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A. What are the potential application scenarios of blockchain in the financial field?

Because the digital currency first produced by blockchain technology has had a huge impact on the financial field, research And the application of blockchain technology has become an important task in today's financial field. In essence, blockchain technology is still a technical means and tool. Its application in the financial field and its application in the real economy are both parallel. They have their own relative independence, but there is a certain overlap, that is, It is said that the promotion effect on the real economy is indirect. 1. Regardless of finance or entity, one of the foundations of transactions between supply and demand is trust. The current banks, enterprises, enterprises, people, etc. all use currency as a link. The right to issue currency lies with the state, and the right to operate lies with banks. With the further popularization and widespread application of blockchain technology, in the future, enterprises and enterprises, or individuals and individuals can self-organize the issuance of digital currencies (digital credit). Banks’ The status will change from the current monopoly operation to the operation of equal competition in the market. Therefore, the widespread application of blockchain technology in the financial field has an indirect impact on the real economy. 2. Blockchain technology is the bridge between reality (entity) and virtuality. Through blockchain technology, the real world can be recreated, reconstructed and redefined in the virtual world. For example, real banknotes are digital currencies in the virtual world, real stock transactions are digital stock transactions in the virtual world, and real import and export trade are digital settlements, digital customs clearance, digital documents, bills, etc. in the virtual world. It greatly improves the efficiency of business processes and saves transaction costs. At present, all transactions are inseparable from banks. Banks play the role of central hubs in transactions. Banks' application of blockchain technology will definitely improve the efficiency of their settlement and indirectly promote the efficiency of the real economy. However, this impact will gradually weaken in the future. Because the biggest feature of blockchain technology is decentralization, its distributed accounting system is a centerless network system. 3. The application of blockchain technology is actually to valorize and credit the information currently flowing on the Internet, and to reorganize and restructure the information in the Internet (use value, exchange value, cultural value) through the blockchain. The formation of the Internet of Value is of great significance and will bring revolutionary promotion to both the financial industry and the real economy.

B. How to apply blockchain How to apply blockchain

1. Financial field:

Blockchain is used in international exchange, letters of credit, Financial fields such as equity registration and stock exchanges have potentially huge application value. The application of blockchain technology in the financial industry can eliminate the need for third-party intermediaries and achieve direct point-to-point connection, thereby quickly completing transaction payments while greatly reducing costs.

2. Internet of Things and logistics fields:

Blockchain can also be naturally combined in the fields of Internet of Things and logistics. Through blockchain, logistics costs can be reduced, the production and delivery process of items can be traced, and the efficiency of supply chain management can be improved.efficiency. This field is considered a promising application direction of blockchain.

3. Public service field:

Blockchain is closely related to people’s production and life in public management, energy, transportation and other fields, but the centralized characteristics of these fields are also It has brought about some problems that can be transformed using blockchain. The decentralized, fully distributed DNS service provided by the blockchain can realize domain name query and resolution through point-to-point data transmission services between various nodes in the network, and can be used to ensure that the operating system and firmware of an important infrastructure are not Tampered, you can monitor the status and integrity of the software, detect bad tampering, and ensure that the data transmitted by systems using IoT technology has not been tampered with.

4. Digital copyright field:

Through blockchain technology, works can be authenticated, prove the existence of text, video, audio and other works, and ensure the ownership of works. Authenticity and uniqueness. After the rights of the work are confirmed on the blockchain, subsequent transactions will be recorded in real time, realizing full life cycle management of digital copyright, and can also be used as a technical guarantee in judicial evidence collection. For example, MineLabs, a startup company in New York, USA, has developed a blockchain-based metadata protocol. This system called Mediachain uses the IPFS file system to realize copyright protection of digital works, mainly for copyright protection applications of digital pictures.

5. Insurance field:

In terms of insurance claims, insurance institutions are responsible for fund collection, investment, and claims settlement, and often have high management and operating costs. Through the application of smart contracts, there is no need for the policy holder to apply or the insurance company to approve it. As long as the claim settlement conditions are triggered, the insurance policy can automatically settle claims. A typical application case is LenderBot, which was launched in 2016 by blockchain companies Stratumn, Deloitte and payment service provider Lemonway. It allows people to register customized micro-insurance products through the chat function of Facebook Messenger, providing services between individuals. The high-value items exchanged are insured, and the blockchain replaces the third-party role in the loan contract.

6. Public welfare field:

The data stored on the blockchain is highly reliable and cannot be tampered with, so it is naturally suitable for use in social welfare scenarios. Relevant information in the public welfare process, such as donation projects, fundraising details, fund flows, recipient feedback, etc., can be stored on the blockchain and transparently and publicly disclosed conditionally to facilitate social supervision.

