区块链如何作为信用平台,区块链如何作为信用代理
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1. You have to know the operating principles and development of blockchain!
1. Why is there innovation in blockchain?
The starting point of the first generation of the Internet is the TCP/IP protocol, which implements a unified format for peer-to-peer transmission of information by all nodes on the network. Open code. However, the impact of such an uncomplicated innovation on mankind is epoch-making. It has programmed, agreed, and enforced the basic values required by a unified global market: "freedom, equality, and fraternity." Then the STMP email protocol, HTTP domain name protocol, etc. were derived, achieving low-cost and high-efficiency global information transmission in a decentralized manner. As Alibaba Vice President Gao Hongbing said:
"The Internet is to eliminate the (information) supply chain that has very low value and high cost - it is open, interconnected, peer-to-peer, globalized, and decentralized."
We know: The essence of the market is also decentralized. It automatically executes the decentralized agreement of "equivalent exchange". Just as Nobel Prize winner Ronald Coase summed up: "The market economy is based on two On the basis of deep cognition: admitting ignorance and tolerating uncertainty." Adam Smith also described the market as: "the invisible hand"! Therefore, the market must require the low-cost flow of information decentralization, and the Internet has adapted to the global Under the general climate formed by the unified market, it turned out to be.
However, the first generation of Internet decentralized solved the problem of low-cost and efficient transmission of information, but it did not solve the problem of credit of information. Therefore, what the second-generation Internet must break through is: how to establish global credit in a decentralized manner so that value transfer can be carried out at low cost and with high efficiency.
So what are the problems with the original centralized credit system? As we all know: centralized credit, such as the legal currencies of various countries, has different credit values, and the clearing systems are also incompatible, which adds a lot of cost to global trade. The current global credit system centered on the US dollar has a "Triffin Paradox" in its mechanism (the essence is that a country's legal currency cannot simultaneously resolve the conflict between its own economic interests and global economic needs). Therefore, in 2009, the Governor of the Central Bank of China, Zhou Ogawa called for the creation of a super-sovereign storage currency. In the same year, Satoshi Nakamoto disclosed the first-generation blockchain source code-"Bitcoin" online.
2. How does the blockchain system operate?
First of all, Satoshi Nakamoto knew very well that establishing a credit system for payment must solve the problem of preventing "duplicate payments", that is, no counterfeit currency can be created. The centralized credit system relies on state machinery to prevent counterfeit currency. What about "Bitcoin"? Satoshi Nakamoto's great innovation is to "timestamp" every transaction. There is a block (block: equivalent to a network account book) every ten minutes, and all network transactions for these ten minutes are correctly timestamped. The question is who will cover it? Satoshi Nakamoto did not assume that everyone on the Internet is Lei Feng. He agreed with Adam Smith: people in the market are greedy. He asked the so-called "miners" to compete for the accounting rights of these ten-minute blocks. The rules of competition are normal.While ensuring accounting, you need to solve the SHA256 problem. Whoever can prove that his computer has the fastest computing power (the so-called PROOF OF WORK mechanism) can compete for the legal accounting rights of these ten-minute blocks and get 25 Bitcoin reward. This is the so-called "mining" process. It is actually a decentralized credit process that establishes a network-wide ledger - the blockchain. Therefore, the more essential function of miners is "bookkeepers"!
Satoshi Nakamoto is here In its Bitcoin white paper, the process of establishing this credit system is described in detail:
Step 1: In order for the entire network to recognize it as valid, each transaction must be broadcast to each node (node: that is, the miner);
The second step: Each miner node must correctly timestamp each transaction in these ten minutes and record it in that block;
The third step: Each miner node must Compete for the legal accounting rights of this ten-minute block by solving the SHA256 puzzle, and strive to get a reward of twenty-five bitcoins (fifty bitcoins every ten minutes for the first four years, decreasing by half every four years);< br>Step 4: If a miner node solves the SHA256 puzzle of these ten minutes, it will publish all the timestamped transactions recorded in its ten-minute blocks to the entire network, and they will be checked by other miner nodes in the entire network;< br>Step 5: Other miner nodes in the entire network check the correctness of the block accounting (because they are also stamping the accounting at the same time, but they have not competed for the legal block accounting rights, so there is no reward), there is no error Finally, they will compete for the next block after the legal block, thus forming a single chain of legal accounting blocks, which is the general ledger of the Bitcoin payment system - the blockchain.
