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❶ Popular explanation of what blockchain is

Question 1: What is blockchain? Can you explain the principles of 10-point blockchain in plain language: Decentralized distributed accounting system
The core of blockchain technology is that all currently participating nodes jointly maintain transactions and databases. It makes transactions based on cryptographic principles rather than trust, so that any two parties who reach an agreement, Payment transactions can be performed directly without the involvement of a third party.
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Technically speaking, a block is a data structure that records transactions, reflecting the flow of funds for a transaction. The blocks of transactions that have been reached in the system are connected together to form a main chain, and all nodes participating in the calculation record the main chain or part of the main chain. A block contains the following three parts: transaction information, hash hash formed by the previous block, and random number. Transaction information is the task data carried by the block, specifically including the private keys of both parties to the transaction, the number of transactions, the digital signature of electronic currency, etc.; the hash formed by the previous block is used to connect the blocks to realize the past The order of transactions; random numbers are the core of transaction completion. All miner nodes compete to calculate the answer to the random number. The node that gets the answer the fastest generates a new block and broadcasts it to all nodes for update, thus completing a transaction.
1.1 What is Blockchain
Blockchain (BlockChain) refers to a technical solution that collectively maintains a reliable database through decentralization and trustlessness. This technical solution mainly allows any number of nodes participating in the system to associate and generate a series of data blocks (blocks) using cryptographic methods. Each data block contains all the information exchange data of the system within a certain period of time, and generates The data fingerprint is used to verify the validity of its information and chain to the next database block.
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In layman’s terms, blockchain technology refers to a way for all people to participate in accounting. Behind all systems there is a database, which is a big ledger. Then who will keep this ledger becomes very important. At present, it is whoever owns the system who keeps the accounts. Each bank’s account books are kept by each bank, and Alipay’s account books are kept by Alibaba. But now in the blockchain system, everyone in the system has the opportunity to participate in accounting. If there are new transaction data changes within a certain period of time, everyone in the system can do accounting. The system will judge the person who has the fastest and best accounting during this period, write the recorded content to the ledger, and Send the contents of the ledger during this period to all other people in the system for backup. In this way, everyone in the system has a complete ledger. Therefore, this data becomes very safe. A tamperer needs to modify more than half of the system node data at the same time to truly tamper with the data. Such tampering would be extremely costly, making it nearly impossible. For example, Bitcoin has been running for more than 7 years, and countless hackers around the world have tried to attack Bitcoin, but so farThere have been no transaction errors so far, and it can be considered that the Bitcoin blockchain has proven to be a safe and reliable system.
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1.2 Why is there blockchain innovation?
Human beings need to communicate during their activities, and communication is based on information. In the past, information circulation was not convenient enough to satisfy market participants. There is a demand for information, so intermediaries and centers are born. This centralized system has problems such as high cost, low efficiency, value dispersion, "information islands" and insecure data storage. However, due to technical and environmental factors, this system continued to operate for many years until the emergence of the Internet. The starting point of the first generation of the Internet is the TCP/IP protocol, which is an open code that implements a unified format for peer-to-peer transmission of information by all nodes on the network, and brings the basic values ​​of freedom and equality required by a global unified market into programmed, protocol-based, and reliably Execution. The Internet eliminates low-value, high-cost intermediate chains and achieves low-cost and high-efficiency global information transmission in a decentralized manner.
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However, the first generation of the Internet did not solve the problem of information credibility. Activities that can be decentralized on the Internet must be activities that do not require credit endorsement, and activities that require credit guarantee must be activities involving centralized third-party intermediaries. Therefore, Internet technology that cannot establish global credit has encountered great obstacles in its progress - people cannot participate in any value exchange activities on the Internet in a decentralized manner. To realize value exchange, people still need third-party intermediaries based on credit (such as banks, clearing agencies, exchanges). The global centralized credit system still has problems such as high operating costs, low efficiency, and vulnerability to attacks and damage. For example, each country's legal currency has different credit values ​​and incompatible clearing systems, which adds a lot of cost to global trade.
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Therefore, what the second generation Internet must break through is: how to establish global credit in a decentralized manner? Let...>>

