at a rate of tens of G per year - just to support 5 million users and 30 million transactions per year. If its processing volume is one day comparable to that of Alipay, the size of the Bitcoin ledger will increase by more than 500 terabytes per year. This is equivalent to backing up the Alipay server's storage data on all users' personal computers. Do you think this is a good idea?
For another example, in the traditional banking system, ifIt’s not a big deal if you lose your password. Just report it to the system in time and your wealth will not disappear. But in the blockchain system, if you lose your password, it will be a huge trouble, and your currency will not be recovered. Not happy? Is it surprising?
Blockchain is a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanism, and encryption algorithms. The so-called consensus mechanism is a mathematical algorithm to establish trust and obtain rights and interests between different nodes in the blockchain system
In layman’s terms, it is to play mahjong. Four people can take turns to be the banker, and each other can shoot four people. They all have their own ledger records, but if you want to modify the ledger, you must have more than 50% of the modification rights, so the cost of cheating on the ledger is very high.
In the future, blockchain will be used more in finance to combat money laundering and fraud, because all information can be traced, and in culture it can be used for copyright protection, etc.
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I have seen a lot of people’s explanations of blockchain in official terms, and some may not even be clear to the person explaining it. I will explain blockchain in vernacular below to ensure that everyone can read it. Gotta understand.
What is blockchain? Let me give an analogy. In 50 years, you can buy an electric fan from the supermarket. This electric fan will automatically mine coins for you when it is blowing. You can mine coins automatically while using the electric fan. When you use this electric fan, When the fan breaks down, you can use the mined coins to repair the electric fan. Of course, you can also use the mined coins to buy a new electric fan. Many people think wrongly! Wouldn’t the profits of merchants be less? Let me tell you about a certain brand. When the products of this brand are sold to you, the products themselves may even be sold to you at a loss. However, once the number of users becomes large and the users become more sticky, they can be paid through membership fees or service fees. Such small fees or other ways to make profits. Just like this, the mined coins can be purchased and repaired. Although the merchant's profit may be reduced, the merchant has gained more users and greater user stickiness. By this time, it only takes a minute for the merchant to make money.
And the electric fan you bought is equivalent to winding it up for you. What is winding up? If you put your electric fan on the street now, and 10 people come to snatch it, you have no way to prove that the ownership of this electric fan is yours. Once you put it on the chain, it is equivalent to being tied to you. Once it’s settled, you can prove it.
Therefore, the essence of blockchain is to help make people’s lives more convenient. It is equivalent to upgrading on the basis of the Internet, making it safer and more convenient. This is blockchain! It's that simple.
The security of the blockchain is reflected in its irreversibility and the data cannot be tampered with. We all know that in today’s society, any data canIt can be overcome by modification by hackers, but the data in the blockchain cannot be changed. Once generated, it cannot be modified unless all users in the blockchain agree to modify the data, but this is impossible to happen.
At present, the blockchain is still very immature, just like the Internet bubble burst in 2000. When the bubble bursts, a truly valuable blockchain Internet will be hatched. company.
The wheel of history will not go backwards. Many people are unwilling to accept blockchain. Just like telling you that you can shop online 20 years ago, this is the same ridiculous thing. Time will eventually prove it. .
1. The main function of blockchain is to store information. Any information that needs to be saved can be written to the blockchain and read from it, so it is a database.
2. Anyone can set up a server, join the blockchain network and become a node. In the world of blockchain, there is no central node. Every node is equal and stores the entire database. You can write/read data to any node, because all nodes will eventually be synchronized to ensure that the blockchain is consistent.
3. Everyone works on the same blockchain, everyone publicly shares the current state of the blockchain, everyone agrees on the rules for new data submission and tampering with the blockchain is prohibited. It is difficult to operate in terms of computing power.
If we assume that the database is a ledger, reading and writing the database is an accounting behavior:
Anyone can verify this public ledger, but there is no single The user can control it. Participants in the blockchain system will jointly maintain the update of the ledger: it can only be modified according to strict rules and consensus, and there is a very exquisite design behind this.
