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① What disruptions does blockchain bring and why can it become a national strategy?
The disruptive characteristics of blockchain lie in the following four aspects: 1. Transparency. The data records of the blockchain system are transparent to the entire network nodes, and the update operations of the data records are also transparent to the entire network nodes. This is the basis for the trust of the blockchain system. Since the blockchain system uses open source programs, open rules and high participation, blockchain data records and operating rules can be reviewed and traced by nodes throughout the network, with high transparency.
2. Openness. The blockchain system is open. Except for the private information of the parties directly related to the data, which is always encrypted, the blockchain data is open to everyone (except for blockchain systems with special permission requirements). Anyone or participating nodes can query blockchain data records or develop related applications through the public interface, so the entire system information is highly transparent.
3. Information cannot be tampered with. Once the information of the blockchain system is verified and added to the blockchain, it will be permanently stored and cannot be changed (except for systems such as private blockchains with special change requirements). Unless more than 51% of the nodes in the system can be controlled at the same time, modifications to the database on a single node are invalid, so the data stability and reliability of the blockchain are extremely high
4. Decentralization. Decentralization is the most basic feature of blockchain, which means that blockchain no longer relies on central processing nodes and realizes distributed recording, storage and updating of data. In a traditional centralized network, attacking a central node can destroy the entire system. However, in a decentralized blockchain network, attacking a single node cannot control or destroy the entire network or more than 5% of the nodes in the network. It's just the beginning of gaining control. 2019 is the first year of commercial application of blockchain technology, and favorable policy incentives will make the development of blockchain technology more stable.
As the application of blockchain technology gradually penetrates into many fields such as digital finance and the Internet, everyone has a clearer understanding of the value of blockchain.
Blockchain has formed a global competition situation. All countries are seizing development opportunities, and China cannot lag behind; therefore, it is understandable that blockchain has become a national strategy.
② Is the blockchain wallet safe?
It can be said that it is very unsafe. The technology related to the blockchain wallet has lost its original technical meaning in China. Now it has become a means of making money. So you must be very vigilant about this aspect. Anyway, I personally don’t believe it.
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Introduction: Blockchain is a term in the field of information technology. In essence, it is a shared database, and the data or information stored in it has the characteristics of "unforgeable", "full traces left", "traceable", "open and transparent" and "collectively maintained". Based on these characteristics, blockchain technology has laid a solid foundation of "trust", created a reliable "cooperation" mechanism, and has broad application prospects.
④ The future development prospects of blockchain
1. Blockchain has become the forefront of global technological development and opened up a new track for international competition. Blockchain will become a new key infrastructure to further accelerate the development of the digital economy, lead a new round of global technological change and industrial change, and become the "source" of technological innovation and model innovation. The world's major developed countries will further pay attention to blockchain technology, intensively introduce relevant policy plans, increase industrial support and guidance, and enhance the competitiveness of their country's blockchain technology and industry.
2. The digital currency bubble gradually cools down. With the spread and popularization of the concept of blockchain technology, more and more people will realize that Bitcoin is not the same as blockchain, and various air coins will be gradually eliminated. Blockchain technology innovation will return to a more rational track. Technical features such as decentralization, multi-party collaboration, and anti-calculation tampering will be highly valued by relevant industries. Some industries with strong innovation capabilities will continue to emerge with blockchain applications that have been transformed based on industry characteristics.
⑤ Does blockchain have development prospects in the future?
A series of large companies such as Tencent and Alibaba are all trying to share and seize the blockchain cake. Do you think it has development prospects? Of course there is! Below are the top ten predictions of the China Academy of Information and Communications Technology on the global blockchain. I hope it will be helpful to you! !
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From the current market media information, we can see that blockchain information has occupied the major media landscape. It is not an exaggeration to say that it is in the center of the storm. The appropriate metaphor is that it is in the center of the storm.
Why does the blockchain become so popular all of a sudden? Let’s talk about the currency circle. For example, a mainstream currency actually appeared a few years ago, but because the single value direction is not recognized by people, it is not It is worth entering the public eye. After several years of skyrocketing, it seems that some potential human nature has suddenly been activated. It is similar to buying a house. Everyone cannot understand it. It is tempting, explodes, and then activates greedy human nature. Then the information exploded all at once. Seeking knowledge is what everyone wants to know about how coins are produced and how coins are created. So this is how the term blockchain was discovered.
Back to the topic, there is a difference between the currency circle and the blockchain. The currency is just an extension of the blockchain, and the blockchain is the underlying development structure of the currency. Blockchain uses code architecture to build a data distribution architecture similar to a spider web. The information in each link is a storage node, which is different from the previous centralized information storage centers. If you want to modify one of the links, other storage information nodes do not allow it, and you cannot modify the underlying information. This kind of storage center Optimized information distribution is theoretically safer and has better information flow. Just like a house, the framework determines the layout of the house and the comfort of lighting. The principle of building the code architecture is also critical. The specific architecture of the blockchain There is currently not much reference information to what extent the utilization value can be achieved, but large companies have begun to make plans. Judging from the current popularity of the currency circle, the financial attribute field of blockchain is more attractive than other fields. .
The development prospects of the future blockchain are certain. If you want to understand the prospects of the blockchain field, you still need to have a deeper understanding of what the big guys in the current blockchain field are doing. For example, a certain investment giant What are V people doing using blockchain? The direction they are taking has set the benchmark for the development of this field to a certain extent.
I still advise that there are risks in certain coins, so do it and cherish it.
The prospects are great
Blockchain is called the next generation of disruptive core technology, and some scholars believe it will redefine the world. Our government also supports blockchain technology. All its codes are transparent and each personal information is stored on a separate chain. Compared with the current leakage of personal information, the emergence of blockchain will effectively solve this problem. Question, secondly, there are many other applications of blockchain, private messages that need to be understood!