Question 2: What is blockchain? What does it mean in layman’s terms? What is China’s attitude towards blockchain? What can blockchain do? Blockchain, a great technology that accompanied the birth of Bitcoin, is currently being used in the financial field to significantly reduce transaction costs and improve efficiency, which is enough to excite Wall Street. However, this is just the tip of the iceberg. Its potential applications are very broad and will subvert every aspect of our lives in the future.
Blockchain is an important concept of Bitcoin. It is essentially a decentralized database and serves as the underlying technology of Bitcoin. One of the most basic characteristics of Bitcoin is decentralization. In recent months, financial giants have gradually begun to pay attention to Bitcoin's technology and used it in non-monetary fields, such as stock trading, election voting, etc. (1) Art industry
Artists can use blockchainTechnology to claim ownership and issue numberable, 100% editions of works in digital form for any type of artwork. It even includes a marketplace where artists can buy and sell through their website without the need for any intermediary services.
(2), Real estate industry
Use blockchain technology to solve various problems faced by everyone involved in real estate, including the naming process, land registration, agency intermediaries, etc.
(3), Insurance Industry
The financial industry has always been the most sensitive to advanced technology. Traditional banking and securities industry giants have been involved in the booming blockchain venture capital investment since 2014, with total global investment reaching US$1 billion within two years.
(4) P2P wallet
Personal assets can be traded through this P2P wallet in the future without going through any central institution, such as Bitcoin.
Most blockchains are in their infancy, mainly overseas. There are very few good domestic blockchain projects, so it is not recommended for any non-professionals to invest in blockchain projects. If you are very interested in blockchain technology and have a technical or financial background, it is recommended that you consider starting a business in this area. In terms of the blockchain protocol system, the lowest layer is the underlying technology of the blockchain, including the technical protocols of the blockchain, as well as some platform routing and basic algorithms; in the middle layer, some application interfaces and some credentials must be solved Issuance and verification, including some industry platform services, big data analysis, etc. This is a very rough classification, and there should be more detailed classifications; the top ones are some applications of blockchain, including finance Some applications and some applications in other aspects, the Internet of Things and so on.
Introduction to Bubi Blockchain
Bubi Blockchain has been focusing on the research and development and innovation of blockchain technology and products since its establishment. It has a number of core technologies and has achieved substantial results in many aspects. Radical innovation has resulted in a number of core technological achievements, such as: mathematically provable distributed consensus technology, fast large-scale ledger access technology, multi-chain general ledger technology that supports business expansion, and interconnection technology between heterogeneous blockchains. wait. On April 25, "Gege Points" introduced the concept of blockchain into the points system, jointly opened it up with multiple parties, issued and redeemed points, and promoted the circulation of points. Each cooperative institution can jointly participate in transaction verification, ledger storage, and real-time settlement; the third-party payment platform of the enterprise points issuer makes the entry and exit of points more flexible. Bubi has developed its own basic blockchain service platform, which has been applied in equity, supply chain, points, credit and other fields. Bubi has been committed to building an open value circulation network with decentralized trust as the core, allowing digital assets to flow freely.
A simple understanding of blockchain is a technology at the bottom of Bitcoin, which is also a peer-to-peer electronic cash system that can realize peer-to-peer value delivery. We should distinguish between Bitcoin, Bitcoin blockchain, blockchain and blockchain. Blockchain technologyConcepts such as technology. In countries with relatively developed finance in the past, finance and blockchain technology have a long history, and the legislation of digital currencies and blockchain networks is also very important. With the advent of the financial era, large financial institutions are studying blockchain technology. They have their own teams and conceptual technologies. Slowly, banks in various regions are also participating in digital currency discussions. The application and support of this technology are not only that. The influence of blockchain on enterprises is also huge. For larger domestic enterprises, Bubi Blockchain is also used in various equity, supply chain, points and other fields. Major domestic financial institutions and enterprises have taken a fancy to the new industry. value, they have developed their own blockchain platforms, and blockchain has instantly become a new innovative industry in China. In terms of overseas internationalization, the United States has already obtained 15 blockchain patents at the end of last year compared to China. Blockchain financial applications are entering a new stage in an all-round way. Various applications will become more and more in-depth, and related changes will also become more and more profound. It has attracted more and more attention and will form a huge new trend... >>

Question 3: What is blockchain technology? What exactly is blockchain? What is blockchain? 1. Data blockchain is an important concept in the Bitcoin financial system. It records transaction record data on the entire Bitcoin network, and these data are shared by all Bitcoin nodes. Through the data block, we can query each transaction record. A look at the history of Bitcoin transactions. 2. Example: There are three persons A, B, and C. All funds of A and B are kept by C. And every financial transaction must be recorded by C. Now assume that A and B each have 1 million in custody of C. Then: A spends 80,000 yuan to B, then C's account book record will subtract 80,000 yuan from A's name, and add 80,000 yuan to B's name. If B transfers 50,000 yuan to A, C will add 50,000 yuan to A's name and subtract 50,000 yuan to B's name in the account book. A spends 50,000 yuan to B, then C's account book record will subtract 50,000 yuan from A's name, and add 50,000 yuan to B's name. 3. The role of the data blockchain is similar to that of C’s account record book. It records the user’s ownership of Bitcoin and the records of all users’ Bitcoin transactions. It’s just that this “account record book” is recorded by the mining software of every Bitcoin miner on the network. If a Bitcoin transaction is confirmed by the data blockchain, the relevant information will be recorded in the data blockchain. Bitcoin’s “account record book” is called the data blockchain. All data blockchains on the network form Bitcoin’s distributed network database system. 4. The essence of data blockchain technology is a decentralized and distributed structure of data storage, transmission and certification methods. It uses data blocks to replace the current Internet's dependence on central servers, so that all data changes or transaction items are recorded. On a cloud system, the self-certification of data during data transmission is theoretically realized. In a far-reaching sense, this transcends the traditional and conventional information verification paradigm that relies on a center and reduces the cost of establishing global "credit."This point-to-point verification will produce a "basic protocol", which is a new form of distributed artificial intelligence and will establish a new interface and shared interface between human brain intelligence and machine intelligence.