Generally speaking, each transaction must undergo six block confirmations, that is, six ten-minute accounting, before it can finally be recognized as a legal transaction on the blockchain. The following is the accounting format of Bitcoin:
So the so-called "Bitcoin" is such a billing system: it includes the owner electronically signing with the private key and paying to the next owner, and then the entire network's "miners" "Time stamp the account and form a blockchain.
3. What are the innovations in Bitcoin’s blockchain finance?
Similar to gold, trying to establish decentralized credit on the global Internet may allow value to flow across the entire network at high speed and at low rates (currently each transfer The transfer rate is one ten thousandth);
The total amount of currency is agreed upon by the cryptographic protocol;
Compared to gold, digital currency is infinitely divisible;
The value of currency can be based on a large number of P2P transactions ;
Full transparency in financial management (every transaction can be traced on the blockchain).
Bitcoin’s blockchain-wide accounting system has established a market value of US$10 billion, the highest on the global Internet. Therefore, Wu Xiaoling, dean of Tsinghua PBC School of Finance, pointed out: The blockchain experiment established distributed credit, which is an upgraded version of Internet TCP/IP, upgrading from information transmission to value transmission;
4. Bitcoin’s blocks What are the inherent flaws of chain systems?
Bitcoin’s blockchain system has been successful since it was open sourced on the Internet in 2009, but it also shows some inherent flaws that are difficult to overcome:
The total amount cannot change with the market situation, and will inevitably rise and fall sharply. ;
Mining is high-carbon. Only less than 1% of miners can compete for the accounting rights of less than ten minutes of blocks. More than 99% of other miners participating in the competition waste computing power;
About 10% every year. The inflation has greatly increased the cost of the Bitcoin financial ecology, and even threatened her survival;
As a decentralized self-organizing DAC system, the operating costs of the accounting and issuance functions are too high.
As a global payment system, its efficiency is far from meeting the actual requirements of global trade. The Bitcoin network currently confirms a maximum of 7 transactions per second. In comparison, Visa's network system can process 10,000 transactions per second at the fastest, and Alipay's record is 80,000 transactions per second on Singles' Day in 2014!
5. Block The development of chain technology 2.0:
As the 2.0 upgrade and development of blockchain, it first focuses on solving the high-carbon mining of Bitcoin accounting:
When we discuss how to overcome the high carbon of Bitcoin mining and accounting Professor Liu Taoxiong from the Tsinghua Institute of Economics pointed out that mining competition relies on computing power. In the end, only one company competes for the legal accounting rights, and the other 99% of the miner nodes are mined for nothing, which is a waste of resources. It is obviously unreasonable. If The whole network transparently knows the legal accounting rights of the next block, and it is randomly generated in the entire network, which eliminates the high carbon cost of competitive accounting! After hearing this, we all praised Professor Liu for his brilliant idea, because the second generation is now more successful. Coin NXT has this mechanism. Their white paper is called "Transparent Forging". However, the probability of the accounting rights going to someone is directly proportional to the NXT token holdings in each miner node wallet. This is called the proof of equity mechanism ( PROOF OF STOCK). Of course, this also triggered a debate about the unfairness of NXT’s distribution of tokens to early investment developers!
RIPPLE is a semi-decentralized blockchain solution that uses “trusted gateways” to conduct block operations. The credibility of chain accounting is based on the consensus ledger protocol that these gateways will not do evil at the same time.
The most ambitious attempt is Ethereum, which combines blockchain technology with Turing completeness, hoping to develop a basic platform that can support the construction of various blockchain systems in the future. The development of various credit currencies, digital assets, smart protocols and even financial derivatives. The system design is to unify blockchain accounting on the ETHERUM platform and be used by all developers. Maybe their official version will be released in the near future.