C. Blockchain: The next trend in the financial industry

People may feel unfamiliar when mentioning blockchain technology. But if you understand its origins with the famous Bitcoin, you will suddenly understand. Broadly speaking, Bitcoin is actually the first successful application of blockchain technology. we knowTao, money is the intermediary that completes transactions. Over the past few centuries, as the frequency and complexity of transactions have continued to increase, these complex transaction records, or ledgers, are held by different entities and are isolated from each other, making the transaction information in them inaccessible to the public. Therefore, in order to complete the transaction, a trusted third party or intermediary needs to be involved between the buyer and the seller, and the human investment and cost are also greatly increased. For example, governments, banks, notaries and various banknotes all play this role. Only if they exist can we trust the other party to the transaction.

Bitcoin is a decentralized currency that bypasses intermediaries and enables peer-to-peer exchange of value. The principle of Bitcoin is to distribute account books to each transaction participant through the encryption technology of the blockchain. Each account book is like the genes of a living thing - the individual participants are different, but the contents of their account books are completely consistent. Once any transaction occurs in the network, corresponding records will be generated in the account books of all participants. Once someone attempts to hack and modify a single ledger, all other ledgers automatically detect the fraud.

Miners are like gene replicators and disseminators. Their role is to verify transactions and ensure the consistency of distributed ledgers. Therefore, the emergence of Bitcoin or blockchain technology has completely solved the problems of transaction fraud and information opacity. Imagine you want to buy a second-hand house. It will take you several days to verify and notarize the quality and mortgage status of the house and complete the transaction, during which multiple institutions and individuals will be involved. Blockchain technology can complete these tasks within minutes, greatly reducing human labor and costs. In addition to transactions and payments, blockchain technology has other rich application scenarios.

To give a simple example, how can a supermarket selling organic food ensure that its supplies are all organically produced, non-GMO food? In the past, supermarkets had to spend a lot of manpower and material resources to ensure the reliability of supply, and this statement was not foolproof because you could not prevent fraud from unscrupulous merchants. With the distributed accounting of blockchain technology, from farms to suppliers to logistics, the time, quantity and amount of each transaction are clear. With this information guarantee, supermarkets will have more confidence when conducting marketing. Therefore, Boston Consulting believes that blockchain technology has the potential to subvert the current credit system and transaction system.

This is just one of the most basic applications of blockchain technology: asset and identity management. In the financial industry, blockchain technology can simplify and accelerate financial processes and settle various real-world financial transactions through distributed accounting without third-party certification. In the future, we may even see the emergence of so-called coded and encrypted smart contracts, allowing stocks to become digital records that can be issued and traded on the Internet, significantly reducing transaction costs. Digital stock trading systems can make it easier for small and medium-sized enterprises to raise funds from the public. , and the cost is lower.

Therefore, although the first application of blockchain technology, Bitcoin (Crypto 1.0), wasovercome many restrictions on regulatory and other issues. However, the application of blockchain technology in other fields, such as distributed accounting, payment settlement and smart contracts (encryption 2.0), has been recognized and highly valued by regulatory and financial institutions in various countries. Regardless of the future of Bitcoin, blockchain technology will become a very important innovation in the financial industry in the near future.

1. Venture capital helps blockchain technology take off

There are currently more than 750 innovative companies related to blockchain technology in the world. About 200 of them have received venture capital, and their businesses can be divided into the following six main application areas: digital currency, payment and settlement, smart contracts, asset and identity management, infrastructure and open source development, as well as venture capital, media and consult.

From the investment stage, blockchain technology is obviously in its infancy. Among the 200 companies that received capital injection, 124 received seed investment, only 49 companies reached Series A financing, 12 companies reached Series B financing, and only 4 companies received Series C financing. In terms of investment amount, more than two-thirds of the financing is in the seed and Series A stages.

2. New opportunities for financial institutions

Although it is still in its infancy, financial institutions have responded more positively to blockchain technology than technologies in other fields. For example, Nasdaq is collaborating with the startup Chain to explore new ways of issuing stocks. Traditional securities issuance methods are expensive, require a lot of labor, involve many institutions and stakeholders, and there is a lot of room for improvement. Nasdaq announced that it will apply the blockchain technology provided by Chain to the "NASDAQ Private Market", an equity trading platform for unlisted companies, becoming the first to issue and transfer private equity through blockchain technology. A financial institution that holds a share of a company's stock. Nasdaq Chief Executive Officer (CEO) Bob Greifeld said: "As blockchain continues to reshape the global economy, Nasdaq wants to be at the center of the event."

The San Francisco digital payment company (Ripple Lab), founded in 2012, focuses on the development of payment protocols. It has now become the main cryptocurrency system after Bitcoin and Ethereum. Through the open source Internet encryption protocol and distributed accounting mechanism, financial institutions can make fast and secure payments through Ripple. Several major banks have purchased authorizations for the Ripple protocol, playing a huge role in currency exchange and remittance.