Question 4: What is blockchain: This explanation of blockchain is more understandable. Blockchain refers to a technology that collectively maintains a reliable database through decentralization and trustlessness. plan.
In layman’s terms, blockchain technology refers to a way for all people to participate in accounting. There is a database behind all systems. You can think of the database as a big ledger. Then who will keep this ledger becomes very important. Currently, whoever owns the system keeps the accounts. Tencent keeps the accounts of WeChat, and Alibaba keeps the accounts of Taobao. But now in the blockchain system, everyone in the system has the opportunity to participate in accounting. If there are any data changes within a certain period of time, everyone in the system can do accounting. The system will judge the person who has the fastest and best accounting during this period, write his recorded content into the ledger, and record this Within a period of time, the contents of the ledger are sent to all other people in the system for backup. In this way, everyone in the system has a complete ledger. In this way, we call it blockchain technology.
Blockchain technology has become the darling of the financial community in China and has become a hot topic. Domestic Puyin Group has launched Puyin, a tea-based digital currency.

Question 5: Explain in an easy-to-understand manner what blockchain is. Blockchain can be understood as a database system in a sense. The development of blockchain can be divided into 1.0 and 2.0
1.0 is represented by Bitcoin, and its main application is virtual currency or digital currency application. The blockchain at this time can only be used for simple digital currency transactions.
2.0 is represented by the now popular ethereum (Ethereum) and the upcoming hyperledger. The blockchain at this stage can not only meet the corresponding digital currency transactions, but also use smart contracts to customize currency or asset transactions. If we use the database analogy, the emergence of smart contracts can be understood as allowing users to define functions or stored procedures in the database and call and execute them.
Different from traditional databases, the blockchain introduces consensus mechanism, incentive mechanism, p2p (network), hash and other specific elements, making it open, decentralized and non-tamperable. characteristic.

Question 6: What is blockchain? Can anyone explain it in simple terms? Blockchain is the underlying technology of Bitcoin. It is like a ledger that records all transactions. It has decentralization. What is decentralization? For example, when you buy something on Taobao, you place an order and pay in Alipay, etc.After you receive the goods, Alipay will transfer the money to the seller. Alipay is the third party in that center. Without it, it means decentralization, just like buying things offline. If you pay with one hand and get the goods with the other hand, there is no third party.
The blockchain itself is a series of cryptographically related data blocks generated.
Look carefully to see if it looks like a ledger. The pieces one by one are blocks, and connected together they are the blockchain.
Many companies are developing this technology, including ours, and its prospects are incredible. For details, you can go to our official website and hope to adopt it, thank you