6. Possible applications of blockchain innovation in other fields:
Now, blockchain’s attempts to establish decentralized credit are no longer limited to the financial world, but have attracted attention from all fields of society, especially in At present, some of China’s central credits, such as the “Red Cross”, are in a state of “collapse”, blockchain can provide a new way of thinking and technical options for social management. Here are some new developments and related discussions we have learned about:
The combination of blockchain and the Internet of Things unifies digital assets and atomic assets , eliminate the difference between consumer assets and cash assets, expand public credit, and accelerate value circulation; (IBM-Samsung)
Establish an intellectual property protection system on the blockchain, keep accounts of the use of intellectual property across the entire network, and establish a global Advertising market;
Whether blockchain can provide technical support for the issuance of protocol-based cryptographic currencies in emerging economies along the Belt and Road Initiative;
Blockchain + cloud computing can develop into a decentralized self-media and community system;
Blockchain can build a decentralized equity crowdfunding system, allowing innovative projects to enter the circulation field in advance;
Blockchain can develop a fully transparent financial management system;
Blockchain supports the establishment of a global Decentralized corporate organization.
In short, in this era when credit has become a scarce resource, the technological innovation of blockchain, as a distributed credit model, provides new opportunities for finance, social management, talent evaluation and decentralized organization construction in the global market. All provide a broad development prospect.
2. What is blockchain + credit reporting?
my country's credit reporting industry is mainly based on corporate credit reporting. Personal credit reporting needs to be developed, and the overall market prospect is broad. my country's corporate credit reporting developed earlier and the market is relatively mature. By the end of 2016, there were approximately 137 corporate credit reporting agencies in my country that had completed registration. Personal credit reporting has not yet been market-oriented, and licenses have not yet been issued. Tencent Credit Reporting, Zhima Credit Reporting, Qianhai Credit Reporting, Lakala Credit Reporting, Zhongzhicheng Credit Reporting, China Chengxin Credit Reporting, Pengyuan Credit Reporting and Huadao Credit Reporting Eight other units participated in the personal credit investigation pilot organized by the central bank. Private personal credit reporting agencies can indirectly participate in the personal credit reporting market by cooperating with banks and other financial institutions, but they cannot directly issue personal credit reporting reports. Personal credit reporting reports can only be obtained through the central bank's credit reporting system. As of the end of June 2016, the Central Bank's Credit Reference Center had included 21.2 million companies and other organizations and more than 900 million natural persons, of which only 5.77 million households and 410 million natural persons had credit records. The data of global credit giant Experian has covered 103 million companies and 890 million people around the world. Comparing the market demand and the scale of the credit reporting market in the United States, my country's credit reporting market has huge room for future development.
The emergence of blockchain technology has become a good medicine to solve the pain points of the credit reporting industry. Through the characteristics of true transparency and non-tampering, blockchain technology can solve the problems of trust and data sharing between credit reporting agencies, thereby solving problems such as data islands and incomplete data. By establishing a consortium chain, first of all, the problem of data confirmation can be solved be completely resolved. In a consortium chain system, relevant units in the chain such as credit reporting agencies, users, government departments, and financial institutions can all join in, and different access permissions can be designed to ensure data ownership while opening up information sharing and Can protect data security from being stolen andGive way.
On this basis, the channels for credit reporting agencies to obtain data have been greatly broadened, which can save the cost of data collection; at the same time, collaboration between different agencies has become smoother, reducing collaboration costs and communication costs. Credit reporting agencies can invest the various costs saved in other links to improve the overall quality of products.
The Xueshuo Innovation Blockchain Technology Workstation under Lianqiao Education Online is the only “blockchain technology workstation” approved by the “Smart Learning Workshop 2020- Xueshuo Innovation Workstation” carried out by the School Planning and Construction Development Center of the Ministry of Education of China. "Technical Professional" pilot workstation. The professional base is based on providing students with diversified growth paths, promoting the reform of the training model integrating professional degree research, production, and research, and building an applied and compound talent training system.
3. How to apply blockchain How to apply blockchain
1. Financial field:
Blockchain is used in international exchange, letters of credit, equity registration and securities transactions It has potential huge application value in other financial fields. The application of blockchain technology in the financial industry can eliminate the need for third-party intermediaries and achieve direct point-to-point connection, thereby greatly reducing costs and quickly completing transaction payments.
2. Internet of Things and Logistics Fields:
Blockchain can also be naturally combined in the Internet of Things and logistics fields. Through blockchain, logistics costs can be reduced, the production and delivery process of items can be traced, and the efficiency of supply chain management can be improved. This field is considered a promising application direction of blockchain.
3. Public service field:
Blockchain is closely related to people’s production and life in public management, energy, transportation and other fields. However, the centralized nature of these fields also brings some problems. Blockchain can be used chain to transform. The decentralized, fully distributed DNS service provided by the blockchain can realize domain name query and resolution through point-to-point data transmission services between various nodes in the network, and can be used to ensure that the operating system and firmware of an important infrastructure are not Tampered, you can monitor the status and integrity of the software, detect bad tampering, and ensure that the data transmitted by systems using IoT technology has not been tampered with.