D. What does Strait Jiujiu Blockchain mean?

Strait Jiujiu Blockchain is the name of a company and has no special meaning. It is a company engaged in blockchain.
Blockchain is an important concept of Bitcoin. It is essentially a decentralized database and serves as the underlying technology of Bitcoin. Blockchain is a string of passwordsEach data block contains the information of a Bitcoin network transaction and is used to verify the validity of its information (anti-counterfeiting) and generate the next block.
Cryptocurrencies such as Bitcoin, Ritecoin, and Litecoin all utilize blockchain technology.

E. What are the leading blockchain concept stocks

1.002657 Zhongke Finance

2.300663 Kelan Software

3.002152 Radio and Television Express

4.300079 Digital Technology

5.300542 Xinchen Technology

6.600570 Hang Seng Electronics

7.300561 Huijin Technology

8.002063 Yuanguang Software

9.603106 Hengyin Financial

The following blockchain concept stocks may become leading stocks:

1. Blockchain concept Stock 1: Yijian Shares (600093.SH) Concept Stock Index

The company used to be mainly engaged in supply chain management. In recent years, it has been actively transforming. On the one hand, the company strives to improve the company's supply chain management and commercial factoring. business scale.

On the other hand, with the realization of financial technology transformation as the center and the application of blockchain technology in supply chain finance as the breakthrough point, the whole strategy is fully promoting the development of the "Yijian Block" system. In the first half of 2017 Having successfully completed the development of the “Yijian Block” system 1.0 and achieved commercial use in the fields of medicine and commodities, Yijian is clearly a practitioner of the blockchain concept. 2. Blockchain concept stock 2: Gao Weida

A leading domestic financial information manufacturer, relying on its own advantages in bank IT solutions and bank customer resources to provide bank IT system cloud services.

3. Blockchain Concept Stock 3: Xinchen Technology

The company is currently mainly engaged in application software development business, software and hardware system integration business and professional technical services business. In recent years, Xinchen Technology has been more bold in its attempts at innovation. The company has made certain progress in the application of new technologies such as cloud computing, big data, artificial intelligence, and blockchain in the financial industry.

The domestic letter of credit business system based on blockchain technology has been successfully launched in banks and is expected to gradually become a new growth point for the company’s software solutions business.

(5) Jiujiu Blockchain Financial Life Extended Reading:

The leading stock index refers to the influence and impact on other stocks in the same industry sector during the stock market speculation in a certain period. The rise and fall of a stock with great appeal often guides and sets an example for the rise and fall of other stocks in the same industry sector.

The leading stock is not static, and its status can often only be maintained for a period of time. The basis for becoming a leading stock is that any information related to a certain stock will be immediately reflected in the stock price.

The conditions for leading stocks:

1. Leading stocks must start from the daily limit. The daily limit is the most accurate attack signal for both long and short parties. It cannot rise above the limit.It is impossible for individual stocks to be the leader.

2. The leading stocks are low-priced stocks, which are sought after by many investors at low prices, because it is relatively difficult to speculate on high-priced stocks.

3. The circulation market of leading stocks should be moderate, suitable for large capital operations and retail investors chasing ups and downs. Neither large-market stocks nor small-cap stocks can act as leaders.

4. The leading stocks meet the daily KDJ, weekly KDJ, and monthly KDJ at the same time and the low price golden cross.

5. Leading stocks usually go against the trend at the end of a market decline and when the market panics, hit the bottom early, or start before the market, and withstand a round of market decline.

Leading stocks refer to stocks that have influence and appeal on other stocks in the same industry sector during the stock market speculation during a certain period. Its rise and fall often have an impact on the rise and fall of other stocks in the same industry sector. Guidance and demonstration role. Leading stocks are not static, and their status can often only be maintained for a period of time.

Reference materials: Internet-leading stocks

F. Blockchain financial applications

Blockchain financial applications are key areas where they play a role in reality. The financial industry needs such high-end Technology, the traditional way of operating will undergo profound changes because of such technology. Blockchain financial applications have many distinctive features, and people are talking about them. It has attracted more and more attention because of its actual effects, and has had an increasing impact.

Abstract: Developed countries and technology companies have taken the lead in the research and application of blockchain technology. Judging from the application of patent technology, there may be a gap of about one and a half years between my country and the United States in blockchain technology. Based on the above situation, how can China achieve "asymmetric" catch-up? The first thing is to see the situation clearly, seize opportunities and meet challenges. Secondly, after understanding the necessity of the underlying construction of blockchain for the existing business and future development of the financial industry, a consensus was reached among various financial companies to establish a "China's Financial Blockchain Alliance". The last step is to advance collaboratively and embrace change.

How to understand blockchain?

Bitcoin: A peer-to-peer electronic cash system. In 2009, after the paper was published, Bitcoin was born as a virtual currency in the digital world of the Internet. At present, the total market value of Bitcoin is about US$6.5 billion. Although the market value is constantly changing, it is still the largest virtual currency in the world.