Question 7: What is blockchain technology? What is blockchain? How to explain the concept of blockchain? People in each industry have different understandings, and relevant explanations are gradually emerging due to more and more real-life applications. With the popularization of this blockchain technology, the related results are getting bigger and bigger. If we want to understand this technology, we must have an in-depth understanding of reality.
In the past six months, the concept of blockchain has gradually become popular in China, and a blockchain whirlwind has taken off in the financial circle. Blockchain has attracted the attention and favor of more and more people in the industry due to its unique technical advantages. Blockchain technology, which is decentralized (or multi-centered), highly transparent, cannot be tampered with, and has no single point of failure, is entering the field of vision of financial institutions and enterprises. It has at least been used in digital currency, payment exchange, registration and settlement, Digital assets, traceability and anti-counterfeiting, supply chain, Internet of Things and many other fields have moved from theoretical discussions to practical applications.
"Blockchain" was first introduced with "Bitcoin" released in early 2009. Blockchain has become the basic protocol and technical application for the launch, recording, and circulation of Bitcoin. Although Bitcoin has been controversial since its inception and cannot even be regarded as a "currency" by governments and monetary authorities, the blockchain technology used in Bitcoin has been recognized by governments, including governments and monetary authorities. extensive attention.
Why has blockchain become a rapidly heating up hot technology and topic?
The most important of these may be that the launch of Bitcoin based on blockchain technology has opened up a new relationship with traditional society ( The exploration and attempt of brand-new technologies and rule systems such as Internet user identity verification, wealth confirmation, transaction records, notarization and verification, which have little connection with offline) and are fully applied in the online world (online), provide people with the opportunity to adapt to the Internet society. Development provides alternative paths and unlimited imagination.
Judging from its application in Bitcoin, blockchain is a set of new network blocks (BLOCK, also called communities) formed by combining encryption technology with the Internet. Bitcoin configuration, netizen identity verification, and Bitcoin (value) confirmation formed by mining, Bitcoin transaction records, and extended encryption of Bitcoin cross-block flow (value transfer) (added block and transaction time identification, etc. factors) registration and verification, etc., block connection (Blockchain (i.e. blockchain), fully encrypted, mutually authenticated Internet protocol rules and accounting (Ledger) system. Precisely because Bitcoin is not a substitute for offline legal currency, but is issued and managed by non-legal currency authorities, mainly imitating the model of gold, and is completely new and decentralized protected and supported by basic Internet protocols and strict encryption technology. Internet currency (virtual currency) has thus formed a new set of currency rules and systems that are different from and not subject to real social laws, and can be bought, sold or exchanged with legal currency. It has been more than 8 years since Bitcoin was launched. There has been no record of funds or user information being stolen. Its security has been verified, and its efficiency and cost of fund settlement also have obvious advantages. This has made people's confidence in the blockchain technology used in Bitcoin continue to increase, and people have become more and more aware that although blockchain is a technology and protocol pioneered and applied by Bitcoin, the blockchain Chain is not the same as Bitcoin, and its application is by no means limited to Bitcoin. The application of blockchain can be decentralized or centralized; it can be a public chain model or a private chain model. Therefore, after Bitcoin, blockchain technology is also constantly developing and innovating, and constantly exploring new application fields, especially in the financial field.
The reason why blockchain is valued highly by more and more people is because the development and widespread application of the Internet have caused more and more economic exchanges and transaction activities to be conducted online, and the online world (or online world) society) is rapidly expanding, enriching and active, and online transactions must solve the efficiency and security protection issues of the parties' identity verification, value verification, transaction records, inspection and verification, etc., and require strict intermediaries and agreements (rules or constitutions). In this regard, traditional thinking and customary practices are to follow the development trajectory of the transfer of offline transactions to online and push the common rules and practices of the real (offline) society to the online (network) society. However, in practice, more and more It is difficult to adapt to the needs of online transactions.
For example, for the identity verification of the parties, the natural choice is to use the information on the identity documents protected by the laws of various countries as the basis, and then add account or transaction passwords, as well as facial recognition, iris, fingerprints and other biometrics to conduct online transactions. Verification, but this method first makes the citizen identity information in the cross-border interconnected online world subject to the administrative jurisdiction of real society... >>

Question 8: Easy to understand Explain clearly what is blockchain. The English name of blockchain is Blockchain. Block literally means block, block, and chain means chain, chain. Therefore, together they are translated into blockchain.
1. Use cryptography technology to encrypt and decrypt so that records cannot be tampered with. Common blockchain encryption methods include hash algorithm, RSA algorithm, elliptic curve algorithm, etc.;
2. Huge amount of calculation is requiredIt is supported by a reasonable reward mechanism. Because every transaction must be recorded, Bitcoin’s blockchain has more than 60 gigabytes so far. Every new transaction requires confirmation of the information related to the trading account to ensure that the transaction is valid. The huge amount of calculation requires a computer with powerful computing power to complete.
In order to encourage the participation of powerful computing power, Bitcoin provides two rewards: one is to issue a certain number of Bitcoins to these computers every day; instead, all transfer fees are awarded to these computers. (The technical term for these computers is "mining machines", and the people who hold the mining machines are called "miners".)
Biying China is working hard on the digitization of assets and has launched the digital currency crowdfunding platform Biying China.

Question 9: What is the so-called "blockchain"? Blockchain itself is a tool called decentralization and trustlessness. For example, when you graduate from university, the current practice is to have a certificate recognized and issued by an authoritative agency as your certificate. This setting is more troublesome, because this is a piece of paper, and paper can be forged, so there will be various gaps. The issuing authority is also a person, and there will be various gaps in the middle. As long as it is related to people, whoever There are various possibilities related to media. The blockchain provides a great opportunity. As soon as you graduate, you will have a record on the blockchain. No one can change this record. This thing exists objectively. You, as a physical existence , and then as a data existence, the blockchain was born. In this case, anyone who wants to check where you graduated can easily solve the problem. This is similar to the big data often involved in social networking (WeChat) and payment platforms (Alipay, Yibao).

