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Ⅰ In the era of digital economy, innovative application scenarios of blockchain continue to expand

In the era of digital economy, blockchain, as a new driving force for economic growth, is leading a new round of global technology Revolution and industrial change. At present, blockchain is developing rapidly and penetrating into all areas of our country's economy, which not only strengthens the resource allocation capabilities of the digital economy, but is also of great significance for promoting high-quality economic development and improving the modernization of the national governance system and governance capabilities.

Blockchain is the new engine driving digital development

As the role of blockchain in the digital economy grows, its innovative applications continue to expand. According to the "China Mobile Internet Development Report (2021)", "There were nearly 2,000 blockchain projects across the country last year, and the blockchain market size exceeded 3.2 billion yuan."

China Academy of Information and Communications Technology Industrial Internet and Liu Yang, deputy chief engineer of the Internet of Things Research Institute, once said that blockchain is a trust infrastructure necessary for the development of economic activities. It provides inclusive public services for finance, agriculture, industry, energy and other industries and the public. It is also a Collaboration tools, transforming production relations, and integrating with the real economy will improve collaboration efficiency and reduce costs.

In fact, blockchain is called "the next generation of Internet-level technology" because of its disruptive innovation, and is considered the most revolutionary among strategic emerging technologies. In October 2019, blockchain was elevated to a national strategic level. In April 2020, blockchain was included in the new infrastructure and was listed as one of the seven "key digital economy industries" in the "14th Five-Year Plan". In the future, blockchain will usher in new opportunities for innovation and development.

However, Zhang Chao said that currently, data governance on the blockchain is still a huge challenge at a global level. First, data governance requires a clear regulatory subject, but in blockchains or distributed ledgers (or public chains) other than alliance chains, a relatively clear object may not be found as a regulatory subject; secondly, due to the The data on the chain cannot be easily tampered with, which means that during the data governance process, the rights of the data owner to modify and delete the data may not be fully protected.

Blockchain innovative application scenarios continue to expand

Driven by favorable policies and market demand, blockchain innovative application scenarios continue to expand. In recent years, in addition to the two major outbreak scenarios of finance and government affairs, there is even more promise in empowering the field of rule of law. On the one hand, the multi-faceted and multi-field application of "blockchain + rule of law" can effectively improve the efficiency of rule of law construction; on the other hand, blockchain technology can also help public prosecutors and law enforcement agencies crack new criminal cases.

Industry insiders believe that based on the analysis and tracking of massive on-chain data, blockchain technology provides governments, enterprises and users with on-chain data monitoring, transaction maps and on-chain addresses.analyze. For suspected criminal activities such as virtual currency, the blockchain browser provides on-chain data tracking to combat virtual currency crimes, safeguard national financial security, and provide "blockchain power" for the construction of Digital China.

II Blockchain Era: Transformation from Information Internet to Value Internet

Guosen’s Viewpoint

Guosen Overseas Group’s Viewpoint:

Internet Development Until now, its main function is to allow information to circulate on the Internet, and information is spread by copying (A is copied to B). The "ledger" constructed by the blockchain is open, transparent, non-tamperable, peer-to-peer interconnected, and easy to trace, and builds an infrastructure based on a trust mechanism to allow the value of digital assets to circulate efficiently on the Internet, and digital assets occur on the Internet. Transfer of value (transfer from A to B, rather than copying from A to B). We are optimistic about the future of blockchain. However, the most important achievement of blockchain at this stage is the evangelism of ideas. Its emergence allows the market to see the shortcomings of the "Internet of Information" and the trend of the "Internet of Value".

Comments

The relationship between blockchain and Bitcoin

Explaining blockchain, there is no way around Bitcoin. The "invention" of Bitcoin has proven the feasibility of blockchain technology. Bitcoin is not the entirety of blockchain technology, but only one of its applications. Without Bitcoin, it’s possible that blockchain wouldn’t have happened, or at least not anytime soon.

The origin of the word "blockchain" is the "chain of blocks" in the original English version of the Bitcoin white paper. When translated into Chinese, the word "blockchain" is used. As the focus of Bitcoin mining shifts to China, the Chinese market has become the main battlefield for blockchain and Bitcoin. The English domestic market of blockchain is written as "blockchain", which has become a proper noun for the entire blockchain technology in the world. (Noun evolution path: chain of blocks - blockchain - blockchain).