(1) Accounting, the system will find the person with the fastest and best accounting within a period of time, let this person do the accounting, and then broadcast the information on this page of the account book to everyone else on the entire network. node, which is equivalent to changing the database record; (consensus mechanism, cryptography)
(2) Verification, other valid nodes in the entire network check the correctness of the block accounting, and stamp the time Stamp to confirm that the block is legal; (timestamp, mathematics)
(3) Form a single chain, that is, compete for the next block after the previous legal block; (smart contract, encryption technology)
p>(4) Storage, the account book is stored in blocks. As transactions increase, new data blocks will be appended to the existing chain to form a chain structure; (distributed structure, information technology) < /p>
(5) Backup, every participating trader is a node of the block network, and each node has a complete backup of the public account book, which is a distributed ledger.
Features
1. The blockchain has no administrator and is completely centerless. It is precisely because it cannot be managed that the blockchain cannot be controlled. Without an administrator, everyone can write data into it. In order to ensure the trustworthiness of the data: the technology of blockchain makes it impossible to tamper with the data once it is written.
2. Close to zero trust cost.
The cycle time required for Internet companies to build their credit is extremely long. For example, Taobao often takes several years to build its credit. In the blockchain, everyone trusts the code, algorithm and rules, so the cost of trust is extremely low.
3. The marginal cost of constructing and trading assets approaches zero.
If traditional assets are to be used for trading, they need to rely heavily on third parties, such as investment banks, banks, securities firms, etc., for packaging and endorsement, and the fees and thresholds are extremely high. With blockchain, these will not be a problem, and the cost is extremely low.
The value transfer attribute of the blockchain also naturally solves the payment problem, and has the genes to support global payments.
Blockchain, simply put, is the underlying technology that supports ICO (virtual currency). The popular Bitcoin is an application of ICO. In other words, the connotation of blockchain is richer, and its main features are:
1. Blockchain is equivalent to digital trust. Both parties to the transaction can independently enter into digital contracts, and companies providing blockchain services are equivalent to Digital trust company;
2. The purpose and characteristics of blockchain are "3 de-intermediaries" - de-intermediation, de-currency, de-sovereignty; yes
3. Bitcoin is An application of blockchain, Bitcoin is a cryptocurrency, and all blockchains apply digital encryption technology;
4. The "3 Go" feature is targeted at the financial industry, and only when high frequency is required Blockchain is only needed in the financial field of transactions;
5. Large platforms with a user base are more suitable for applying blockchain, and small companies’ participation is of little value, so Zuckerberg’s 2018 New Year’s wish includes To study digital cryptocurrency. Kodak also launched a digital currency, sending its stock price soaring.
Furthermore, when it comes to Bitcoin, it can be cashed out and exchanged into the currencies of most countries. Users can use Bitcoin to purchase some virtual items, and they can also use Bitcoin to purchase real-life items. In this sense, Bitcoin is similar to the world's currency, close to gold.
Peter Thiel, co-founder of PayPal and an early investor in Facebook, believes that Bitcoin is "undervalued" by people and compares it to gold. He said: "If one day Bitcoin becomes the online equivalent of gold, then it will have room for appreciation."
But on January 3, the "People's Daily" published an article saying, "Whether it is from The increase is still seen from the value of the currency itself. The price of Bitcoin existsBubble, this is a problem that needs no discussion. "Data shows that in the past 2017, Bitcoin experienced skyrocketing gains and losses: within a year, the price skyrocketed about 20 times, and fell by more than 40% in one day.
Indeed, Bitcoin has risks. However, blockchain with richer connotations obviously still has greater room for development.
Last night, screenshots of Xu Xiaoping, founder of ZhenFund, encouraged to embrace the blockchain revolution in an internal group were posted online. In In his view, the blockchain revolution has indeed arrived. “I strongly encourage everyone internally to embrace the blockchain revolution and learn blockchain technology. This is my understanding after long-term observation and thinking. I feel responsible. Tell our entrepreneurs. I don’t want my views on blockchain to be misunderstood as my views on ICOs. ”
However, in the context of Internet companies and investment institutions collectively entering the market, the government will definitely take measures.