Question 10: What does blockchain mean? Regarding blockchain, I think you have already seen the concept on the Internet. Let me explain it based on my understanding!
First, let’s talk about its characteristics: 1. Openness and transparency 2. Decentralization 3. Anonymity 4. Information cannot be tampered with, eliminated 5. No trust cost
Blockchain is like a public ledger , everyone has the right to record and read it, and everyone will jointly supervise to ensure its accuracy, and the recorded content will be saved permanently and can only be added but not deleted! However, as the number of blocks continues to increase, costs will increase and efficiency will decrease. (I’m not sure whether technology can be used to make up for this. I hope someone who understands technology can point it out.)
Blockchain is divided into public chain, private chain, and alliance chain. Public chain: accessible to everyone, everyone has read and write permissions, completely open, transparent and decentralized. Private chain: Open to individuals or institutions, in which the owner of the private chain can set various permissions to make it partially centralized. Alliance chain: Open to specific organizations or groups, it is also "partially decentralized". According to the account book at the beginning, members can view and transact, but cannot record and confirm the account.Single, or requires permission from the alliance. (The latter two do not have cost and efficiency issues)
Regarding blockchain, countries have begun to recruit talents in this area. For this, you can search online for "Central Bank Recruiting Digital Currency R&D Personnel". In addition, you can increase your understanding of blockchain by understanding its existing applications. What we usually refer to generally refers to public chains. Currently, those used abroad include Bitcoin, Ethereum and other domestic blockchains. Chain
1. Open and transparent: Every piece of data is verified by everyone and can be viewed by everyone at any time.
2. Decentralization: For example, when we shop on Taobao, we conduct transactions through the intermediary Taobao, and blockchain allows both supply and demand parties to directly contact each other for direct transactions through blockchain technology.
3. Anonymity: No personal privacy information is required to complete transactions on the blockchain, only your unique alphanumeric signature is required.
4. Information cannot be tampered with or deleted: Once the data has been verified and recorded, no one has the authority to modify it, let alone delete it!
5. No trust cost: The trust crisis in reality will not appear in the blockchain. Transactions in the blockchain do not require you to trust the other party. Only when both of you have enough "digital assets" to trade can it be carried out, and Under the supervision of the entire network, transactions will not be broken. If you have no idea about the cost of trust, just think about how many intermediaries there are in your city, or just think about Jack Ma, and you will know how big the cost of trust is.
I am still learning more about blockchain. I am Li Ailin. If you have any questions, you can discuss and learn together!

❷ What are the advantages of blockchain?

Decentralized, non-tamperable, convenient and efficient.
Blockchain is a distributed ledger technology that has the following advantages:
1. Decentralization: Blockchain is a distributed system that does not rely on any central organization or individual. This makes the blockchain more secure and stable, making it less likely to be destroyed or attacked.
2. Untamperable: Blockchain uses cryptography technology to ensure the security and reliability of data. Once the data is written to the blockchain, it cannot be tampered with. This makes blockchain very suitable for recording important transaction records or other data.
3. High efficiency: The distributed architecture of the blockchain enables it to quickly process a large number of transactions without relying on any centralized agency coordination. This makes blockchain very suitable for large-scale financial transactions or other data processing tasks.
4. Privacy protection: Blockchain can use anonymous accounts or other technologies to protect users' privacy, so that users do not need to worry about the leakage of their personal information when using the blockchain.
In general, blockchain has the advantages of decentralization, non-tampering, high efficiency, and privacy protection, so it has been widely used in finance, logistics, medical and other fields.

❸ Why does second-hand housing transaction need blockchain?

With the mutualWith the rapid development of Internet technology, second-hand house direct sales platforms have developed rapidly in recent years. Similar to "Lianjia Second-hand House Direct Sales Network" and "I Love My Home Without Intermediary Business", other representative second-hand house self-sale platforms aim to allow house buyers and house sellers to trade more directly, especially in the case of disputes arising from real estate intermediaries and transactions. have been solved to a certain extent. And will the emergence of these direct sales platforms de-intermediate second-hand housing transactions in the future?

Regarding this issue, we need to note that in the context of possible de-intermediation of second-hand housing transactions in the future, in addition to direct sales platforms, more reasons come from the development of blockchain technology. As blockchain technology becomes more mature, a new real estate platform called "Blockchain Real Estate Transaction Registration Platform" has begun to emerge, and its biggest feature is that it completely records housing transaction information on the blockchain. Let buyers and sellers have more security for each other.

From this perspective, the scenario in which second-hand housing transactions may be completely de-intermediated in the future is rather confusing. Because "complete deintermediation" does not mean "cancel the existence of brokers" or "cancel intermediary services", but means that house buyers and house sellers complete the house buying and selling process more directly through transactions on the blockchain platform. , and have more effective protection in terms of information.