The current public misunderstanding about blockchain is mainly due to the state’s jurisdiction over digital currencies. The emergence of digital currencies has greatly threatened legal tender. The state has no control over this uncontrollable currency. Supported! However, if digital currency can be effectively popularized in the future, this decentralized currency will be even better than legal currency in terms of security and cost.
Based on the above personal opinions, if you are interested in blockchain and digital currency, please feel free to discuss in private!
Judging from the current situation, it is relatively simple for major Internet companies to test blockchain application functions and is still in its infancy. The real potential application space of blockchain (finance, government affairs, medical care, etc.) is still huge, and it will take time to slowly explore it. In the short term, it does not yet have the conditions for large-scale implementation. However, recently, major Internet companies have frequently deployed blockchain technology, which has played a positive role in cultivating and promoting blockchain in my country's market. Especially in the A-share market, it has attracted strong attention from investors. China Merchants Securities believes that through the conduct of major Internet companies, the audience of blockchain will gradually expand from niche players to the general public.
The current trend is good.
1. Distributed ledgers improve social efficiency.
2. Certain industries can reduce the need for intermediaries.
3. The development of storage and computing performance may bring more industry opportunities.
Bitcoin can solve these problems, and Bitcoin is BSV.
To be honest, the prospects are very good! If you want to talk about digital currencies like Bitcoin, I think the prospects are not great now. Firstly, it is because mining is very difficult now, and it is basically difficult for individual users to mine it, but because the volatility is too high and the water level is too high. Deep down, investment is basically about losing more and making less. The money that can be made is miners and exchanges.
But blockchain is different. Blockchain is a technical and knowledge-based thing. It can be used in many aspects, such as shopping transactions, transportation and logistics, finance, insurance and many other aspects. It can be applied. Not many banks are now cooperating with Internet companies to develop blockchain.
Therefore, blockchain should have good application prospects in the future, mainly because the technology itself has many advantages and has a wide range of applications.
Blockchain definitely has development scenarios! Blockchain technology can be applied in many fields, including finance, insurance, and shopping transactions. And due to the advantages of the blockchain itself, decentralization, asymmetric encryption, etc. are a good way to solve the current trust problems in people's production and life. The future prospects of digital currency may not be great, but I think blockchain has huge room for development.
Qianzhan believes that China’s blockchain market will maintain rapid growth, with a compound annual growth rate of 73% in market size from 2021 to 2026. The market size in 2026 will reach US$16.368 billion, and in the next 20 years , China’s blockchain industry market size is expected to reach the trillion level.
China’s blockchain industry market is developing rapidly
From 2017 to 2020, large IT Internet companies have deployed blockchain, start-ups have entered a blowout mode, and the industry scale has continued to expand. According to IDC According to the data, China's blockchain industry has experienced changes from a market size of US$85 million in 2017 to an industry scale of US$561 million in 2020.
In terms of the number of enterprises, in 2020H1, my country provided blockchain professional technical support, products, solutions and other services, and the number of new blockchain enterprises with input or output reached 303, a year-on-year increase of 274.07 %.
China’s blockchain patents account for a large proportion of the world, and the industrial aggregation effect is beginning to show.
From the perspective of the global competition landscape, my country’s competitive advantages in the blockchain industry are relatively obvious. Judging from the number of patents, according to the global authoritative third-party intellectual property agency IPRdaily,The incoPat Innovation Index Research Center released data from the "Global Enterprise Blockchain Invention Patent Ranking in the First Half of 2020". The TOP 100 companies mainly come from 14 countries and regions, with China accounting for 46%, followed by the United States accounting for 25%.
As an important carrier for the development of blockchain industrial clusters, local governments are accelerating the construction of blockchain industrial parks. Judging from the location distribution of industrial parks, there are a large number of blockchain industrial parks in cities such as Beijing, Shanghai, Hangzhou, Guangzhou, Chongqing, Qingdao, and Changsha, forming a Bohai Rim agglomeration effect dominated by Beijing and Shandong, with Zhejiang and Shanghai , the agglomeration effect of the Yangtze River Delta dominated by Jiangsu, the agglomeration effect of the Pearl River Delta dominated by Guangdong, and the agglomeration effect of Hunan, Guizhou, and Chongqing dominated by Chongqing and Hunan. In the future, China's blockchain industry is expected to accelerate development relying on the aggregation effect.
Blockchain is the most widely used in the financial field
my country’s blockchain industry applications are mainly distributed in finance, supply chain, traceability and hardware, accounting for nearly 65%. According to the "Blockchain Blue Book: China Blockchain Development Report (2019)", there are nearly 28,000 blockchain companies in the country. Among them, about 1,000 blockchain companies have been put into production, accounting for only 3.6%. They are mainly concentrated in developed eastern regions such as Beijing, Shanghai, Guangdong, and Zhejiang.
The market capacity of the blockchain industry is expected to reach trillions in the future
Blockchain technology is a key direction for China’s new generation of independent innovation breakthroughs in information technology, and contains huge space for innovation. In the fields of chips, big data, cloud computing and other fields, innovation activities are becoming increasingly active, and innovation elements are constantly accumulating. The application of blockchain technology in various industries continues to deepen, which will give rise to a large number of new technologies, new products, new applications, and new models.
China focuses on accelerating the transformation of its economic development model, pays more attention to the improvement of economic quality and people's living standards, and uses new generation information technology, including blockchain technology, to transform and upgrade traditional industries and enhance the competitiveness of traditional industries. Develop quality and efficiency, and improve the level of smart social management, public services and home life.
The huge market demand in the future will bring rare development opportunities and broad development space to blockchain technology. Researchers compiled and analyzed that China’s blockchain market will maintain rapid growth, with a compound annual growth rate of 73% in market size from 2021 to 2026. The market size in 2026 will reach US$16.368 billion, and in the next 20 years, China’s blockchain market will The industry market size is expected to reach the trillion level.