The total amount of Bitcoin is limited, stimulating market speculation

Whether Bitcoin is regarded as a commodity or currency, due to its limited total amount, it stimulates market speculation on Bitcoin. Price, referred to as currency speculation. According to the Bitcoin generation mechanism, the total number of Bitcoins is 21 million.

Bitcoin is the reward after a new block is connected. A block is generated every 10 minutes. A certain number of Bitcoins are rewarded for each block generated. 50 are rewarded in the first four years. The number of Bitcoin rewards is halved every four years, so the total number of Bitcoins is 21 million. Calculation method: {50 X 6 X 24 X 365} X 4 X {1+1/2+. . . . . (1/2)n}=21 million (2.1*107).

Technical principles of blockchain

Blockchain timestamps all transactions through random hashing and merges them into an ever-extending base.A chain of randomly hashed, proof-of-work is used as a transaction record. Unless all proof-of-work is completed again, the transaction record formed will not be changed. There are three steps to form a new block:

1. The miner packages the four parts of the "ledger, the header of the previous block, the timestamp, and the random number sequence X" within a period of time into a block;

2. Through a large number of calculations, the miner adjusts the random number sequence X of the block, generates the composite required hash value, and obtains Bitcoin rewards.

3. Miners connect the new block with the previous block to form a new blockchain.

The number of patents is an important indicator for quantifying blockchain companies at this stage

The global blockchain industry is still in the early stages of development. Most companies are in the conceptual design stage and have no commercialized products. It is difficult for outsiders to objectively evaluate the pros and cons of startups. We believe that the number of blockchain invention patents can reflect the potential of each company and is an important indicator for distinguishing blockchain companies through quantitative means at this stage.

Investment advice: Based on the company’s fundamentals, focus on the value of the Internet in the blockchain era

With the development of the Internet to the present, its main function is to allow information to circulate on the Internet, and information can be copied propagation method (A is copied to B). The "ledger" constructed by the blockchain is open, transparent, non-tamperable, peer-to-peer interconnected, and easy to trace, and builds an infrastructure based on a trust mechanism to allow the value of digital assets to circulate efficiently on the Internet, and digital assets occur on the Internet. Transfer of value (transfer from A to B, rather than copying from A to B). We are optimistic about the future of blockchain. However, the most important achievement of blockchain at this stage is the evangelism of ideas. Its emergence allows the market to see the shortcomings of the "Internet of Information" and the trend of the "Internet of Value".

Realizing the "Internet of Value" requires large-scale application implementation, not a single technology. At this stage, blockchain is still in its early stages of development. We are optimistic about the future of blockchain, but we do not overestimate the present of blockchain.

In the Hong Kong stock market, there are many companies involved in blockchain. Based on the company's fundamentals and the number of blockchain patents, we recommend Tencent Holdings and Launch Technology, maintaining performance forecasts and recommendation ratings.

Tencent (0700.HK): We expect the company’s revenue growth rate from 2019 to 2020 to be 22% and 22%, and net profit growth rate to 23% and 16%, of which NON-GAAP profit growth rate is 15%, 16%. The EPS corresponding to 2019 and 2020 are HK$10.4 and 12.1, and the target valuation range is maintained at 380 to 400 yuan, corresponding to 31 times to 33 times PE in 2020. The overweight rating is maintained.

Launch Technology (2488.HK): We predict that the company’s revenue growth rate from 2019 to 2020 will be 9.7% and 12.2%, and its net profit growth rate will be 69% and 29%, corresponding to EPS of 0.32, 0.42 Hong Kong dollars. we maintain"Buy rating" recommends a reasonable valuation of 8-9 Hong Kong dollars, corresponding to 25-28 times PE in 2019.

Risk warning

1. Blockchain concepts cannot be turned into products. 2. The emergence of new technologies causes the blockchain to be falsified. 3. The profits from the company’s existing business cannot support the long-term R&D investment in blockchain.