But in any case, from the perspective of consumers, the impact of such deintermediation on consumers in the future will be extremely profound. On the one hand, based on blockchain registration, consumers can obtain a more convenient, secure and transparent housing transaction experience. For example, in house purchase and sale transactions, such a system will realize mutual supervision and use blockchain to eliminate unnecessary intervention by intermediaries. On the other hand, it will make consumers' housing transactions safer, and records of fraud that cannot be related to disintermediation will be completely recorded on the Bingzhi blockchain to protect consumers' legitimate rights and interests from infringement.

Taken together, the emergence of second-hand house direct sales platforms and the gradual maturity of blockchain technology will have a profound impact on second-hand house transactions in the future. Second-hand housing transactions may be de-intermediated in the future. In this context, consumers can obtain a more transparent, convenient and secure housing transaction experience, which will expand the development space of China's real estate market and help China's real estate industry become healthier and more stable. Development

❹ What fields are blockchain suitable for?

The first is the information security industry.
The second one is the bill business field
The third one is the payment and settlement business.
Fourth, identity/account authentication business.
Fifth, each node participating in the maintenance of the equity proof blockchain can obtain a complete data record. Using the characteristics of reliable and collective maintenance of the blockchain, the rights of the owners of equity can be confirmed.
Blockchain technology is really powerful. With the advancement of the times, this technology may change the development direction and trend of the financial industry, and because the blockchain technology itself has large capacity, high-speed computing, security, and convenience waitFeatures have laid a strong foundation for the advancement and popularization of technology.

❺ Does blockchain have compliance risks?

Blockchain technology itself does not violate any laws and regulations, so there are no compliance risks. However, in the actual application process, enterprises or individuals using blockchain technology need to comply with relevant legal and regulatory requirements.
For example, in China, the use of blockchain technology to conduct financial transactions or raise funds needs to comply with relevant laws and regulatory policies. In addition, if users' sensitive personal information is retained on the blockchain, it must also comply with relevant laws and regulations such as data protection.
Therefore, enterprises and individuals who adopt blockchain technology in field applications not only need to understand and comply with existing legal operations and regulations, but also need to pay close attention to the development trends of technology and regulations and make timely decisions. Adjustments and changes accordingly. Only by operating and conducting business in compliance with regulations can enterprises develop better and gain lasting competitive advantages.

❻ In the new retail era, how to use blockchain technology to create better customer marketing relationships

Author | Campbell R . Harvey

Source | Shiji Business Review (ID: efuture555)

In the marketing and advertising industry, blockchain technology has more important application significance, but, "CMO" However, the survey data shows that only 8% of companies believe that blockchain technology plays a moderate or important role in marketing.

Although the blockchain concept has received a lot of hype, the obvious result is that blockchain technology is not well understood. Such "conceptual hype + lack of in-depth understanding" has caused certain obstacles to the in-depth application of blockchain technology, causing marketers to adopt a "hesitant and wait-and-see" attitude towards this technology.

Blockchain technology has the characteristics of transparency, stability and security, which makes this technology widely used in supply chain management (SCM, SupplierChainManagement), smart contracts (Smart Contracts), and financial reporting (Financial Reporting). It has reliable and trustworthy advantages in information management such as IoT (Internet of Things), private medical treatment, and even power grids. At the same time, the data transfer model of blockchain technology greatly reduces transaction costs, achieves verification and effective exchange of ownership, and opens the door to real-time micropayments. This information exchange model reduces payment friction, some intermediaries and middle links that make a living disappear, and it becomes possible for consumers to own and control personal information. All of the above allow us to see the disruptive potential of blockchain technology in information management, transactions, marketing and other fields.

Today, financial transactions have considerable transaction costs. RetailerYou need to pay a 3% payment processing fee to the credit card company (Translator's Note: 3% is the American processing fee standard), and the payment processing fee at gas stations is even higher. Sellers who open stores on eBay and Shopify need to bear payment and transaction fees, transaction fees for paying with PayPal, etc. All of these fees add to the cost of goods and are often passed on to consumers. Therefore, with the widespread use of credit cards and debit cards, many merchants have set consumption limits to avoid loss of profits caused by excessive fees.

Blockchain technology will significantly reduce financial transaction costs, even approaching "zero transaction costs." Even small transactions will enjoy this profit. In the financial field, financial giants such as Mastercard and Visa are already using blockchain technology to handle local currency remittance business. The entire process is safe and transparent, which brings more choices and benefits to merchants. Cost comparison opportunities instead of relying solely on credit card transactions.

In the field of marketing and advertising, blockchain technology also has a profound impact. Currently, marketers are already using shared information purchased from third-party social media (such as Facebook) to obtain customer marketing data. This move undoubtedly illustrates the marketing value of data and also points to the trend and potential of digital marketing.