—— For more data, please refer to the "China Blockchain Industry Market Prospects and Investment Strategic Planning Analysis Report" by the Qianzhan Industry Research Institute
At present, the country also strongly supports the development of blockchain Technology is expected to be applied in various fields, so now some large companies, such as Tencent, Alibaba, NetEase, and the Internet are involved. It is still in the development stage, and we can look forward to the future
The blockchain economy cannot simply be understood as various virtual currencies. The essence of the blockchain is to solve the problem of authenticity, confidentiality and non-tampering of information. (Everyone participating is a recorder of information, and everyone is just the entire (Part of the information chain) It effectively solves the problems of privacy and integrity, so its application scenarios and prospects are broad and promising. (But it should not become a paradise for scammers)
⑥ What is the development trend of blockchain and the future development trend of blockchain
The development prospects of the blockchain industry driven by the dual-layer policy and market are broad
Driven by both policy and market, China’s blockchain-related industries are expected to move from reality to reality
In the context of the rapid development of blockchain, China has complied with the needs of globalization, kept pace with international trends, and actively promoted domestic Research, standardization and industrialization development in related fields of blockchain. Compared with the background of increasingly strict supervision of digital currencies such as Bitcoin, support and encouragement for blockchain technology has reached a global consensus, and domestic blockchain technology will also receive national and local policies in the next few years. support. Driven by the dual layers of policy and market, blockchain-related industries are expected to move from reality to reality, and blockchain technology will accelerate the exploration of possible application scenarios.
Forecast of global blockchain market size
According to the "In-depth Analysis Report on Business Model Innovation and Investment Opportunities in the Blockchain Industry" released by the Qianzhan Industry Research Institute, the global blockchain market size is expected to increase from 2017 to 2017. It will increase from US$411.5 million in 2022 to US$7.6837 billion in 2022, equivalent to a compound annual growth rate of 79.6%. Given the wide range of applications for distributed ledgers and the rising market value of cryptocurrencies, there is a strong need to improve transparency, security, efficiency and streamline processes, as well as blockchain as a service (
BaaS). As a hot topic of development, the blockchain market will expand rapidly. In addition, communication services, international trade, supply chain management, program platforms, payments, smart contracts, digital identity verification, etc. also urgently need blockchain technology and will create a large number of growth opportunities.
Blockchain, as an integrated application of distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm and other technologies, has become a hot topic of research and discussion by international organizations such as the United Nations and the International Monetary Fund as well as many national governments in recent years. The industry has also increased investment. At present, the application of blockchain has extended to many fields such as the Internet of Things, intelligent manufacturing, supply chain management, and digital asset transactions, and will bring new opportunities to the development of new generation information technologies such as cloud computing, big data, and mobile Internet. , has the ability to trigger a new round of technological innovation and industrial change.
By 2022, the payment sector may occupy the largest share of the blockchain market
Relying on blockchain technology, instant payment of assets can be realized, which not only has the characteristics of non-tampering and digital identity verification, but also can provide Financial institutions and banks significantly save settlement costs. In addition, blockchain makes it possible to automate payments, eliminating the need for middlemen and saving labor costs., Save time for both buyers and sellers. Thanks to the many advantages mentioned above, it is expected that the payment sector will be the most important segment in the entire blockchain market.
The fastest growing region will be Asia-Pacific
Blockchain service providers in the Asia-Pacific region are good at designing and developing user-friendly, cost-saving, and fast cryptocurrency platforms, extending blockchain to multiple Industry application tentacles. Both large enterprises and small and medium-sized enterprises are actively seeking venture financing and investing in the research and development of cutting-edge blockchain technology. In addition, the real estate industry in some countries in the Asia-Pacific region is expected to rapidly transform from semi-transparent to fully transparent, which will also help enhance the development prospects of blockchain in the Asia-Pacific region.
⑦ Are 10 cases where blockchain has changed existing business?
This article introduces the current 10 main usage scenarios of blockchain:
(1) Tracking global supply Products in the chain;
is a typical usage scenario of blockchain technology in security traceability. It can promote information tracking, query, verification and anti-counterfeiting of commodity circulation, and can significantly improve the efficiency of some links. However, the role of the blockchain can only be reflected in the chain, but it cannot cover the parts operated by people below the chain.
(2) Guarantee 3D printing quality and tracking;
(3) Create personalized and lifelong “one-stop” medical records;
Blockchain healthcare can track anyone’s complete medical history, such as medications , illnesses, injuries, and transactions across health systems, physicians, pharmacies, and health plans, and empowering patients to control their own data. Blockchain can also transfer insurance payments: smart contracts can automatically trigger insurance provisions when a clinic confirms a patient has received treatment, and prevent fraudulent or inaccurate claims. Some startups, such as the UK's Medicalchain, blockchain company Gem, MIT and other companies and universities are experimenting with this use.
(4) Simplify trade logistics;
Traditional trade involves complex import and export procedures, and all participants in the entire chain require a large number of paper documents to interact, resulting in high communication costs. Blockchain can optimize this system. Maersk and IBM have created a platform that integrates services such as liner, warehouse, freight forwarding, ports, customs, exporters, importers and trade finance banks into the trade ecosystem, on a data exchange platform running on the blockchain interoperate.
(5) Facilitate and secure customs trade;
Blockchain has been tested in many customs departments, including the United Kingdom, South Korea, Singapore, Costa Rica, Mexico, Peru and the 15-nation East African Group. In 2017, U.S. Customs developed 14 use cases for blockchain, which are currently being tested and evaluated. Blockchain will be particularly useful for the UK: when the UK leaves the EU customs union, its number of customs declarations will increase from 55 million to over 250 million (non-EU trade plus EU trade, which previously did not require customs documents), which is currently the case with UK software The program cannot fully handle it. Blockchain can help: it can trace the origins of products and help determine the origin and appropriate tariffs for goods destined, for example, to join the European Unionpackage of tariffs. For the UK’s 28 border agencies, imported products such as food, safety and intellectual property compliance need to be analyzed, and blockchain projects can be shared securely and transparently in real time.