Appendix: Blockchain-related companies in Hong Kong stocks

1. Tencent (0700.HK): There is a dedicated blockchain portal (https://trustsql.qq). On October 19, 2019, Tencent released the "2019 Tencent Blockchain White Paper" to provide an overall introduction to Tencent's blockchain. The solution includes the TrustSQL blockchain underlying platform and Tencent Cloud TBaaS, and details four Tencent blockchain best practices, including blockchain electronic invoices, micro-enterprise chain, Zhixin Chain and blockchain bank draft. Tencent, which focuses on "connection", continues to develop infrastructure construction in the field of blockchain and promotes the implementation of "blockchain+" industry solutions to promote value connections between enterprises and between enterprises and consumers. Through the "blockchain+" model, we empower the financial and real industries, promote the integration of blockchain and industry, and accelerate the construction of industrial blockchain.

2. China Mobile (0941.HK): On October 15, 2019, the Blockchain Service Network (BSN) press conference and event was hosted by the Information Center, hosted by China Mobile Communications Group Corporation and China UnionPay Co., Ltd., and co-organized by Beijing Hongzao Technology Co., Ltd. The Technology Development Summit Forum was successfully held in Beijing. China Mobile utilizes existing resources, cloud facilities and computing storage facility resources to conduct independent research and development and optimize existing facilities; as a new cornerstone, China Mobile promotes the mutual empowerment between 5G and blockchain.

3. Ping An of China (2318.HK): The number of global blockchain invention patent applications disclosed in 2018 was 84, ranking 7th in the world. Ping An relies on blockchain technology to improve the intelligent level of urban management. Ping An applies blockchain to medical health, targeted poverty alleviation, social welfare, etc.

5. ZhongAn Online (6060.HK): Anlian Cloud, a professional ecological cloud service platform based on artificial intelligence, blockchain and cryptography. The platform uses Zhongan Chain independently developed by Zhongan as its underlying infrastructure and also develops electronic signing , digital identity, distributed encrypted storage, certificate storage, traceability and other nearly 10 vertical applications.

6. Kingsoft (3888.HK): It was the first to implement Game + Blockchain applications and solutions. Currently, the game cloud business is exploring the application of blockchain technology and accelerating the expansion of the game ecosystem. In the first half of 2018, Kingsoft Cloud took the lead in launching the "project-X" plan for the full ecosystem of blockchain games, realizing a project consisting of blockchain platform infrastructure construction, blockchain underlying technology, and blockchain game development, operation, and distribution. Complete blockchain gameEcological architecture.

7. HC Group (2280.HK): On January 31, 2018, HC Group announced that its first application scenario based on blockchain was officially launched. The cooperation framework agreement signed with Joyvio Technology will start from the agricultural field to build the HC Group District. Blockchain products use the advantages of industrial big data and blockchain application scenarios to expand the modern agricultural blockchain market.

8. Launch Technology (2488.HK): The company is China's earliest leading high-tech enterprise dedicated to the research and development and production of automobile diagnosis, testing, maintenance, and tire equipment. As a leader in the Internet of Vehicles industry, the company is deeply involved in exploring solutions for the integration and monetization of automotive big data. In 2018, the company ranked fifth in the world in the number of blockchain-related patent applications, standing at the forefront of new blockchain technologies. The company has combined blockchain technology with industry applications and developed the "Super Chain Project" series product, a 4G vehicle data collection terminal with blockchain technology – GTBOX-I, tailored for the Internet of Vehicles industry. Launch Technology has publicly stated its position many times: No matter whether it is declining or rising, it refuses to get involved in digital currencies and ICOs. It neither public nor private placements, and concentrates on exploring the value of the chain.

9. Meitu Company (1357.HK): The vision of Meitu Blockchain is to connect the digital world and reality by creating a decentralized, secure and encrypted identity pass for users: Meitu Intelligent Passport (MIP - Meitu Intelligent Passport) world and create a trusted blockchain environment. On the one hand, Meitu Intelligent Pass (MIP) allows users to anchor assets scattered across various applications on the blockchain, and through face recognition AI verification, use various applications more conveniently and securely, and receive privacy protection; On the other hand, Meitu Intelligent Pass (MIP) also allows some services that require strong verification, such as the medical and education fields, to more effectively use blockchain to serve users.