However, using blockchain technology, merchants can use micropayments to incentivize consumers to share personal information without the need for intermediary merchants. For example:

A grocery chain can pay consumers $1 for installing their APP;

If consumers agree to enable location tracking, they can get another $1 Rewards;

If consumers open the APP "1 time per day" and spend at least 1 minute on it, retailers can pay them a few cents or store points to reward customers for their loyalty. Spend.

During this period, merchants will push promotions and special offers to consumers.

In fact, consumer customization opens up some legitimate marketing mechanisms, such as providing personalized marketing or prices. This is one of the main values ​​of consumers voluntarily providing various data. This method of marketing estimation derived from real consumer data will not only reduce the risk of fraud caused by anonymous promotions, but also reduce the various risks of promoting APPs due to incomplete and inaccurate consumer information. Application troubles.

The same method as the above method of promoting the use of APP can also be used for "smart contract" (a virtual agreement that does not require a middleman to confirm, audit and verify identity due to the support of blockchain technology) marketing middle. Based on the support of blockchain technology, consumers will activate this when subscribing to emails and collecting registration reward plans.A "smart contract" is created, and then, every time the consumer interacts with an email or advertisement, a small incentive will be automatically deposited into the consumer's wallet. This brings us to our next topic.

A similar model can be used in the website promotion advertising business, that is, motivating consumers through compensation to drive page views for each advertising page.

In 2016, a study released by HubSpot showed that most Internet users do not like pop-up advertising windows and mobile window ads, believing that online advertising seriously interferes with vision and has certain intrusive and damaging negative effects. For this reason, more and more users are installing ad blocking tools. This widespread trend of distaste has had significant punitive consequences for the advertising industry. It is estimated that ad blocking will cost publishers a whopping $35 billion in lost revenue by 2020.

With the support of blockchain technology, marketers can rethink their advertising, marketing promotion and revenue models, that is, consumers who pay attention to marketing and advertising can directly pay them "small incentives" "Of course, this method will also get rid of the middle layer of advertising distribution, Google or Facebook.

It is believed that the “duopoly” of Google or Facebook in the Internet and digital advertising will soon be threatened by the application of blockchain technology. Although keyword-based search will not completely disappear, its advantages will no longer exist. Ultimately, individuals will take control of their own private online profiles and manage their own social networks.

With the help of blockchain technology, companies can bypass some of the current social media “giants” by interacting directly with consumers and share the rewards of browsing ads with consumers. In 2016, Google reportedly generated an average of $73 in revenue per active user through advertising. Of course, $73 is just the average return for more than 1 billion active users, and we can reasonably estimate that the revenue Google brings to some highly valued people will be far more than $1,000. Just imagine, when companies use blockchain technology to implement "voluntary browsing advertising" and deliver effective product consumption value to consumers, how great the marketing effect will be?

With the help of blockchain technology, advertising delivery and the degree of consumer participation can also be confirmed to avoid excessive advertising and the abuse of email advertising. Because excessive advertisements and flooding of email advertisements will not only make consumers bored and lose motivation to purchase, but will also aggravate consumers and create resentment, thereby blocking advertisements. For example, consumers who have already purchased the product will not be willing to receive it anymore. Any advertising placed by the Company.

Blockchain technology can also be used to verify the source of marketing information, and micropayments will effectively destroy large-scale phishingSpam, weaken the interference of ineffective marketing on people, and purify the Email environment.

Approximately 135 billion spam emails are sent to users every day, accounting for 48% of all emails sent. With only one reply for every 12.5 million emails sent that are considered "junk," the waste and disruption are staggering.

Using blockchain technology, as long as the recipient is paid a small marketing fee, spam can be filtered or blocked through these small marketing costs. With the help of these marketing costs, companies can help identify the target emails. Marketing or trading to consumer groups with independent wishes.

A similar situation is that on the Internet, every time a user clicks on a link, a small micropayment transaction may be generated. In most cases, users only need to pay a small fee, for example, it only costs one cent to read a news article. This kind of micropayment will be a powerful weapon in defeating "denial of service attacks". (Translator's Note: Denial of service attacks, referred to as Dos attack. Dos attack is a type of network attack. This attack has always been a problem that cannot be reasonably solved. For example, an attacker recruits a robot to attack a website, Sending millions of requests causes the website to crash due to full cache, slow response or even outage).

Blockchain technology can also prevent robots from setting up false media accounts, sending a large amount of false information to users, and stealing the online advertising revenue of big brands. Online authenticity is indeed baked into blockchain technology.

Keybase.io is a company dedicated to solving the problem of social media fraud, using blockchain technology to allow individuals to prove that they are the legitimate owners of various social media accounts. This makes marketing impact easier to track and marketing spend easier to demonstrate, both of which represent major breakthroughs for the marketing industry.

As of 2016, fraudulent or deceptive display advertising resulted in a loss of $7.6 billion, and this loss accounted for 56% of total display advertising revenue. In the next few years, this number is expected to increase. will rise to $10.9 billion.