Another important concept is blockchain. Blockchain is an underlying technology of Bitcoin, and Bitcoin is just an application of blockchain. As we all know, Bitcoin can realize point-to-point value transfer. In addition to the Bitcoin blockchain, there are many other blockchains, such as the Ethereum blockchain, etc. Therefore, we should distinguish between concepts such as Bitcoin, Bitcoin blockchain, blockchain, and blockchain technology.

Currently, people have several misunderstandings about blockchain. Blockchain can be described in English as “Decentralized Blockchain", where Decentralized is translated as "decentralized". However, I think the blockchain realizes the unintermediary propagation of value, which is point-to-point value propagation. This does not mean that there is no need for a center after entering the blockchain era. , but should develop from a single centralization to parallel development between centers. Then, the existing center is likely to become a branch center or a weak center. Currently, all banks have their own data centers. If financial institutions are established in the future, Blockchain alliance, then they can become nodes in the blockchain alliance, so the blockchain does not require a center.

The blockchain does not require credit

We often see some articles that believe that blockchain needs to "remove credit". In fact, blockchain builds trust through consensus algorithms and ensures the correctness of transactions through consensus among various nodes. Through mathematics and algorithms Establish trust at low cost, rather than "removing credit". However, digital asset transactions between people do not require two people to know each other or have a trust relationship with each other, nor does it require a third-party credit agency, only that everyone trusts Blockchain is a trusted network.

Why is it said to be trustworthy? Because it is a distributed database with a consensus-based mechanism: a set of encryption algorithms, making it untamperable .On the one hand, the public key makes information transparent and traceable; on the other hand, the private key can protect privacy.

Blockchain is not a mature technology, nor is it omnipotent. Blockchain technology is still in development. Early this year. At the beginning of this year, we sent a delegation to Barclays South Africa’s blockchain research laboratory to study. During the seminar, Barclays African blockchain experts believed that it will take at least five to ten years for blockchain technology to become a truly mature technology. Time. At present, blockchain has the disadvantages of relatively slow computing speed and small storage space. Moreover, not all data processing requires the use of blockchain.

Blockchain research abroad, Application

We found that established financial developed countries have taken the lead in the research of blockchain technology. The British government believes that it is very important for the government to participate in the legislation of digital currencies and blockchain networks. The government encourages in-depth research on blockchain technology. The British government is actively evaluating the potential of blockchain technology and considering its use to reduce financial fraud and reduce costs. In addition, the British government plans to develop technologies that can be used between government and public institutions application system.

In February this year, the European Commission put encrypted digital currency at the top of the list of rapid development target areas. This initiative promoted policy research on digital currency by various institutions. Technology companies in the blockchain It is also at the forefront of research on blockchain technology.

IBM launched the “Open Ledger Project” to develop an enterprise-level blockchain software structure and promote the commercial use of blockchain technology. , through the IBM cloud computing platform Bluemix and API infrastructure to support the docking of external data. IBM still has a lot of practice in blockchain technology. Recently, it and a company in South Korea conducted creative experiments using blockchain technology and the Internet of Things, and achieved some results.

Microsoft uses the Azure platform to provide users with "blockchain as a service", which can enable R3 and its bank members to speed up the experiment and learning process, and accelerate the development, testing and deployment of distributed ledgers.

Intel also released SawtoothLake, an efficient modular platform for building, deploying and running distributed ledgers; at the same time, Intel is also studying to create a trusted execution environment for hardware chips for blockchain applications, providing Greater security and privacy.

Meanwhile, Wall Street is also taking action. Although founded relatively late, R3’s core function is to formulate industry standards for the development of blockchain technology in the banking industry, as well as explore practical uses and establish a blockchain alliance for banks.

From what we know, in addition to these two new companies on Wall Street catering to the digital financial era, large financial institutions are studying blockchain technology and building their own areas. Blockchain concept and technology team.

Currently, blockchain technology already has practical application cases.

In Canada, the blockchain startup company "Blockchain Tech Ltd" has successfully been listed on the Toronto Stock Exchange GEM; the Estonian government will launch the government's blockchain medical insurance Record.

Domestic attention and research on blockchain technology

Blockchain is an optional technology. Previously, the People's Bank of China also held a digital currency seminar. In addition to the central bank, relevant departments such as Zhejiang Province and Beijing Municipality also expressed support for blockchain application research last year.

From an enterprise perspective, Bubi blockchain has been used in equity, supply chain, points and other fields, and is currently conducting trials and application tests with exchanges and banks. Bubi Blockchain focuses on the innovation of blockchain technology and products. It already possesses a number of core technologies and has developed its own blockchain service platform. And many blockchain innovative and entrepreneurial companies are constantly emerging.