Recently, the U.S. Securities and Exchange Commission (SEC) has expressed concerns about this and shelved the proposal of two American companies to launch a Bitcoin exchange-traded fund (ETF).
In fact, this is a matter of time. Because of the blockchain The "3 go" characteristics are inherently contradictory to government centralization.
Ⅲ What are the scams in the name of blockchain
The person in charge of Ant Financial recently He said that we should be wary of various scams under the guise of blockchain, so that this technology that should generate greater value becomes a victim. He said that the blockchain is likely to see the bubble burst in the next year, but this also means that the blockchain The true value of the chain begins to emerge.
These four major challenges are security, information protection, transaction performance and incentive mechanisms. For example, in terms of information protection, information protection of sensitive information and business secrets Effective technical solutions need to be found between appeals (not letting others know) and multi-party participation in consensus (let more people know).
Experts said that everyone should be wary of all kinds of excuses under the name of blockchain The scam has made this technology itself that should have generated greater value become a victim. In the next year, the blockchain is likely to usher in a process where the bubble bursts and the real value begins to emerge. At the same time, it will also usher in a new era in business within 2-3 years. Large-scale application in the field.
Article source: Bit110 Network
IV The reason why blockchain talents cannot be found even with an annual salary of 5 million
A recent article in Beijing Blockchain recruitment advertisements have gone viral in the circle of friends, requiring applicants to have in-depth research on blockchain technology and cryptography, and offering an annual salary of no less than 5 million yuan, with no upper limit.
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Song Mofei told reporters that in the actual development process, simply mastering the use of some blockchain tools is far from enough. Since blockchain still has many problems in terms of efficiency and scalability, This requires developers to improve the underlying platform of the blockchain to meet the needs of practical applications. Blockchain technology integrates cryptographyIt is a typical compound comprehensive discipline that combines blockchain, computer network and game theory. Mastering and understanding the underlying technology of blockchain does not happen overnight.
In the view of Shan Yi, chief data officer of Liepin.com, the core of blockchain is a change in social relations and business models based on the Internet's distributed trust system, and this change is based on decentralization. are typical characteristics. "There are still many uncertainties in the future development of blockchain. There is an obvious bubble at present, and many blockchain projects are unreliable." He said.
IV Who is teaching the popular blockchain training class
Sign up and pay a pre-deposit fee of 100 yuan, which will be refunded after completing all courses;
Offline Face-to-face tutoring class, 4 days of group teaching, 7,800 yuan per person;
3 days and 2 nights, 88,888 yuan per person;
......
What exactly is blockchain? Perhaps very few people can really answer this question. It is precisely because "blockchain" is inherently mysterious that many people are eager to pay to get on board this train to the "future" in order to gain knowledge.
Therefore, a variety of blockchain trainings are also very popular. Various information such as "scan the code to join the group to listen to the class" are flooded in the circle of friends, making it difficult to distinguish the good from the bad. The training costs are even more varied: 100 yuan, 300 yuan, 7,000 yuan or even nearly 100,000 yuan...
Blockchain training is too popular
I often Fabricated identities on dating profiles: imported lighting wholesaler, urban landscape designer, boutique cigarette hotel owner, agricultural loan salesman. Now, I have finally become an expert in blockchain training courses.
▲Picture source: Screenshot of a recruitment website
Moreover, it is reported that a blockchain recruitment advertisement in Beijing recently hit the circle of friends, asking applicants to check the area. There is in-depth research on blockchain technology and cryptography, and the annual salary given is no less than 5 million yuan, and there is no upper limit.
“This is indeed the current situation of blockchain talent recruitment. But even so, we can’t recruit people because it is difficult to find qualified people.” Lu Sheng, a “headhunter” on Liepin platform, said.
Song Mofei, a senior researcher at Suning Financial Research Institute, said: “In terms of development experience, the rise of the domestic blockchain industry has been concentrated in the past two or three years. People with long-term blockchain development experience are in the talent market. Very few." He believes that excessively high salaries will inevitably attract some speculators, but the increase in salary has not brought about an increase in the application threshold, and even some recruiters only have a vague understanding of blockchain technology. The recruitment of chain talents also poses new challenges.