(6) Prevent voting fraud and protect voter identities;
Blockchain security and identity protection features can reduce fraud and encourage voters to believe their votes are anonymous,
increase turnout and make elections more immediate . Using the technology, voters can scan their thumbs with their smartphones and cast their ballots during their Election Day commute. If everyone votes via the blockchain, no one can vote twice. Voting records are inviolable, and the ID of each ballot is recorded instantly at every polling location.
(7) Launch crop insurance for farmers;
Crop insurance customized to specific farmer needs is often very expensive, and blockchain technology can reduce costs by determining trigger conditions and automating execution. For example, farmers can insure against extreme weather. If extreme weather affects a harvest, a blockchain-based insurance contract would immediately recognize this and pay the farmer’s claim.
Establishing a network of energy producers and users;
Decades ago, some companies introduced smart grids to provide intermediary services for energy producers and demanders. Now, blockchain can optimize smart grids and provide energy producers and consumers with a regional intermediary energy trading platform. TenneT and Brooklyn-based startup LO3 Energy are both trying this business.
(9) Create smart cities that can operate independently;
Blockchain can now amplify the impact of Douyou IoT on city operations. For example, Dubai has a pilot project to implement blockchain in city services. Dubai plans to use blockchain for more than 100 million annual government documents by 2020, including all visa applications, bill payments and license renewals.
(10) Automatic payment to the exporter when the goods arrive at the foreign buyer;
Blockchain changes the information asymmetry in existing international trade by allowing both parties to the transaction to access the same data and real-time digital files question. There is no need to store multiple copies of the same document across different databases for different entities. When goods arrive marked by sensors connected to the smart contract, a transfer of money from the buyer to the seller is automatically triggered.
2. Ten major problems currently faced by the blockchain industry and their analysis
2.1. Is the data on the blockchain really immutable?
Can one of the core features of blockchain, "anti-tampering", really be realized? And is "tamper-proof" really beneficial?
The report pointed out that the blockchain is not completely immutable and gave three weaknesses of the blockchain:
(2) It may be hacked, and 51% of the chain is controlled by people who want to tamper with the results.
(3) The "garbage of garbage" problem has existed for centuries. The value of a blockchain depends on the data on the chain, and data entered into the blockchain may be inaccurate or fraudulent. One solution is to use sensors instead of manually entering data.
The so-called "51% attack" is to take advantage of computing power to cancel payment transactions that have already occurred.If someone masters more than 50% of the computing power, he can find the random numbers needed to mine the block faster than others, so he actually has the absolute and effective right to decide which block. From a technical level, a 51% attack is achievable, but the cost is very high for the earliest cryptocurrencies such as BTC. They have built a huge network, which is why BTC’s network has remained stable for 10 years. reason. But with other counterfeit currencies, the risk is greater.
In addition, there is no direct benefit for the attacker to simply launch a 51% attack, and it must be linked to specific short selling and false recharge. Specifically, it is often a double spend on a certain transaction. The attacker stops attacking once. Continuous attacks are costly and will stop once successful; second, the community can issue an emergency pudding and add checkpoints to the blockchain. The community urgently agreed that the attacker’s blockchain was invalid. Therefore, there are many ways to deal with the 51% attack, and it will not be the end of the world for a blockchain.
2.2. Who owns and maintains the blockchain? And who asked about the appearance?
Responsible for problems and losses?
Since the blockchain is a decentralized user community, who will maintain it? Shouldn’t it require human adjustment and maintenance just like a website?
For permissioned chains, such as alliance chains and private chains, there is no need for incentives such as tokens to motivate people to manage, there is a manager who manages the entire network. Since there are fewer users in the network, coordination costs are relatively low. However, such networks are susceptible to security challenges, and as the number of network users increases, coordination costs will increase.
For consortium chains and private chains, since they are still very centralized organizations, the verification nodes are identified by the organization itself, so the management model is not very different from traditional centralized institutions. However, for public chains, there is no leader who coordinates the entire network system, and only relies on token incentives to coordinate different interest groups, which undoubtedly increases the instability of the entire ecosystem. At present, the development of the blockchain industry is in a very early stage. In addition to the relatively mature decentralized governance of BTC, in the governance of public chains such as ETH and EOS, the founder development team plays a very core role and is the "rules" of the public chain. "Maker", although the entire ecosystem has achieved partial decentralization, the founders still play a pivotal role in the direction of strategic development. Therefore, the author believes that the decentralization of blockchain can only be an ultimate goal that is constantly approaching. From the birth of the project to its maturity, its degree of decentralization should continue to increase, as shown in the figure below. In the early stages of project development, the founder and his development team play an absolute guiding role in the entire ecosystem. As the project ecosystem matures and the number of participants continues to increase, the original development team should gradually weaken its guiding role. The entire network maintenance needs to be decided jointly by all developers and users in the ecosystem. As for the final network problems, they can only be borne by all participants.
Figure: Schematic diagram of the relationship between the degree of centralization and development stages of blockchain projects
2.3. Are smart contracts really smart?
The second reason why smart contracts are not yet that smart is that their entries can be manipulated by evil actors, such as contracting parties or miners who add transaction records to the blockchain’s ledger of past transactions. One study showed that 3.4% of ETH smart contracts are vulnerable to hackers.
Smart contracts can indeed optimize many intermediate programs, but judging from current industry practice, they are far from being called smart. A qualified smart contract should include all possible scenarios. Because the core essence of smart contracts is "to make the most just ruling even in the darkest environment."