4. Digital copyright field:
Through blockchain technology, works can be authenticated, proving the existence of text, video, audio and other works, and ensuring the authenticity and uniqueness of ownership. After the rights of the work are confirmed on the blockchain, subsequent transactions will be recorded in real time, realizing full life cycle management of digital copyright, and can also be used as a technical guarantee in judicial evidence collection. For example, MineLabs, a startup company in New York, USA, has developed a blockchain-based metadata protocol. This system called Mediachain uses the IPFS file system to realize copyright protection of digital works, mainly for copyright protection applications of digital pictures.
5. Insurance field:
In terms of insurance claims, insurance institutions are responsible for fund collection, investment, and claims settlement, and often have high management and operating costs. Through the application of smart contracts, there is no need for policyholders to apply forPlease do not need the approval of the insurance company. As long as the claim conditions are triggered, the policy will automatically pay claims. A typical application case is LenderBot, which was launched in 2016 by the blockchain company Stratumn, Deloitte and the payment service provider Lemonway. It allows people to register for customized micro-insurance products through the chat function of Facebook Messenger, which is exchanged between individuals. High-value items are insured, and blockchain replaces the third-party role in loan contracts.
6. Public welfare field:
The data stored on the blockchain is highly reliable and cannot be tampered with, so it is naturally suitable for use in social welfare scenarios. Relevant information in the public welfare process, such as donation projects, fundraising details, fund flows, recipient feedback, etc., can be stored on the blockchain and transparently and publicly disclosed conditionally to facilitate social supervision.
4. What kind of problems can blockchain technology solve?
What kind of problems can blockchain technology solve? Blockchain technology can solve the trust problem at a relatively lower cost, which plays an important role in the current emphasis on reducing the burden of the real economy and reducing transaction costs, and has great social value. At the same time, there is still a need for continuous exploration of the blockchain technology itself. It is believed that independent controllable intellectual property rights and patents can be integrated with this technology in the future.
In the future, Jinwowo will focus on promoting the legal circulation and commercial application of big data using blockchain technology.
Jinwowo analyzes the problems that blockchain technology can solve as follows:
The most important thing about blockchain is that it solves the problem of intermediary credit. In the past, it was difficult for two people who did not know and trust each other to achieve collaboration, and they had to rely on a third party.
For example, in payment behavior, any kind of transfer in the past required the existence of an institution such as a bank or Alipay.
However, through blockchain technology, it is the first time that humans have achieved a transfer behavior that both parties can trust without the participation of any intermediary agency. This is a major breakthrough for blockchain.
Analysis by Chongqing Jinwowo: The most important thing about blockchain is that it solves the problem of intermediary credit.
In the past, it was difficult for two people who did not know and trust each other to achieve collaboration, and they had to rely on a third party.
Chongqing Jinwowo analyzes the problems solved by the application of blockchain technology as follows:
The most important thing about blockchain is that it solves the problem of intermediary credit. In the past, two people who did not know and trust each other had to reach an agreement. Collaboration is difficult and requires a third party.
Through blockchain technology, it is possible to complete behaviors in which both parties can trust each other without the participation of any intermediary agency. This is the problem solved by disintermediation (decentralization) in blockchain technology.
Blockchain solves the problem of trust, which is the root of all problems.
WaykiChain is a smart contract platform that supports Turing completeness. WaykiChain adopts the dpos consensus mechanism, with a total of 11 voting nodes, which generate a new block every 10 seconds. Through smart contracts, WaykiChain can realize rich application scenarios such as asset issuance, betting applications, copyright traceability, mutual insurance, decentralized exchanges, and cross-border settlement.
But the most important thing in these scenarios is trust and openness and transparency.
What problems can blockchain technology solve?
Based on mechanisms such as distributed accounting, collective contracts and intelligent consensus, blockchain technology presents information processing characteristics such as decentralization, open sharing, authenticity and reliability, which has triggered increasing attention and attention in the financial field, especially in the Internet financial field. Research applications. There are many blockchain system development companies. Blockchain technology development companies like Renren Chain are relatively reliable. You can refer to blockchain solutions.