In the view of Shan Yi, chief data officer of Liepin.com, the core of blockchain is a change in social relations and business models based on the Internet's distributed trust system, and this change is based on decentralization. are typical characteristics. "There are still many uncertainties in the future development of blockchain. There is an obvious bubble at present, and many blockchain projects are unreliable." He said.
VI "Suning.com" StarWhat is Interstellar Home? Introduction to the gameplay of Interstellar Home
At the Suning 818 press conference, Hou Enlong, President of Suning.com, announced that a product called “Interstellar Home” (English name: APOLLO) will be officially launched on August 8. The blockchain product is Suning's first virtual digital asset ecological product based on blockchain encrypted storage technology. It has built a complete ecosystem and value system. Currently, "Interstellar Home" is in the internal testing stage.
What is Interstellar Home
Interstellar Home is a product powered by blockchain technology. It builds a home business model through scenario integration. Realize data and traffic monetization. After registering and logging in, residents obtain magic points by completing tasks. Magic points are mainly obtained by completing daily basic tasks such as home construction, inviting friends, and healthy walking, as well as completing Suning's industry-wide customized tasks that are launched from time to time on the platform, such as 818 Interactive City, Suning E-commerce, PP Sports, PP Video, Suning Store and other tasks.
The magic value obtained by the user will directly affect the distribution of energy stones. The higher the magic value, the more energy stones will be obtained at the same time. Energy stones are obtained by residents in interstellar home activities. The rewards are used for the consumption and exchange of interstellar homes. The total number of energy stones is limited. The sooner you join and the more active residents are, the more rewards you will receive.
Residents in the interstellar home have unique blockchain identities that cannot be tampered with; all information of the residents in the interstellar home is encrypted and stored using blockchain technology, without any permission from the residents themselves. It is authorized and will not be opened to the outside world to protect residents’ privacy data; it uses blockchain technology to help residents tap into their own digital assets and attention economy, allowing residents to obtain value returns and conduct fair and equitable value transactions.
VII How to Interpret Suning Blockchain White Paper
"The unique credit mechanism constructed by blockchain technology is very promising," Vice Chairman of Suning Technology Group President Qiao Xinliang told reporters. On July 20, 2018, Suning Technology Research Institute, Suning Financial Research Institute and Suning Cloud released the "Suning Blockchain White Paper", which explained in detail the advantages of blockchain in retail, logistics, technology, finance, cultural and creative industries, etc. Suning Application scenarios in the fields of industry and public services have pointed out the development route for the many industries that blockchain technology can serve in the future. At the same time, it provides a practical summary based on in-depth research on the use of blockchain in the smart retail ecosystem, implementation scenarios, and solutions, focusing on specific solutions for each scenario.
“Large companies, especially companies with many industrial layouts, have advantages in the application of new technologies such as blockchain, because these companies have the business infrastructure and data to promote the use of technology. Operational capabilities, yesMore effectively promote business aggregation and accelerate implementation," said Liu Xiaofan.
Content source: Sina Finance
VIII What changes can blockchain bring to data sharing
< p>What changes can blockchain bring to data sharingCurrently, sharing text and photos on social networking sites, as well as sharing each other’s joys, sorrows, sorrows and joys, has become an important part of public life.
As With the progress of the times, sharing is gradually entering the real society. A series of shared economic models such as shared bicycles, shared umbrellas, shared power banks, and shared cars have emerged, bringing huge convenience to human life.
As a distributed shared ledger, blockchain technology seems to be inherently inseparable from sharing, and industry insiders continue to claim that this technology can bring revolutionary progress to sharing.
So, what is the relationship between blockchain-based sharing and sharing? What is the difference between Internet-style sharing? This article takes data sharing as an example to answer this question.
Blockchain shares more than just data
Data sharing is a key issue between people and life. These are important ways for ordinary people to communicate with others.
The emergence of the Internet has broken the geographical and geographical boundaries of data sharing. Due to time constraints, it allows different people to communicate instantly in different locations on the earth. The emergence of technologies such as email and online instant messaging has greatly improved the efficiency of information transmission.