In addition, a number of industry alliances are being established. In terms of financial institutions, the current cases of blockchain application by my country's large banks and financial institutions still need to be solved.
At the end of 2015, Bank of America had obtained 15 patents on blockchain. There may be a gap of about one and a half years between my country and the United States in blockchain technology.
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 attract more and more attention, and a huge new trend will form. .

G. UseExplaining blockchain in vernacular

img src=' https://p26 . toutiaoimg.com/large/39b 70000088 e 51 B3 c 258 '/

Recently, various countries have been blocked in China This is an ICO financial scam, but it does not hinder the vigorous development of blockchain technology. After all, technology is innocent and can bring benefits to people. As for how to use it, it depends on people to operate it. If the operation is good, you can recommend development. If the operation is not good, it is like the major ICO projects. Find some knowledge for Internet celebrities to conduct so-called illegal fund-raising and financial fraud.

After talking for a long time, what is blockchain? When it comes to blockchain, the first thing that comes to mind for many people is Bitcoin. We need to solve a problem. Bitcoin is a blockchain, but blockchain is not Bitcoin. Simply put, blockchain is distributed ledger technology (DLT), not a token. It has many characteristics, such as decentralization, traceability, and difficulty in tampering.

(1) Blockchain is a distributed database

First of all, this is a decentralized distributed architecture system. Therefore, having only one central server or node is not called a blockchain. For example, if you go to Taobao to buy a mobile phone, you and the seller are strangers and have no basis for trust. If you give the money to the seller first, the seller may block you by not delivering the goods, and then your mobile phone money will be gone. If the seller ships first, do you pay? It is possible that you do not pay the seller after receiving the goods, and one party may lose money anyway. At this time, a third-party guarantee is needed to solve the trust problem. Just like Alipay now, you give money to Alipay and the seller will deliver the goods. When you receive the goods, the seller will receive the money.

The above example is a centralized system because all guarantee work is handled by Bora, a third-party payment company. Suppose one day Alipay wants to tamper with data, neither buyers nor sellers can do anything because all authority is in the hands of one company.

At this time, a distributed database is needed. This third party is no longer Alipay, but thousands of monitors. When you buy a mobile phone on Taobao, you will shout to everyone that I am going to XXX to buy a mobile phone, and I paid XXX yuan. The other person will yell like everyone else. I collected XXX’s mobile phone bill and sent it over. In this way, everyone knows about this transaction and everyone is recording this transaction, so it is useless if one or two nodes have problems or malicious behavior, because most nodes have recorded this matter.

(B) Blockchain uses encryption technology to ensure data security

There are two important points here: 1. Crypto-enabled hash function 2. Asymmetric encryption.

If you are interested in specific concepts, you can go online, but people without basic knowledge may not be able to understand it, because these two points are too professional. In fact, if you only know the use of blockchain, you don’t need to have an in-depth understanding of it. It is also a technical concept. All you need to know is that blockchain relies on these technical points to ensure data security and is not easily tampered with. Of course, many people say, damnThese two points can guarantee 100% no tampering. I want to be a little conservative here. As an author who works in the security industry, I have always been skeptical about 100% security, so it may be more appropriate to call it difficult to be tampered with.

I will briefly introduce these two concepts and try to explain them clearly in plain English.

1. Cryptographic Hash Function

This is mainly used to verify the integrity of information. For example, I sent a message to the company leader saying that I was sick on Friday and needed to take a day off. At this time, a hash value will be generated based on the message I sent, such as: 123456. At this point, when the leader receives this message, a hash value is also generated. Because the content of the message I sent has not changed (it has not been tampered with), the hash value remains unchanged, still: 123456. This is if someone wants to tamper with this news and get sick on Friday and need to take a year off. At this time, the hash value will change, such as: 123489. That's when we learned our information had been tampered with.

2. Asymmetric encryption

It is mainly used for information encryption and authentication. It is actually two keys, one is called the public key and the other is called the private key. Public key encryption, private key decryption.

A public key is a key that everyone has. You own it, I own it. We can all encrypt with this key, but when decrypting it must be decrypted with my private key. If you don't have my private key, you can't decrypt it.

(C) The blockchain uses a consensus algorithm to reach consensus on new data.

The role of the consensus algorithm is to enable all nodes to reach a consensus on the new block. In other words, everyone must approve the new block.

For a centralized deployment system, this is simple, everything is controlled by the center, but in the distributed system of the blockchain, it is very complicated. For example, there are three nodes. A said he bought a mobile phone from XXX store and paid for it, B said he didn’t pay, and C said he didn’t pay enough. Then who do you listen to? What's more, blockchain technology is not as simple as three nodes, but a huge distributed system.

This is when a solution is needed. There is a corresponding problem in computer science called the "Byzantine Universal Problem" or "Byzantine Fault Tolerance" (BFT). This question was raised not because of Bitcoin, but because of a special background.