Point 1: First of all, you must understand the technical strength of the blockchain technology service provider you choose, including the underlying strength of the blockchain and the technical strength of the team; what successful cases have been developed. Ask for developed projects, and the other party will analyze previous successful cases.
Point 2: It depends on the other party’s existing underlying blockchain architecture and project development experience.
Point 3: You can ask your friends if they know anything about it and recommend it. I personally know that the Renren blockchain BaaS platform has good overall strength. It can quickly build its own IT infrastructure and blockchain services on an open cloud platform. Of course there are others, choose the platform that suits your business. There are still issues that need attention that have not been mentioned, and I hope others can help add them~
The blockchain is similar to a "public ledger". Each block is a "ledger page". When people conduct transactions on the blockchain, the transaction data will be disclosed to every node in the blockchain, and It is recorded on the "ledger page", permanently stored, and cannot be tampered with. In view of the decentralization, openness and non-tampering characteristics of the blockchain, each work entered into the blockchain copyright registration system will generate a unique digital fingerprint that cannot be tampered with.
Users only need to pass the Xiaoxi Copyright Chain platform identity authentication authorization, and after successfully authenticating "I am me", submit the work to the Copyright Chain. After the background review is passed, the data will be generated and written into the blockchain to generate a certificate. To apply for a paper certificate from the Copyright Protection Center, you need to click "Copyright Certificate Application", then follow the steps to fill in the information, pay the fee, and wait for review... From this point of view, the blockchain + copyright model is really safe, time-saving, and effort-saving.
When it comes to legal protection, we have to mention "infringed" copyright as an intangible asset. If the creator lacks awareness of rights protection, the work may face infringement. Xiaoxi Copyright Chain does this relatively well in the industry.good. The reason why this platform has become the first smart rights protection platform based on blockchain in China is also inseparable from the support of the Chongqing Notary Office. The digital document storage technology based on the blockchain has been recognized by the notary office and can ensure that the content of the notarization application cannot be tampered with, providing help for the digitization, networking, and informatization of notary services. Notarization parties can submit "preservation evidence" for notarization online through the Xiaoxi platform, making the rights holder's ownership of the work more judicially effective, effectively facing infringement, and improving risk response capabilities.
Blockchain, a new credit evaluation system, provides new technical support for the service reform of notary offices. Xiaoxi Copyright Chain has moved part of the business of the Chongqing Notary Office onto the blockchain platform, which can be called an innovation of blockchain in the field of notarial certificate business. In the process of notarization, material review and verification is the most critical and important part. The process design of the "blockchain + notarization" background changes the previous steps that required manual verification in various departments. Notaries only need to review the materials provided by users online to quickly complete the review and verification work, which greatly improves work efficiency.
The distributed architecture and non-tampering characteristics of blockchain technology can help solve problems such as the authenticity of bills and opaque information. When parties need to verify whether a note has been tampered with or transferred, the blockchain can provide indisputable proof of consistency.
Digital currency also takes advantage of this feature of blockchain. Puyin is a tea-based digital currency developed based on blockchain technology.
Analysis of Chongqing Jinwowo:
First, through its application in the field of digital currency, blockchain provides a solution for the flow of capital flow (or capital flow) information on the Internet.
Secondly, the blockchain solves the problem of confirmation of authority during the transaction process through encryption and reference to distributed ledgers.
Thirdly, the blockchain determines the exchange of digital assets through the technology of consensus mechanism.
5. What are the main models used in blockchain credit supervision?
The main models used in blockchain credit supervision are:
1. The use of blockchain The technology connects existing credit databases to each other and enables credit data transactions between various institutions.
2. It is to build a distributed database based on blockchain technology as the underlying framework and establish a new credit information ecosystem.
6. How blockchain and zero-knowledge proof work in the credit system
Zero-knowledge proof in the blockchain plays a major role in privacy protection. It plays an important role in the credit system. Naturally, China is no exception, but where in the system and in what way does it work is a question worth thinking about and studying.
First, for credit issues, we cannot completely rely on technical reliability. For some issues, government authority is sufficient, such as household registration and identity information. These are notNo further questioning is necessary.
Second, the usage scenario of blockchain evidence storage should be the scenario where there is a long quantitative chain of evidence, such as monthly and annual summary based on flow statistics to ensure that the calculation process of summary is not Fraud. The flow details are in the upstream of the evidence chain, and the time is beforehand. If you falsify upstream, you can falsify months or years in advance. The planning ability of the attacker and the cost of falsification are much higher. To a certain extent, it is economically feasible to prevent fraud.