10. Gome Retail (0493.HK): On April 14, 2018, according to Gome Retail, Gome has entered the era of comprehensive digitalization. Operating digital stores is Gome’s “No. 1 Project”, and the company’s focus on blockchain technology and decentralization Technology is always doing research. The relevant person in charge of Gome Retail said: Gome’s shared retail business model and employee beauty store retail strategy are very consistent with the decentralized model system of the blockchain. The employee beauty store is also a new channel that Gome hopes to build.

(Source of article: Guosen Securities)

Solemn statement: The purpose of releasing this information is to spread more information and has nothing to do with the position of this site.

Ⅲ Take stock of those development scenarios that have been successfully transformed by blockchain

The digital age has quietly entered our lives. Compared with 10 years ago, there are more digital applications around us, and our lifestyles There have also been tremendous changes. thisThey are all inseparable from the development of technology. Emerging technologies such as 5G, cloud computing, blockchain, etc. will have a great impact on us in the future. Below we will take stock of those fields that have been successfully transformed by blockchain and see how the application scenarios of blockchain development will affect us now and in the future. [This article is compiled and published by Xiao V editor: Hanquankeji]

1. Financial services are the earliest fields affected by blockchain. Friends who have played with digital currency will know that blockchain was first used for Most of them speculate in coins. But the current role of blockchain in finance is decentralization, so what role does it play in us? Just like if we want to transfer money to another person, we need to confirm it through the bank before it can be transferred to the other person's account, and Blockchain finance allows transfers to be carried out on the blockchain network without third-party confirmation, which optimizes both efficiency and cost.

2. Education is one of the hottest topics in recent years. How to improve the education system is what every family, the Ministry of Education, and even the country attaches great importance to. Blockchain education not only successfully digitizes this application scenario, but also carries out chain changes to this education system, placing important information such as students' personal files, grades, academic qualifications, etc. on the blockchain to prevent information loss and malicious tampering. , In this way, recruiting companies can obtain students' personal files authentically and reliably, effectively avoiding problems such as academic fraud.

3. The Internet allows us to have access to more entertainment methods, but some articles, music, and pictures will be pirated, which not only affects the rights of the author, but also creates a bad social atmosphere. With the advantages of blockchain's openness, transparency and anti-tampering, it is possible to avoid malicious tampering of copyright information.

There are still many application scenarios for blockchain development that have not been explored, and what I have talked about are only some of the applications. As the country attaches great importance to blockchain, more blockchain applications will become popular and reach thousands of households.

IV Blockchain: Returning the ownership of data to individuals

This article explains through examples how blockchain technology can return the ownership of personal information to individuals.

First, let’s look at Taobao’s data ownership. Taobao's data includes personal browsing product traces, personal purchase product details, merchant sales data, product logistics data, payment and collection data, etc. All personal and merchant data are on Taobao's servers. Who does this data belong to? Taobao users (including customers and merchants) believe that data is generated by users and should belong to them. Taobao believes that the server hardware facilities that record user data belong to Taobao, and the data also belongs to Taobao.

This is like planting a tree in someone else’s yard. It’s true that you planted this tree, but this tree was planted on someone else’s land. This tree The tree cannot survive without youSowing seeds cannot be done without other people's land. So whose tree does it belong to?

Fortunately, due to the introduction of laws related to the protection of personal information, Taobao's data ownership belongs to users. Unfortunately, there is no way for users to exercise ownership rights. Because you cannot transfer or delete your data from Taobao's servers unless you pay the corresponding cost. Continuing with the above example of planting a tree in someone else's yard, if you want to realize the ownership of the tree and dig it away, that won't work because, first, others won't let you enter the yard; second, you don't have the land yourself, so dig it away. This tree, the tree is dead.

Therefore, having ownership of data does not necessarily mean free disposal of data. Ownership without the right to dispose is in vain. The root cause of this problem lies in the centralized business model and system architecture. In a centralized model, the owner of data ownership has no way to realize the right to dispose of data. Taobao can admit that data ownership belongs to users, but it does not matter. This does not prevent Taobao from using user data to conduct unreasonable operations such as user discrimination, platform selection, traffic monopoly, and bidding ranking. Going back to the above example of planting a tree in someone else's yard, the tree is yours, but others enjoy the shade under the tree and the fruits it produces are enjoyed by others.

Based on the above analysis, only a decentralized model can effectively solve the problem of separation of data ownership and disposal rights, and currently the best decentralized technology is the blockchain.