The difference between Ethereum and Bitcoin is that Ethereum is Turing complete, and more types of contracts with more complex terms can be implemented through this platform. Of course, the cost of this is that the complex contract content makes it becomes more difficult to analyze. Typically, complexity is directly proportional to the probability of a vulnerability; the higher the complexity, the greater the probability of a vulnerability.
Regarding the concept "code is law" proposed by Ethereum, however, the code has attracted hacker attacks due to its own vulnerabilities, so it is not enough to form the authority of "law". Therefore, it needs the trust and endorsement of the government, lawyers, courts and other intermediary institutions. Compared with coordination, the current contract seems too rough.
2.4. Is there identity theft on the blockchain?
3% of social media accounts are fake, so can fake accounts be created on the blockchain? Can identities on the blockchain be stolen?
Blockchain can create a personal database for users whose data cannot be tampered with, but how to meet the user's "tampering" needs? This may be a paradox in the development of blockchain technology. Regarding user needs, we may need to start from the perspective of on-chain standards and authority management.
2.5. Can blockchains be connected to each other?
One blockchain records the data of an entity or user in one way, while another blockchain records the same data of the same entity or user in another way. In a fragmented system, multiple account books are not connected to each other, which will form a world of "operational islands", or "data islands". Users need to register for multiple systems at the same time to conduct transactions with different people for different purposes.
In view of the value transfer needs of different chains, cross-chain technology is the key, which can effectively connect different alliance chains or private chains, and promote the outward expansion and connection of blockchains. The current mainstream cross-chain technologies include Notary schemes, Sidechains/relays, Hash-locking, Distributed private key control, etc.
2.6. How does the blockchain connect to off-chain databases?
If one party's data and documents are off-chain, and the other party's data and documents are on-chain, can the two parties interact? In the company's database, can half of the company's data on the blockchain interact with the other half of the data?
These challenges are commonIt is well known and is being addressed. For example, the same queries and analysis can be run in on-chain and off-chain databases. The risk is that data brought from on-chain to off-chain is no longer immutable, and researchers recognize that data security and aggregating, transforming and optimizing on-chain and off-chain data sets are significant challenges.
2.7. Can blockchain facilitate money laundering?
Money laundering is a huge global problem, amounting to 1-2 trillion US dollars, accounting for approximately 2% - 5% of the total global GDP. Banks and authorities are fighting back, spending about $8 billion a year to combat corruption. Banks around the world require KYC verification.
Due to the anonymous nature of the blockchain, especially the emergence of anonymous coins, BTC has been criticized by many people as a tool for money laundering. However, the anonymity of BTC is only anonymity on the chain. The interaction between people and the chain, and the interaction between BTC and legal currency will leave traces. It is not as "lawless" as many media have promoted. Each BTC transaction requires the transfer of a corresponding address, and the transaction records of the address can be queried. In addition, the exchange of BTC and legal currency is conducted off-chain and cannot escape supervision. If the actual identity of any party in the transaction is exposed, it will be difficult for all participants in the transaction to escape recourse.
2.8. Will the blockchain consume all the energy in the world?
BTC has an amazing energy demand. Operating Bitcoin for one year requires the energy consumption of Ireland for one year. Because BTC’s POW consensus mechanism requires miners to mine for transaction verification. There are concerns that as the network increases and the value of BTC rises, energy demand will grow rapidly. In fact, miners themselves have incentives to prevent this from happening, and the scalability of the blockchain is limited by availability, energy costs, and the miners' own financial resources. The current alternative is the POS consensus mechanism. The POS mechanism selects validators based on the number of currency holders.
In fact, it can be seen that except for the early batch of cryptocurrencies headed by BTC, the vast majority of current blockchain projects have taken into account the disadvantages of POW and are constantly innovating consensus mechanisms to avoid excessive consumption of energy. Therefore, blockchain is not enough to cause such a huge consumption of energy.
2.9. Will blockchain take our jobs?
Regarding blockchain, if people can trade directly with each other, what impact will blockchain have on intermediaries such as banks and lawyers? Blockchain is unlikely to be a job killer; it will, like any technology, change the nature of work by changing companies’ business and revenue models.
When artificial intelligence becomes popular, people will continue to ask questions like this. On the one hand, we enjoy the convenience that technology brings us, but on the other hand, we are worried that technology will replace us. The biggest challenge of blockchain is not the technology itself, but changing the traditional profit distribution model. Blockchain technology can remove certain intermediary links, break the monopoly of many resources by centralized institutions, and thus change the interest pattern. This is also the most revolutionary point of blockchain.
2.10． Is the United States lagging behind in the development of the blockchain industry?
From all over the worldLook, the blockchain industry in the United States is still in its infancy. In a 2018 Deloitte survey of 1,053 executives in financial services, healthcare, technology industries, telecommunications, manufacturing, and other industries, only 14% U.S. respondents believe blockchain is used in their production, compared with 49% in China, 48% in Mexico, 40% in the United Kingdom, and 36% in Canada. Plans are also lagging: 41% of U.S. companies plan to invest $1 million or more in blockchain, compared with 85% in China, 74% in Canada, 72% in the United Kingdom, and 65% in Mexico.
According to the "Blockchain China-U.S. Development White Paper" released by Silicon Valley Insight, North America is comparable to Asia in terms of the number of ICOs. In terms of financing amount, North America is far ahead with 7.85 billion. Therefore, the United States, as a major country in North America, is not lagging behind at all. On the contrary, it is still leading in many aspects.
《Harnessing Blockchain for American Business and Prosperity》
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Introduction to Tianjige: Tianjige (LD Research) was established on July 2, 2018. It is a company dedicated to exploring the unknown of science and technology, taking human development as the driving force, and taking "BASE Research for Solving Real" Problems" as the purpose of the research institute.
This article comes from Babbitt
Related questions and answers: What are the uses of blockchain technology in the business field?
What are the uses of blockchain technology in the business field?