In fact, this involves the issue of closure of domain events on the chain mentioned above. For areas where it is almost impossible, or where there is no realistic possibility of complete closure in the foreseeable future, the degree of closure is a gray level issue. If you trace it upstream along the logical chain of events and upload them to a certain level, attacks will be impossible. When attackers' attacks become quite or extremely difficult, blockchain applications will generate value and do not require complete closure. In this way, the value field of the blockchain will break through the virtual currency and decentralized financial defi, which are completely closed to the chain. The system can be expanded. This logic is not limited to the credit system, but applies to the general logic of combining blockchain and fields. To give another example, whether the traceability system can achieve the anti-counterfeiting function depends on whether the depth of the traceability in the evidence chain is enough to cause the dilemma of the counterfeiter. Without examining this point, it is only a formal use of blockchain evidence. meaningless.
So we can almost get a theorem:
The value level of blockchain in domain applications is directly proportional to the traceability depth of the evidence chain.
Then the second question that follows is: tracing back along the chain of evidence, the further upstream, the closer to the privacy of the subject (citizen privacy or organizational business secrets). The solution to this problem is where zero-knowledge proofs come into play and how they work. The application value of many zero-knowledge proofs is unclear. Now we consider it in the context of the evidence chain and it will become clear:
1. Zero-knowledge proofs are used to process quantitative evidence. During the chain traceability process, traceability is completed without revealing the clear text details of the upstream evidence chain, which not only plays the role of blockchain traceability along the evidence chain, but also protects privacy.
2. For scenarios where traceability is not necessary, the evidence chain does not exist, and the role and significance of zero-knowledge proof are also unclear. For example, for general identity and household registration information, administrative authority should be considered credible and there is no need to trace it back. Note that the evidence chain mentioned here is not a causal relationship in the physical sense, but a value trade-off through system application goals.
To summarize:
1. Use blockchain technology to retain the upstream of the evidence chain. 2. The further upstream the evidence chain is, the closer it is to citizen privacy. Use zero-knowledge proof to protect privacy
1. Refer to zkledger of MIT Media Lab and use blockchain combined with zero-knowledge proof to deal with citizens and organizations Summary reporting issues of financial and taxation processes.
2. The technical problem that needs to be solved is that in the zkledger scenario, there are only a few large transactions of a few banks, and the amount of data is small. However, when used in individual citizen scenarios, the amount of data is huge and requires Find ways to resolve performance issues.
7. Why is blockchain technology conveying credit value?
Blockchain has decentralization, non-tampering, trustworthiness, traceability, and network-wide accounting, etc. Advantages
The most important thing about blockchain is that it solves the problem of intermediary credit. In the past, it was difficult for two people who did not know and trust each other to achieve collaboration, and they had to rely on a third party. For example, in payment behavior, any kind of transfer in the past required the existence of an institution such as a bank or Alipay. However, through blockchain technology, Bitcoin is the first time that humans have realized the transfer behavior that both parties can trust without the participation of any intermediary agency. Guarantees, loans, credit, risk control, equity, income, and ratings based on blockchain are all possible. The value Internet attributes of blockchain enable various economic activities to run more efficiently. Whether it is ordinary people in society or various economic people, it will be mapped to a "blockchain ID" to form a new moral system, evaluation standards, credit records, etc.
8. Xu Mingxing of okcoin Coin Bank analyzes how the blockchain trust machine operates
The name blockchain as a "trust machine" originated from "The Economist" of an article. From a macro level, the Internet is a network that transmits information. Today we can shop through the Internet and send WeChat messages. Nowadays, many technical experts and people in the traditional financial industry around the world regard blockchain as a revolutionary technology because blockchain is a network for transmitting transactions. Therefore, a well-known VC in the United States said that blockchain is a financial technology. the underlying protocol.