Blockchain solutions:

Build an e-commerce platform based on blockchain technology. We name this platform "E-commerce Alliance Chain", hereinafter referred to as " Alliance Chain".

Each merchant is connected to the alliance chain as a node, and each customer is connected to the alliance chain as a node. The product information sold by merchants is published on the alliance chain as shared data, and all connected customer nodes can see and browse this information. When a customer decides to purchase a product, the purchase information including product, model, address, etc. is passed to the merchant through the alliance chain. In this process, each merchant records the transaction information of the customers who transact with it. For transaction information that has nothing to do with itself (other merchants and customers), only the characteristic value (hash value) of the information is recorded; Each customer also records his own transaction information, and only records characteristic values ​​for information that has nothing to do with him.

The purpose of a node recording transaction characteristic values ​​that have nothing to do with itself is to prevent the transaction information on the alliance chain from being tampered with. When one or both parties to a transaction tamper with the transaction information, the characteristic value of the transaction will change. Then, as long as it is compared with the characteristic value recorded by nodes unrelated to the transaction, the tampering will be discovered by the alliance chain.

On the e-commerce alliance chain, there is no centralized node. All nodes are equal. Each node only records its own relevant transaction data. There is no way to save non-related data.Node’s transaction data. Using the example of tree planting, each family plants trees in their own yards and cannot let others plant trees in their own yards. Nodes can decide how they want to process their own data. They only need to reach a data processing consensus with the node on the other side of the transaction.

In this way, the e-commerce alliance chain based on blockchain technology truly realizes the unification of data ownership and disposal rights, which is real ownership.

At this point, some people may say that useful services such as customized recommendations and product rankings for some product information are still needed. If the data is scattered in the hands of the owners, then this cannot be achieved. A useful data feature. It doesn't matter, you just need a third-party organization specialized in data analysis to connect to the alliance chain. Merchant nodes and customer nodes are responsible for authorizing the use rights of their own data to third-party data analysis nodes, and agreeing on the specifications for data use through the smart contract technology of the blockchain. The data analysis institutions analyze transactions within the scope of authorization of the use rights. data and provide data services required by other nodes.

In the digital age, data is an important means of production, so it is critical to clearly define the ownership of data. The centralized model will deprive the majority of data producers of their means of production and turn them into essentially proletarians. This is unreasonable. Through blockchain technology, data ownership can be returned to data producers, making production relations in the digital era more reasonable. This is the way forward.

IV Blockchain Technology and Application: A Technical Revolution in the Future

Blockchain technology originated from "Bitcoin: A Peer-to-Peer Electronic Cash System" proposed by Satoshi Nakamoto 》, where "block" means that each information block contains a timestamp. Information blocks containing timestamps are connected to each other, and the chain of information blocks formed is a "blockchain".

Blockchain is a technical solution that collectively maintains a reliable database in a decentralized and trustless manner. From a data perspective, blockchain is a distributed database in which a single node or multiple nodes cannot intentionally change data records. Its distribution is reflected in the distributed storage and distributed recording of data. From a technical perspective, blockchain technology is an emerging technological achievement after the integration of multiple technologies. After the development and improvement of a combination of multiple technologies, it forms a more efficient way of recording, storing and expressing data.

"Science China" is an authoritative scientific brand of the China Association for Science and Technology, which collaborates with all parties in society to use information technology to spread science.

This article is produced by Popular Science China Fusion Creation. Please indicate the source when reprinting.

VI What are the practical applications of the blockchain 1.0 era

The development of blockchain 1.0 is closely related to digital currency, and its applications are generally concentrated in currency transfer, exchange and payment. In a sense, blockchain technology in this period has found a solution to currencyand payment decentralization solutions.

Currency and payment constitute the most significant applications in the blockchain 1.0 era. A series of virtual currencies represented by Bitcoin have emerged, such as Litecoin, Dogecoin, Ripple, Futurecoin, and Peercoin. Etc., thousands of digital currencies have been produced around the world, and there are about 700 types still in operation. These "alternative currencies" act as "cash" on the Internet, opening up another world in the financial field. In the application scenario of virtual currency, individuals can use a decentralized, distributed and global way to allocate and trade various resources.