In recent years, due to the virtual digital With currency speculation booming, blockchain, as its underlying technology, has also begun to receive widespread attention. Blockchain has the characteristics of decentralization, trustlessness, collective maintenance, and reliable storage. It is currently widely used in the field of virtual currency.
Since the birth of Bitcoin, more than 1,600 virtual currencies have appeared in the world, and a huge industrial chain ecosystem has been formed around the generation, storage, and trading of virtual currencies. But overall, the industry is still in its infancy and is still far away from the real value use area. The core of the blockchain economy lies in the reconstruction of business logic and organizational forms, so it is necessary to obtain practical examples in multiple industries to demonstrate its value. This article will explore the business models used by blockchain in various industries from the perspective of combining blockchain with industry needs.
First of all, the core of blockchain is to solve the problem of credit:
Credit is the foundation of all commercial activities and finance. The United States has implemented trusted identification since 2011, while China has implemented a real-name system to achieve supervised information dissemination. The meaning of blockchain isFor the first time, decentralized trust has been established from a technical level and a fully distributed credit system has been realized.
Secondly, blockchain solves the problem of value exchange:
Traditional networks can achieve point-to-point transmission of information, but cannot achieve point-to-point transmission of value. Because information is allowed to be copied, and value must be authentic and unique, it is necessary to rely on a centralized organization to achieve value transfer. Blockchain perfectly solves this problem and provides a method to realize point-to-point transfer of value. During the value transfer process, accounting is realized by the network without relying on a centralized institution. Therefore, blockchain is expected to become the infrastructure for building new finance and the cornerstone of the future value Internet.
The use of blockchain
There are currently two main modes of blockchain use:
1) Native blockchain use: directly based on decentralized blockchain technology to realize value Transfer and transaction use, such as digital currency;
2) "Blockchain+" model: combine traditional scenarios with the underlying protocol of the blockchain to improve efficiency and reduce costs. It is expected that the use of blockchain in various industries will be dominated by the second model.
Blockchain has five core attributes, namely: transaction attributes (value attributes), certificate attributes, trust attributes, intelligence attributes, and traceability attributes. The above core attributes are combined with the needs of the industry to solve the industry's pain points and become the business model used by blockchain in various industries.
Blockchain + Bank
1. Cross-border payment
Cross-border payment is a pain point that has long plagued the banking industry. Traditional cross-border payment methods include two major categories: one is online payment, including electronic account payment and international credit card payment, which is suitable for small retail amounts; the other is the bank remittance model, which is suitable for large-amount transactions; both have payment cycles Long, high fees, low transaction transparency and other issues. Especially in recent years, with the rise of cross-border e-commerce, convenient, fast, safe and low-cost cross-border payment has become an urgent need for the industry.
The role of blockchain:
The characteristics of blockchain are deintermediation and open and transparent transactions. There is no third-party payment institution to join, which shortens the payment cycle, reduces fees, and increases transaction transparency. For example, in December 2017, China Merchants Bank teamed up with Wing Lung Bank and Wing Lung Shenzhen Branch to successfully implement cross-border RMB remittances between the three parties using blockchain technology. Its clearing process is safe, efficient and fast, greatly improving customer experience.
2. Supply chain finance
The pain points in this field are the long financing cycle and high costs. Centered on the core enterprise system of the supply chain, it is difficult for third-party credit enhancement institutions to authenticate the authenticity of various relevant vouchers in the supply chain, resulting in long manual review times and high financing costs.
The role of blockchain:
Blockchain introduces consensus mechanism, existence proof, non-tampering, traceability and other features into supply chain finance, and does not require third-party credit enhancement agencies to authenticate various relevant credentials in the supply chain. authenticity, thereby reducing financing costs and shortening the financing cycle. For example, in April 2017, listed company Yijian and IBM China Research jointly releasedThe blockchain supply chain financial service system "Yijian Block" mainly promotes pharmaceutical scenarios. Currently, more than 30 pharmaceutical distribution companies have successfully registered in the "Yijian Block". As of the end of July, the number of transactions has reached nearly 8,000. The total investment amount exceeds 100 million yuan.
3. Digital Bills
The pain point of the digital bill industry lies in the long-term problems of "false bills" and "one vote selling many", which have brought risks to the bill financing business of the banking industry.
The role of blockchain:
The existence proof and non-tampering characteristics of blockchain effectively solve the problem of false digital bills; at the same time, blockchain solves the double-spend problem and avoids "one vote". Sell more". For example, Shenzhen Blockchain Financial Services Co., Ltd. issues bill chain products to provide bill financing services based on blockchain to solve the bill financing needs of small, medium and micro enterprises. Cooperative banks include Ganzhou Bank, Guiyang Bank, Suzhou Bank, Shizuishan Bank, Langfang Bank, Wuhai Bank, Jilin Jiutai Rural Commercial Bank, Yaodu Rural Commercial Bank, Shenzhen Rural Industrial Bank, Weifang Bank, Zhongyuan Bank, etc. In addition, Zheshang Bank, JD Finance, Hang Seng Electronics, HNA, etc. are also verifying blockchain digital bill services.
Blockchain + Securities
1. Asset Securitization
Asset securitization uses future income as a guarantee to obtain current financing. The pain points in this field are: there are many participating entities, many operating links, low transaction transparency, information asymmetry, and the authenticity of the underlying assets cannot be guaranteed.
The role of blockchain:
Blockchain introduces attributes such as existence proof, non-tamperability, and consensus mechanism for asset securitization. It can monitor the true situation of assets in real time and solve the problem of the underlying issues of institutions in the transaction chain. Asset trust issues. Various assets such as equity, bonds, bills, income certificates, warehouse receipts, etc. can be integrated into the blockchain and become digital assets on the chain, improving asset circulation efficiency and reducing costs. For example, in May 2017, Internet Finance and partners including Baiqian Leasing and Huaneng Trust jointly issued an asset securitization ABS project supported by blockchain technology, with an issuance scale of 424 million yuan.