Suppose there is a user A who wants to transfer money to another user B. What are the differences between the traditional financial network and the blockchain network? In today's existing financial network, for example, when transferring money from Industrial and Commercial Bank of China to China Merchants Bank, users can first access the database through ICBC's online banking or ATM machine, and the database can be transferred to the database of another bank through the clearing company of the blockchain center. , after which the user receives the money. If this transaction is done on the blockchain, first the transaction will be broadcast to a decentralized network, or a P2P network, and the transaction will be processed by some mathematical mechanisms on the network.The elected bookkeeper performs verification to verify whether the transaction is genuine. It uses mathematical algorithms to ensure that the transaction cannot be forged in principle. When the bookkeeper agrees that the transaction is valid, it will form an account book and broadcast this account book to everyone on the network, which of course includes the payee.
Centralized network, this is the earliest and most primitive network. Our Internet today is like this, it is a distributed network. It has many small centers connected through a backbone network to form a distributed network. The blockchain network is actually a very inefficient network because the network has a lot of data redundancy and the transmission is not very efficient. However, as time goes by and the transmission becomes stronger, this redundancy problem is no longer a big problem. problem.
There is no powerful center in the blockchain network that can control or tamper with the data in the network. We can understand that a decentralized network is a network built on a distributed network. In many countries, such as many reports made by the Bank of England, blockchain is also translated into a distributed ledger. Blockchain originally originated from Bitcoin. Now many traditional financial companies are beginning to study and experiment with blockchain, such as RIPPLE, R3 Alliance, etc.
If we carefully analyze the role of distributed ledgers such as blockchain, we can find that it has many applications. For example, in the field of personal finance, there are many payment companies, remittance companies, etc. based on blockchain. At the political level, some have applied blockchain technology to elections, which can technically ensure that votes cannot be tampered with. There is also the field of digital currency. The Bank of England uses blockchain technology to develop another digital currency. It is different from the balance of Alipay and online banks. Of course, it is not an uncontrolled currency like Bitcoin. Its issuance rights are still in the hands of the central bank, but its liquidation and circulation network are built on the opened blockchain network. Its advantages are that WeChat Pay and Alipay can transfer funds to each other. For example, when I apply for a parking card, the original system naturally creates some payment barriers. The underlying digital technology can eliminate these barriers. IBM and others are making attempts in this regard.
An example is R3. R3 is a very good company in the world. They are trying to build a clearing network for credit bonds and bank bonds. Domestic clearing companies are all dedicated clearing companies. In fact, there is no such clearing center internationally. First of all, Several large banks in China conduct communication protocols, and then small banks make agreements inside, which is very complicated. Because there is no powerful center in the world that can build an international clearing system, not even the World Bank. Companies like R3 are trying to use technology to do it. In the world, countries do not trust each other, or banks have quality inspection departments of each other. Trust, but we can all trust technology, and blockchain is such a technology.
We have also done some innovative work in this field. We started with Bitcoin, the first application of blockchain. Our product is called OKCoin. This year we launched a new blockchain Financial network OKLink,OKLink products are mainly used for small-amount international remittances in Hong Kong.
Everyone knows that there are multi-layered capital flows in the world, and the separation of capital flows and information flows, resulting in very high costs for international remittances. There is a prediction in the world that many people work outside and remit money back. The amount is 700 billion US dollars every year. The single amount is small, and the average handling fee is 10%. For example, a Filipino maid earns 4,000 Hong Kong dollars per month in Hong Kong, but loses 800 Hong Kong dollars when she returns home.
OKCoin puts many companies in the blockchain, allowing them to liquidate efficiently and at low cost, but it will not make false accounts and has no ability to run away. At present, we have opened up more than a dozen companies around the world. country. There is no China yet. In China, only banks can legally transfer money. Blockchain has helped our company establish a credit internationally. This is not the credit of our company, nor the credit of investors, but the credit of technology, so we have some partners in Africa and Southeast Asia who are willing to Believe in the security and resonance of the network.
We also have an APP on the C-side to allocate remittance orders from around the world to these remittance companies. We are currently commercializing the blockchain operation network in the world. We process millions of dollars every month, and we do it in compliance with regulations in all countries around the world.
Summarize what blockchain technology can do. Blockchain technology is actually a technology that opens your ledger to the public. When do we need to open the ledger to the public? When others don’t believe in your platform, in the short term its application is more suitable for areas with weak credibility. But in the long run, units with their own credit, such as Nasdaq and the New York Stock Exchange, will also use blockchain technology in the future, because the current cost is very high, so in the long run, this strong Credit units may use blockchain technology to reduce costs in the future. (Reprinted from NetEase News)
Of course, the same is true for Bitcoin, Ethereum, and the decentralized content sharing platform DECENT.