In addition, the Internet can collect massive amounts of data. It provides a larger capacity than paper files, allowing users to obtain rich information in a short period of time.
So, how is all this different under blockchain technology?
In fact Blockchain technology is not concerned with the sharing of data, but the sharing of data control permissions. The permissions here mainly refer to the power to modify and increase data. It mainly contains two meanings:
First, who is it? Data can be modified
The second is how to modify it.
In the Internet mode, data reading, writing, editing and deletion are generally accompanied by identity authentication operations, and only specific people can Modify the data, and in the blockchain mode, especially in the public chain system, anyone can participate in reading and writing data, and a trustless system is built in the form of a distributed ledger, and those who participate in reading and writing Various organizations or individuals may not trust each other, but can reach a consensus on the final state of the data stored in the system.
Simply put, the essential difference between blockchain-based sharing and Internet-based sharing is that blockchain sharing is not only Data, but the control of data. So, how does blockchain handle data control?
Blockchain controls data through rules
Before the emergence of blockchain technology, Internet data was usually controlled by a single entity. Because the website operator has complete control over the central server, these organizations can edit and process the data at will. Although the groupOrganizations also need to complete data modification and other behaviors under certain laws and agreements, but because they are the party that controls the resources, it is difficult for individual users to enjoy complete control.
To give a simple example, a user uploads a photo to the website platform and hopes that friends can see the photo. Excluding some illegal elements, who has the final control over this photo?
Obviously, from the user's point of view, this photo belongs to them, but in fact, these social networking sites are the real controllers. They can modify it at will, but users have nothing to do.
In other words, under the existing Internet system, as long as you have the right to operate the website platform, you can completely control the data on the platform.
Under the blockchain system, data is not controlled by any authoritative party, and its authority is controlled by rules. The main goal of these rules is to stipulate what kind of information is valid, and also stipulates How participants should provide feedback on it.
These rules are usually pre-defined and participants joining the blockchain network must abide by the rules. Of course, technically speaking, participants can ignore certain rules and construct invalid data based on their own interests. However, due to the existence of the blockchain consensus mechanism, other participants can exclude these invalid data from the network based on predefined rules.
For example, in the blockchain blacklist sharing platform system launched by Suning Financial, there are many such rules-no data can be queried without points, only the organization has the authority to modify the data of this organization, etc. Once an institution performs an operation outside the rules, these operations will be regarded as invalid transactions and are prohibited from occurring.
In general, blockchain regulates data writing behavior based on a technical rule system, while the Internet controls data through power and resources. This is the foundation of blockchain-style sharing and Internet-style sharing. sexual distinction.
Blockchain rules are jointly maintained by participants
Although there are some rules in the Internet environment, because the rules are completely maintained by the power parties, it is difficult to avoid black-box operations and other behaviors. In the blockchain system, the rules are jointly maintained by all participants, and each participant will independently verify the data according to the rules.
In this process, we cannot assume that all participants can fully comply with the rules. Therefore, each participant will independently verify the data it receives and determine whether it violates the rules. If the verification data is valid, then the participant will accept the data and forward it to others, otherwise, it will be rejected directly.
Within the blockchain network, new data can be considered valid data and added to the final blockchain shared ledger only when relevant participants agree.
Depending on how the blockchain is constructed, there are big differences in how data is confirmed. For example, in a public chain, most participants need to agree on the validity of the data, while in a consortium chain or private chain, Just need lessOnly a few participants agree.
In this method, the participants themselves are the managers, which is the core expression of blockchain decentralization: no institution is superior to others and has complete control authority over the data.
Blockchain is a form of permission sharing, allowing each participant to serve as a data provider, verifier and user at the same time, jointly maintaining the security and validity of blockchain data.
Since the popularity of blockchain, blockchain for everything seems to have become the advertising slogan of the industry, especially some data sharing applications are considered to be excellent examples of blockchain.
In fact, the emergence of the Internet has solved the problem of data sharing to a certain extent. Blockchain realizes the sharing of permissions. This is the most revolutionary change that blockchain has brought to the industry.