The blockchain during this period has set off a huge wave in the financial field. In areas related to transfers, remittances and digital payments, blockchain technology has attracted much attention. In these fields, the traditional method requires tedious processing processes such as the account opening bank, counterparty bank, clearing organization, overseas bank (agent bank or overseas branch) through central institutions such as banks, which takes a long time and is costly. After applying blockchain technology, payment can realize end-to-end transactions, eliminating the cumbersome intermediary processing links. It is not only fast, but also has very low transaction costs. Especially in terms of cross-border payments, the blockchain-based payment system can provide users with global cross-border, real-time payment and clearing services in any currency. Cross-border payments will be completed instantly at a low cost.

The Xueshuo Innovation Blockchain Technology Workstation under Lianqiao Education Online is the only "Smart Learning Factory 2020- Xueshuo Innovation Workstation" launched by the School Planning and Construction Development Center of the Ministry of Education of China. Approved "Blockchain Technology 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.

Ⅶ The application of UEEX blockchain technology creates a new era of digital assets

As a basic function of digital assets, trading has huge demand in the digital era, and digital asset trading platforms have ushered in Unprecedented development opportunities are playing an increasingly important role in the global financial industry. More and more traditional financial institutions and Internet companies have entered the digital asset market, and the ecosystem of virtual assets is steadily expanding.

Countries are developing digital currencies, and blockchain applications are emerging

The Digital Dollar Project released a white paper, aiming to lay the foundation for the U.S. CBDC ;

South Korean regulators plan to release a complete proposal for cryptocurrency taxation in July;

France’s central bank: “Internal private blockchain” has been established to test the digital euro;

The International Monetary Fund reiterates its opposition to the Marshall Islands’ national digital currency;

Brazilian Central Bank Governor Neto said that the prospects for economic recovery are now worrying, and the last step will be digital currency;

Russian State Duma official: Encryption ban actually ensures citizen democracyAutomatic declaration of crypto transactions is already protected by law. Failure to declare cryptocurrency assets means that these assets are not protected by Russian law - failure to declare will not automatically lead to charges;

The Information Center of the Supreme People's Court has taken the lead Develop judicial blockchain technical requirements and management specifications;

The Russian Central Bank will launch a blockchain digital mortgage loan platform.

The power of technology and innovation can transform the financial system while maintaining consumer protection, data privacy and security, financial stability and monetary policy transmission, and guarding against cyber risks. Based on blockchain technology, UEEX provides safe, professional, honest and high-quality digital asset financial services to global users.

UEASY EXCHANGE (UEEX) As a professional digital asset service exchange, UEASY is committed to creating an autonomous, secure and compliant blockchain digital asset trading platform to allow institutional investors and individual investors to You can safely conduct transactions of any size and frequency without worrying about the fairness and security of the trading platform, the privacy of user data, the transparency of platform rules, and the stability and reliability of the trading system.

UEASY Exchange has a significant international background. The founding team comes from well-known Wall Street financial institutions such as Investopedia, Bank of America, and Merrill Lynch. It has strong overall R&D strength and has many financial product experts and technical security experts. Equipped with an international-level risk control team.

UEEX blockchain platform features

Dual-engine driven

The first dual-engine driven digital asset transaction The system realizes the complementary advantages between decentralized and multi-centralized trading systems, providing users with a perfect trading experience. Through its own research and development strategy and globalization strategy, UEASY Exchange has launched a global multi-line compliance exchange market layout and created a new generation of digital asset trading business landscape.

Distributed architecture

Adopting advanced distributed cluster architecture and microservice development methods, bidding and matching were integrated at the beginning of the launch systems, security and risk control systems, C2C cash flow systems, multi-chain wallet systems, marketing systems and blockchain games, work orders and customer service systems, etc. In the future, OTC over-the-counter trading systems, futures contract systems, and decentralization will also be launched. Trading system, etc.

Security-level algorithms

Supports security-level advanced algorithms, supports GTT, GTC, FOK, IOC and other professional trading instructions, providing Institutional investors and individual investors provide professional quantitative support and can handle up to 5 million concurrent transactions per second. The measured matching speed at the beginning of the launch has reached 130,000 transactions per second. Through multiple risk control system services,This enables efficiency and security beyond the financial level.