Blockchain + Insurance
1. Insurance Business
The insurance industry has problems such as information asymmetry and lack of trust between customers and insurance institutions: it is difficult for users to choose insurance products that suit them, while insurance institutions Face the risk of insurance fraud.
The role of blockchain:
The decentralized, open, transparent, and traceable characteristics of blockchain establish a good communication channel between insurance institutions and users; insurance subject information is managed uniformly on the blockchain , cannot be tampered with, helping insurance institutions avoid the risk of insurance fraud; at the same time, smart contracts can improve work efficiency and reduce costs. For example, French insurance giant AXA is using the Ethereum public blockchain to provide automated flight delay compensation for air travelers. If the flight is delayed for more than 2 hours, the "smart contract" insurance product will automatically pay claims to passengers.
2. Credit information management
The pain point in this field is that credit information agencies have limited data collection channels and lack of data sharing, which makes it difficult toTo accurately characterize the credit situation of an individual or institution; in addition, there is also the issue of how to protect user privacy during the data collection process.
The role of blockchain:
Blockchain has the characteristics of trustlessness, consensus, and non-tampering. At the technical level, it ensures that limited and controllable credit data sharing can be achieved on the basis of effectively protecting user privacy. And verification. For example, Ping An's blockchain credit reporting business is now online. In addition, domestic startups such as Shanghai Juzhen, LinkEye, Bubi Blockchain, etc. are also exploring joint credit reporting and safe certificate storage.
As a basic technology, blockchain has great use value in many industries with distributed processing, peer-to-peer transactions, and rapid establishment of trust relationships. Its core is to solve the problem of credit and realize Point-to-point delivery of value. Therefore, it is considered to be the cornerstone of the future value Internet.
The core of the blockchain business model is to use the innovative attributes introduced by the blockchain and combine it with traditional industry uses to realize the reconstruction of business logic in order to create new usage scenarios, or improve efficiency and reduce costs.
It is expected that the use of blockchain will first start in the pan-financial field that has high requirements for credit, efficiency, and security: the financial industry pays more attention to efficiency and security, and blockchain has a high degree of matching with its pain points, and can be used for Systematically solve trust issues, efficiency issues, default risks, etc. that exist in all aspects of financial services; blockchain’s attributes such as “transaction, certificate storage, and traceability” are more likely to generate value in the financial industry. At the same time, the market space in the financial industry is huge, and small progress can bring huge benefits.
Blockchain will also extend to all areas of social life: Blockchain solves problems such as the management, transaction, and transfer of digital assets, and therefore will play an important role in the wave of asset digitization, such as supply chain management, data Applications such as services, asset management, public services, and the Internet of Things are gradually being implemented in various fields, and "blockchain+" is becoming a reality.
⑧ Blockchain has been hyped too much and many companies have been injured
Blockchain has been hyped too much and many companies have been hurt
According to CNBC, this week, At the Money 20/20 European fintech conference in Amsterdam, the Netherlands, I heard someone say that we are now in a blockchain hype cycle.
One representative said to another: "Whatever, let's call it a blockchain. That way, we'll get the money."
Whether it's a joke or not It doesn't matter if some people really think so. However, this statement highlights the reality that businesses large and small often use the term “blockchain” in the wrong way.
Blockchain is an accounting system for distributed storage of information. Its biggest feature is that it can establish a trust relationship without relying on the trust endorsement of a central platform in a network environment without a trust foundation. Its practical application starts from being a virtual currency. Started by Bitcoin. However, the application of blockchain technology is not limited to virtual currencies. current,In the fields of financial supervision, data sharing, Internet of Vehicles, etc., and in many scenarios such as Internet finance, banking, insurance, supply chain finance, clearing and settlement centers, etc., blockchain technology has been applied to a certain extent.
Some companies just jump into the blockchain hype bandwagon without any regard for the consequences.
Many industries have begun to adopt the principles of this technology and will use it to solve their own problems. Some companies have conducted successful experiments. Meanwhile, some companies are simply jumping on the blockchain hype bandwagon, regardless of the consequences. A venture capitalist once told me that a company pitched blockchain to him, but the company had no practical application of the technology. The startup did not raise funding.
Sadly, what I have heard and said is true to some extent. Let’s take a look at those listed companies that have added blockchain elements and seen their share prices climb. Take Longfin, a fintech company listed on Nasdaq, which acquired blockchain solution service provider Zid, as an example. The stock price soared 2000%. Blockchain concept e-commerce Overstock.com announced a big step towards blockchain. Even Eastman Kodak Company, which has a history of more than 100 years, has joined the cryptocurrency carnival party and announced the launch of its own cryptocurrency "Kodak Coin" to create a new platform for digital photography. (To me, it’s absolutely crazy that a manufacturer and supplier of imaging products and related services would launch a cryptocurrency.)
Of course, there are some companies that are doing very well with blockchain technology. There is no denying that this technology is very promising. Both ING and Spanish bank BBVA have told me that they believe blockchain could be commonplace within the banking industry within five years.
Despite the growing optimism about blockchain, we must face reality as there are still barriers to adoption of this technology. One of the major concerns is whether blockchain can span different industries and businesses. Currently, one bank may be using a certain blockchain solution, while another enterprise may be using a completely different blockchain solution. It’s unclear whether different blockchains can work together.
Also, there is the question of whether certain programs require blockchain.
Including the word blockchain in company names for the purpose of raising stock prices or raising funds is similar to the practices of some companies during the Internet bubble. We all know how the dot-com bubble ended.
According to reports, in early March, Nouriel Roubini, a world-renowned economist and professor of economics at New York University’s Stern School of Business, pointed out that the blockchain technology behind cryptocurrency is “the most hyped ever. One of the most excessive technologies”.