Early aircraft had three independent control systems. Why do we need three independent control systems? For example, in an emergency, there is a plane opposite. How to judge whether you should hide? If there is only one system, there is no choice, which is equivalent to centralized deployment. If the system breaks, you're dead. What if one of the two systems breaks? The good ones are said to hide, and the bad ones are said not to hide. The computer cannot judge the final result. Therefore, three independent systems are needed to support it, and the probability of two total failures is still very small. But this only takes into account injuries. What should I do if there is a malicious system? Is three enough? The answer is no, we need four systems to maintain consensus.

The use of blockchain is similar, because it is supported by a huge number of nodes, and each node is an independent system without interfering with each other. We can assume that the number of failed nodes and malicious nodes is limited, so notIt will lead to abnormal consistency of data.

Related questions and answers: What is blockchain? What is the use?

Blockchain is a new computing paradigm and distributed infrastructure that uses fast chain data structures, distributed node consensus algorithms, cryptography and smart contracts based on automated script code to produce, verify, store and transmit data. It can also be said that blockchain is a distributed ledger technology that can provide a decentralized trust mechanism in a non-trust environment, allowing multi-party participants to conduct secure and trust-based transactions without intermediaries.

The core advantage of blockchain technology is decentralization. It can realize decentralized credit-based transactions in a distributed system where nodes do not need to trust each other by using data encryption, timestamps, distributed consensus and economic incentives. Point-to-point transactions, coordination and collaboration provide solutions to the common problems of high cost, low efficiency and insecure data storage in centralized institutions.

The fields of use of blockchain include digital currency, certificates, finance, anti-counterfeiting and traceability, privacy protection, supply chain, entertainment, etc. With the popularity of blockchain and Bitcoin, many related top domain names have been registered. It has had a relatively large impact on the domain name industry.

Related Q&A: Can you explain to me what a blockchain is in an easy-to-understand way?

Er Gazi is my friend since we were young, and we were naked in Hegou together. Later, I came to the city to study and work, and lived a life as a drifter in the north; he farmed at home and did some small business, and now he has a son and a daughter, and his life is safe. He envied my so-called "seen the world", and I envied his simple life without the pressure of mortgage loans. We have completely different and mutually enviable lives??

That day, Gazi came to me on WeChat and asked "District" What is a blockchain?" I was stunned for a moment, how could this idiot care about such an avant-garde word? I pretended to be calm and prepared to talk about the technical principles bit by bit, but I could see the confused expression of that idiot through the screen of my mobile phone. How to explain "what is blockchain" to people who have a little bit of Internet concepts and technical foundation? This seems to be a very thorny problem??

The village commissary interprets the core of blockchain (picture quoted from the Internet)

The core essence of blockchain is "decentralization", and almost all operating modes of blockchain operate around the concept of "decentralization". Once you understand what "decentralization" is, you can basically explain the question "what is a blockchain?" For Erga, of course, he must perform a version that he can understand.

“I said, Gazi, are you still open that canteen at the east end of the village?” Gazi answered yes. I decided to use this canteen as an example to explain the actual use of blockchain in modern business and financial models. Scenario, so that he can better understand what blockchain is.

"Are there still many villagers who take credit now? By the end of the year, some of the accounts cannot be remembered clearly, and there are still many defaulters or those who refuse to accept their accounts?" At this point, Ergazi got emotional and kept complaining. Nowadays, people's hearts are not as old as before, and business is difficult to do!

"The operation mode of your canteen in the past was a typical one.With centralization, you grant credit to the villagers and all accounting is done directly through you and our villagers. You are the center of all accounting. " Ergazi said he understood and let me continue.

I said: "If you fail one day, then all the debts will become dead debts? It is estimated that it will be difficult to get back the IOUs written in black and white. Forget about remembering those accounts verbally, but the decentralization of the blockchain can solve this problem very well. As long as the earth still exists, then the blockchain will remember that every account will exist forever." Erga became more energetic after hearing this.

The essence of the blockchain is "decentralization"

"The The essence is decentralization. Once someone takes credit from you, all the neighbors in the village will help you keep accounts. Because there are many nodes for accounting, it is neither easy to make mistakes nor others can refuse to pay, so everyone reaches a consensus. If someone maliciously fails to repay the debt, the whole village will know his character, and no one will be willing to have financial dealings with him in the future??"

Speaking of this, Gazi was obviously a little excited. It seemed that he was I was really worried about the credit issue. Seeing that Gazi was interested, I also felt a small sense of accomplishment and continued: "Of course, the above is just an analogy. In fact, the blockchain does not really allow villagers to get paper. The pen helps you keep accounts, but it is done through the Internet and computer networking. "

At this time, Gazi was a little confused and asked: "Then what others bought from me, wouldn't everyone in the village know it? Then who would buy things from me? There is really no privacy at all. And you don’t have time to keep accounts here. Last year’s accounts are said to be this year’s. What if you keep procrastinating? "

"Okay, Gazi, your question is on point. "It seems that Gazi is not stupid at all, and he is very shrewd in doing business. I continued to explain: "So, the recording and transmission of this information are all done through encryption. What you see is a picture of numbers and English. String, and each account has a timestamp to record the time of occurrence, which cannot be relied on. "

Gazi had another question: "Is it possible that the people who owe the debt have a good relationship with the villagers, and they join forces to tamper with the accounting? Then you won’t be able to explain clearly at that time??”