Using blockchain technology to track advertising display activities, marketing organizations can monitor the execution of the entire automated advertising campaign to ensure that marketing support is used to promote return on investment (ROI), and can directly quantify and analyze marketing The input and output of activities generated by each user and each email.

By associating small marketing behaviors with micropayments, blockchain technology solves these attribution problems that have plagued marketers in industry operations and management for decades.

In addition, ordinary people who create popular new media content, such as some highly sought-after viral videos or social posts, can receive"Rewards" will all be attributed to "blockchain technology". But the current situation is that unless their work is published on a subscription-based online platform or channel, they are not paid a penny.

In all these blockchain application scenarios, content creators have the right to create and manage their own successful works.

Coupit is both a cryptocurrency (Coupit Coin) platform and an open market where businesses and individuals can sell their products and services. The difference is that Coupit is an e-commerce platform powered by blockchain technology, and Coupit is preparing to maximize the use of blockchain technology to improve the impact of its marketing content.

Based on the support of blockchain technology, the company's marketers can intervene in the development process of consumer loyalty programs and group buying alliance programs. Consumers can exchange their own rewards and offers with each other, and marketers can easily differentiate between dormant and loyal customers. This visible, transparent, and easy-to-operate means helps marketers create personalized marketing prices and promotions for customers, thereby expanding their marketing effectiveness.

Even if aggregator analysis or intermediary analysis is necessary, micropayments will allow businesses to bypass ad blocking tools, and individuals will have control over the amount of personal information they share and will directly receive ad views. With the rewards coming, many privacy issues will also be completely solved due to legal protection.

Take the Brave browser as an example. This new web browser developed by Brendan Eich, co-founder of the Mozailla project and creator of the JavaScript language, in addition to providing a new level of privacy and security protection, Brave enables a blockchain system designed to transform the relationship between users, advertisers and content creators. Its “Basic Attention Tokens” (BATs) are tokens for a blockchain-based advertising platform. The project aims to eliminate third-party advertising transactions, protect user privacy, reduce advertising fraud, and share content with users. Revenue to reward users' attention to improve online advertising. _ Translator's Note) will allow publishers and advertisers to monetize value-added services to gain part of the growth associated with the advertising business, 73% of which is driven by Facebook and Google dominates.

As blockchain becomes mainstream, all intermediaries will need to adapt their business models. The decision-making chain changes structurally:

Individual consumers will have greater control over how they share their private information;

Consumers will decide how to spend time with advertisers Interaction;

Spam andPhishing scams are blocked, and from a cost perspective, the more spam they send, the less sustainable their business becomes.

From an enterprise perspective, this may mean a higher level of control over the traffic quality of all marketing promotions, as well as a better understanding of consumer behavior based on data management.

On the other hand, ads cannot be served without a transactional fee being paid to each affected individual. Consumers will also be motivated to post real and accurate social information online, such as describing content of interest, etc., and they will also pay for it. Instead of paying marketing fees to social media middlemen, marketers will pay directly to the end consumer. When the target consumers are high-value customers, the incentive mechanism will also increase, and the marketing will directly hit the bull's-eye.

Blockchain technology has great potential in reshaping social trust, making social trust more powerful, increasing visibility, connecting multiple resources, and rewarding individuals for their contribution to transactions. Marketing activities and the advertising industry have will be fundamentally affected by these changes. Not only for the company's top marketing leaders (CMO, chief marketing officer), but also for decision-makers such as corporate strategic planning, finance, and technology decisions, pushing them to design and implement blockchain as a priority business matter. From an operational perspective, companies may establish new high-level trust models with consumers and ultimately connect consumers with products through credible marketing campaigns.

Marketing managers and technology managers are likely to use blockchain technology to reshape corporate customer relationships. Early introduction of this far-reaching technology will help companies seize market opportunities and benefit from this technology. Benefit in advance from technologies that will be widely used in the future.

About the original author:

Campbell R. Harvey is currently Professor of Finance and J. Paul Sticht Professor of International Business at the Fuqua School of Business, Duke University. He served as the 2016 U.S. President of the American Finance Association. Professor Harvey is an investment strategy advisor to Man Group, PLC, and a partner and senior advisor to Research Affiliates, LLC. For the past 5 years, he has taught blockchain courses at Duke University: Innovation and Crypto ventures.

Christine Moorman is T. Austin Finch, senior professor of business administration at Duke University’s Fuqua School of Business and author of the Journal of Marketing 》 (Journal of Marketing) editor-in-chief.

Marc Toledo, a senior associate focusing on blockchain and digital transformation at PwC, graduated from Duke University with an MBA and worked at the World Bank and Apple During this period, he led large-scale projects related to cybersecurity, machine learning, and artificial intelligence.