9. Blockchain 100 - Zhou Kaiyu: Can blockchain credit investigation innovation break industry credit barriers
Mr. Zhou Kaiyu, CEO of Zhenxing Technology
Currently, credit reporting has become a key part of the credit system and forms an important support in the operation of the modern financial system. There are certain difficulties and pain points in traditional credit reporting, but the decentralized and non-tamperable characteristics of blockchain will change in one fell swoop the issues of insufficient data privacy protection involved in the credit reporting process and consensus trust issues in the data sharing transaction process.
Mr. Zhou Kaiyu elaborated on the advantages of the combination of blockchain and credit reporting, and described the development status of the blockchain credit reporting industry at the legal level. At the same time, he expressed his views on the future development of Zhenxing Technology and the future direction of blockchain innovation.
Zhenxing Technology is positioned as a blockchain value ecological enterprise and is committed to building the next generation of infrastructure.Trusted application service basic network based on blockchain. In June 2017, the company established a stable team structure and carried out related technical matters. From July to August, the first version of Zhenxing’s technical white paper was completed. At present, Zhenxing has implemented the first version of the system and has also started to provide related services in terms of blockchain-based identity verification. In the later stage, further development based on the second version of the credit evaluation system will be carried out.
In terms of ecological construction in the future, Mr. Zhou Kaiyu said that the blockchain credit industry has both value and opportunity. He hopes that industry partners with some high-quality resources on the B-side in the early stage can jointly expand services and eventually achieve A large number of users gather on the C-side, creating an ecological environment for high-credit preference transaction customers. In terms of the company's development plan, Zhenxing will break the inherent thinking of traditional blockchain anonymous verification, build a decentralized strong identity verification basic network, and integrate a trusted Internet service ecosystem.
The original intention of choosing a project that combines credit reporting with blockchain
“Choose blockchain to develop because it has a community-based approach that maintains the stability of the entire system. Consensus reward, consensus reward is a process of social value redistribution. In the process of social value redistribution, a value effect is formed in which the wool comes out of the pig and is paid by a third party. While achieving credit value, it can It is a means to encourage everyone to maintain high credit." Mr. Zhou Kaiyu said.
According to Mr. Zhou Kaiyu, in the traditional credit reporting process, data is processed in a traditional centralized way. The data exists on a centralized platform, but it is difficult to verify the security of user data. The issue of personal privacy data has attracted attention from society, government, enterprises and other levels. Blockchain will form a combination with blockchain through the credit alliance.
At the same time, the Block Hall Chain can combine some personal security mechanisms to achieve comprehensive and strict protection of personal privacy data and complete credit reporting services with authorized attributes. Zhenxing’s credit reporting service combines the advantages of blockchain, using personal data and individuals themselves to provide diversified credit reporting services through data services.
What are the advantages of the combination of blockchain and credit reporting?
When it comes to the combination of blockchain and credit reporting, its main core lies in the data level, since credit reporting uses a large amount of user data. In a decentralized system like blockchain, data needs to be maintained jointly by everyone. It is difficult for anyone to change the data. This can clearly ensure the security of user data. Any access to data requires user authorization. occur.
Regarding the current legal status of blockchain credit reporting, Mr. Zhou Kaiyu introduced, “In terms of credit reporting, the country has many management regulations to regulate the processing of customer data by enterprises. Blockchain + reporting In terms of information, it is a very good technical method." In his view, “Blockchain + credit reporting has become the most importantIn a situation where most technologies cannot meet the needs of credit reporting, the only basic technology that can fully meet the requirements of all aspects in terms of privacy protection. ”
What are the options for future blockchain innovation?
Mr. Zhou Kaiyu said that the development of blockchain is still in an early stage. There is a huge space in the direction. Currently, we are optimistic about the direction of innovation, such as asset digitization. Asset digitization will be a relatively long process, and various applications will continue to emerge during development. In terms of technological innovation, blockchain There is still a lot of room for the chain, and more attempts are being made in new directions of upgrading and balancing subdivisions.
Zhenxing hopes to build a value exchange ecology with high performance value, and It is hoped that under its nourishment, everyone will be happy to maintain their personal credit, and everyone can gain benefits from the credit transaction process. In the future development of Wuxiaokai, maintaining high credit and combating dishonest people will be the core concept.