“Gazi, that’s all you have, haha. "I understood Gazi's concerns and continued to explain: "The mechanism of the blockchain requires more than 51% of people to agree to tamper with a bill. Everyone has a degree of closeness and distance between them, and it is impossible for everyone to favor the same person. If it were a computer, more than half of the computers on the entire network would need to recalculate. This project would be so huge that it would be almost impossible to complete??"

In this way, through the actual situation of the canteen and combined with some scenes in life, Gazi understood What is in the blockchain: decentralization, distributed accounting, consensus mechanism, encryption mechanism, timestamp, and the characteristics of being difficult to tamper with.

Ergazi was silent for a moment, seeming to be digesting the example I just gave him. I don’t know how much he can understand the example. Not long after, he sent me a voice message on WeChat: “What does blockchain mean? In the past, when I bought goods online and paid for them, I had to go through Jack Ma’s house.. If there is a blockchain, can we directly trade with the seller? Anyway, the accounting is very safe. "

"Okay, Gazi, it's really clear at first glance. Blockchain is essentially a decentralized distributed ledger data cloud. Of course, it can be understood according to your understanding. "I'm very happy that Gazi can roughly appreciate the true charm of the blockchain. Fortunately, my words have not been in vain.

What is Bitcoin? (Picture quoted from the Internet)

"Then Bitcoin What is this thing again? What does it have to do with blockchain? "Gazi asked.

I thought about it briefly and decided to continue to explain to Gazi with the story of the canteen: "In your canteen, the villagers can't keep accounts for you for free all day long. Do you have to carry some during the holidays? This is the reward mechanism of the blockchain, and everyone who participates in bookkeeping may receive rewards. "

"Then what are the rewards based on? There has to be a rule, right? "Gazi asked very puzzled.

I explained: "Zhang San went to your store to borrow a pack of cigarettes on credit, but Li Si knew about it first and helped you keep an account first, and then other people knew about it. Keep accounts, then Li Si will be able to get a small red flower as a reward ~ This small red flower is generated by the blockchain system and has no value in itself, so you do not need to pay any cost for this small red flower??"< p>“Can Bitcoin be spent as money? How is it different from the banknotes we usually spend? "Gazi continued to ask.

"Bitcoin is a digital encrypted virtual currency. In principle, it has no value itself like our banknotes. However, banknotes have a credit guarantee from the state, so they have value. Bitcoin is the value formed by consensus among Bitcoin network users, and it has tradable properties, so it can be used to carry value. "What is said here is a bit profound. I don't know if Gazi can understand it.

I continued to explain: "Banknotes can be printed infinitely. If more are printed, inflation will occur. When we were young, popsicles worth 1 cent were very good. , now you can’t eat with 1 yuan. Of course, there are many factors that affect inflation. The number of Bitcoins is fixed, and there is no possibility of unlimited over-issuance. However, different people have different judgments on their value, and coupled with the influence of supply and demand and investor sentiment, their prices are always fluctuating. ”

What is the difference between Bitcoin price fluctuations and stocks?

“So is speculating in Bitcoin just like speculating in stocks? Can you understand it this way? "Gazi seems to know a lot.

"In fact, there are some similarities, but there are also big differences. "I continued Gazi's topic: "The price of stocks always fluctuates around the valuation of companies, and there is government supervision in the stock market. Bitcoin itself has no value. It is priced entirely based on supply and demand and player valuations. It grows wildly without any government supervision. Therefore, it may have higher risks and higher returns than stocks. "

In the end, Gazi revealed the real purpose of today. He asked me: "Can I invest in blockchain projects? ”

Gazi is a typical example of someone who doesn’t go to the Three Treasures Hall for nothing. I’m sorry.In a large circle, both blockchain and Bitcoin are involved. In fact, the question he is really concerned about is "Is investment in blockchain projects reliable?" When these words came out, I was extremely shocked. Nowadays, the so-called zone Blockchain investment projects have actually reached fourth- and sixth-tier cities and small towns!

Up to now, there are only three situations in investing in blockchain: mining, currency speculation, and so-called blockchain projects.