In January, Credit Suisse pointed out in a report that the blockchain will not truly mature until 2025. In this blockbuster report on cryptocurrency and blockchain, Credit Suisse divided the development of blockchain technology into seven stages, including "idea formation", "concept proof","Prototype," "Trial," "Production Parallel," and "Production." Among them, 2025 after the seventh phase of "production" will be the time for mainstream society to adopt blockchain.
In other words, it is still too early for blockchain to truly mature.
⑨ Blockchain Industry Public Opinion Research Report
Blockchain technology is considered to be the fifth core technology most likely to trigger a disruptive revolution. After experiencing a period of chaos And after the bubble period, with the intervention of national policies and the implementation of relevant supervision, +B39 will gradually get on the right track and develop in a healthy direction. In 2017, blockchain suddenly became popular all over the world and became the focus. If the emergence of blockchain made people in the industry excited at first, and ordinary people had an attitude that it had nothing to do with them and were just passing by, then it can be said that blockchain has quickly and deeply entered the public consciousness. vision. The concept of blockchain was proposed by Satoshi Nakamoto in 2008. Its characteristics such as decentralization, non-tamperability, and traceability have attracted many investors to invest in it. Blockchain has gradually entered various industry fields, bringing not only considerable changes, but also some adverse effects. Analysts analyze and discuss the development trends of China's blockchain industry by collecting and sorting out data related to China's blockchain industry. The rising trend of blockchain popularity can be clearly seen from the network index trend chart of blockchain and digital currencies in the past six months. It turns out that the popularity of blockchain has only increased, and by the end of 2017, there was even an explosive rise. According to the trend chart, it can be predicted that the exponential growth of the blockchain network will show a gentle trend in the near future. The digital currency network index, which is closely related to the blockchain, was not much different from the network index of the blockchain before 2018. That was because the popularity of the blockchain detonated the value of Bitcoin, and many people took the opportunity to follow suit, causing the market to be chaotic for a time. . Since the beginning of 2018, the network index of blockchain has far exceeded that of digital currency. Such changes indicate that more people are focusing on blockchain, which will also be more conducive to the healthy development of blockchain technology. The value of digital currencies represented by Bitcoin has doubled, and ICOs have followed the trend. Financing models such as ICO are both similar to and different from traditional IPO financing methods. It can open up markets on a global scale and gain more development opportunities. However, due to the ulterior motives of many people and the fact that ICOs currently do not undergo any strict review process, chaos occurs frequently in the ICO market. The positive and negative impacts brought by ICO also make countries have different attitudes when facing this mixed market. According to the information table on the attitudes of some countries towards ICO, it can be seen that the most clear-cut attitudes are China and Japan. China completely bans ICO projects and defines them as illegal financing activities; Japan allows ICO projects and takes the lead in establishing a blockchain alliance; Countries such as the Philippines, Russia, and Canada adopt a regulation + development model, do not prohibit ICO projects, and actively build regulatory systems. Since the United States is a federal country, states have different attitudes. It is worth mentioning that Hong Kong and Macau, China treatThe attitude of ICO coincides with that of mainland China, but it is very different in Taiwan. The person in charge of the "Taiwan Financial Regulatory Agency" promised to adopt a more friendly attitude to support the development and adoption of cryptocurrency and blockchain by companies in Taiwan. technology. The top 10 national blockchain platforms are mainly concentrated in Beijing, Shanghai and Guangzhou. The top 10 national blockchain platforms show that Bitmain, Babbitt/Blockyuan and Huobi occupy the top three positions. The top 10 blockchain platforms are mainly concentrated in Beijing. Most of them were launched relatively early, with many episodes in 2016. years ago. Generally speaking, the development of blockchain has driven the development of related industries and set off a wave of entrepreneurship. Blockchain-related companies are mainly concentrated in Beijing, Shanghai and Guangdong, which is affected by the high barriers to blockchain technology. Beijing is rich in talent resources and has a good entrepreneurial environment. Shanghai has a unique financial status and has the greatest possibility of incubating the most successful companies in blockchain applications. Guangdong has a strong entrepreneurial atmosphere, which can attract related entrepreneurs. and promote the implementation of relevant enterprises. In addition, Hangzhou also benefits from its excellent Internet financial industry, and the blockchain industry is performing well. With the development of blockchain, related companies will appear in more cities. The popularity of blockchain continues unabated, and a large number of related public accounts have been spawned. It can be seen from the top 10 most influential WeChat public accounts that the number one “Digital Currency Trend Madman” is estimated to have more than 800,000 active fans in the past seven days, and the number two “Wang Tuan Zhang Blockchain Diary” is estimated to have more than 800,000 active fans in the past seven days. The number of active fans is also close to 500,000, and "Bi Lao Ye", who is estimated to have close to 400,000 active fans, is close behind, ranking third. The increase in public accounts also shows that more and more people are paying attention to the blockchain industry. Blockchain is becoming more and more popular. The average salary of related positions was 23,800 yuan before November 2017. By 2018, the average salary had reached 25,800 yuan. According to the skill demand chart for blockchain positions, it can be seen that the most important ones are commonly used development languages (Go, C++, Java). In addition, you also need to have sufficient understanding of cryptography, formula algorithms, smart contracts, etc. In addition, There are also positions with relatively low thresholds such as operations. In general, the talent gap in the blockchain industry is relatively large. Blockchain technology is considered to be the fifth core technology most likely to trigger a disruptive revolution. After experiencing periodic chaos and bubble periods, it will gradually get on the right track with the intervention of national policies and the implementation of relevant regulations. , develop in a healthy direction. Blockchain will inevitably produce bubbles when it develops, but these bubbles will gradually become controllable with the healthy development of blockchain. The development prospects of blockchain and the innovations it can bring are unpredictable. From now on, leave this stage to it and watch its performance.