Mining and currency speculation are still the main lines of the blockchain (pictures quoted from the Internet)

The so-called mining is to obtain returns by purchasing mining equipment such as mining machines, mining virtual currencies, and then selling them for cash. . You can install the mining machine yourself, or you can find a mining pool to host it, but the core keys to profitability are "computing power" and "power consumption" as well as investment in equipment. With the sharp drop in the price of virtual currencies and the increase in mining difficulty, the current mining returns of many currencies are very unsatisfactory. Mining is obviously something only a very small number of investors who understand technology can do well, and my childhood friend Gazi obviously can’t do it.

As for "coin speculation", I have just introduced some differences between Bitcoin and stocks in the previous section. In principle, although they are both "buy low and sell high" operations, they are very different. Ordinary investors cannot determine the value of a virtual currency itself. The price is determined entirely by the relationship between supply and demand, which is somewhat similar to what we often call "market makers." On the other hand, the virtual currency trading market is extremely unstandardized, and fraud and hacker attacks often occur. The risk factor is much greater than investing in stocks. For the safety of my friends' funds, I am one of the ten thousand people who disagree with me and come to "speculate in coins"!

The "September Fourth Movement" stipulated that the issuance of virtual currency is illegal

In fact, in my opinion, most of the so-called investment projects in the market are essentially "illegal fund-raising" and "pyramid schemes." Some so-called blockchain investment projects attract investors into the circle through various packaging and inflammatory rhetoric, and then create the illusion of profitability by building a software and hardware ecosystem of issuing new coins + mining + currency speculation, and then finally run away. Our country's laws clearly stipulate that the issuance of virtual currencies is illegal.

Illegal pyramid schemes now wear the cloak of blockchain (picture quoted from the Internet)

And how to identify some pyramid schemes under the guise of blockchain? In fact, these pyramid schemes are also so-called Ponzi schemes, what we people often call "empty gloves." These so-called "direct sales" or "marketing" activities often have no actual products to circulate, and rely more on developing "downline" to ensure top-level profits. With the rise of the concept of blockchain, this MLM model has shown an intensification trend, and it even deceives people under the banner of state support for new technologies.

When Gazi asked, “Can blockchain projects be invested in?”, I realized the seriousness of the problem. Gazi is a typical young man from a small town, and his pursuit is his wife and children. But when faced with the attraction of "wealth", people often do inappropriate things. Mining and currency speculation are simply not suitable for him, let alone blockchain investment projects that are most likely "illegal financing" or "illegal pyramid schemes"!

I quickly called Gazimade a phone call and conducted the above analysis carefully??

H. What is blockchain technology and how does it change business and financial models

What is blockchain technology? , how does it change business and financial models? Joining the EU and NATO is just a cake-cake given by the West to satisfy hunger. In fact, at least in the current conflict between Russia and Ukraine, and before Russia and Ukraine fail to completely resolve the border issue, the dreams of the EU and NATO are just a dream for Ukraine! In Zhuang Ci's view, the positioning of basic subject research centers should be high enough and can be built on the basis of research institutes or universities with good foundations. The government should provide sufficient and stable support funds. An ideal operating model is to follow the example of Japan. "World's Top International Research Center (WPI)" program.

I. Application of Blockchain in the Financial Field

1. Application and Development of Blockchain

Some Internet, Internet start-ups and traditional finance The industry has begun to try and apply blockchain in some projects

2. Domestic financial institutions are testing the waters of blockchain

Various financial institutions are testing the waters one after another, and they are basically in the conceptual experimental stage and have not yet Large-scale commercial use.

3. Panoramic view of blockchain application in the financial field

4. Ghostwriting

5. Digital bills

Bills are an important financial product in the financial market. They have dual functions of payment and financing. They are of high value and bear bank credit or commercial credit. Once a bill is issued, its face amount, date and other important information cannot be changed. Bills also have circulation attributes and can be accepted, endorsed, discounted, rediscounted, collected and other transactions within a specific life cycle. Once the transaction is completed, the transaction cannot be revoked. There are two characteristics in the circulation of bills: First, the circulation of bills mainly occurs through bank acceptance bills, and the number and circulation of commercial acceptance bills are small; second, each bank independently conducts credit granting and risk control on the bill business, and a single bank's Risk control results may affect other participants in the bill market transaction chain.

The experimental production system of the digital bill trading platform uses SDC (Smart Draft Chain) blockchain technology to protect privacy with the help of homomorphic encryption, zero-knowledge proof and other cryptographic algorithms. Byzantine Fault Tolerance Protocol (PBFT) conducts consensus and uses a see-through mechanism to provide data monitoring.

The experimental production system includes four subsystems: stock exchange, bank, enterprise and monitoring: the stock exchange subsystem is responsible for managing the blockchain and monitoring the digital bill business; the bank subsystem has Digital bills have business functions such as acceptance and receipt, discount signing, rediscounting, and collection and repayment; the enterprise subsystem has business functions such as issuance, acceptance, endorsement, discounting, and prompt payment of digital bills; the monitoring subsystem monitors the status of the blockchain in real time and business happenings

6.