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㈠ As time passes, what is the core of the blockchain economy?

Since the birth of Bitcoin, more than 1,600 blockchains have appeared around the world. A kind of virtual currency, a huge industrial chain ecosystem has been formed around the generation, storage and transaction of virtual currency. But overall, the industry is still in its infancy and is still far from the real value application area.

The core of the blockchain economy lies in the reconstruction of business logic and organizational form, so it is necessary to obtain application examples in multiple industries to demonstrate its value. This article will explore the business models of blockchain applications 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 significance of blockchain is that it has established decentralized trust from a technical level for the first time and realized a completely distributed credit system.

Secondly, blockchain solves the problem of value exchange:

Traditional networks can realize point-to-point transmission of information, but cannot realize 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.

Application of blockchain

Currently, there are two main modes of blockchain application:

1) Native type Blockchain applications: directly based on decentralized blockchain technology, realizing applications such as value transfer and transactions, such as digital currency;

2) "Blockchain+" model: combining traditional scenarios with Combined with the underlying protocol of the blockchain to improve efficiency and reduce costs. It is expected that the application 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 a business model for blockchain applications 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: first, online payment, including electronic account payment and international credit card payment, suitable for retail small amounts; second, bank paymentThe remittance mode is suitable for large-amount transactions; both have problems such as long arrival cycles, high fees, and low transaction transparency. 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 costs, 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, without the need for a third-party credit enhancement agency Identify the authenticity of various relevant vouchers in the supply chain, thereby reducing financing costs and shortening the financing cycle. For example, in April 2017, the listed company Yijian and IBM China Research jointly launched the blockchain supply chain financial service system "Yijian Block". The system focuses on pharmaceutical scenarios and currently has more than 30 pharmaceutical distribution companies. Successfully registered in the "Yijian Block", as of the end of July, the number of transactions had been close to 8,000, and the total investment amount exceeded 100 million yuan.

3. Digital Bills

The pain point of the digital bill industry lies in the long-standing problems of "false bills" and "one vote selling more than one", which have brought challenges to the bill financing business of the banking industry. risk.

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 problem of double Spending money can avoid "one ticket selling too many". 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 underlying capitalProduct authenticity cannot be guaranteed.

The role of blockchain:

Blockchain introduces attributes such as existence proof, non-tamperability, and consensus mechanism for asset securitization, which can monitor the true situation of assets in real time and solve the problem of It solves the problem of trust of all parties in the transaction chain in the underlying assets. 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: Users It is difficult to choose an insurance product that suits you, and 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 targets Information is managed uniformly on the blockchain and 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, making it difficult to accurately characterize the credit status of individuals or institutions; in addition, There is also the issue of how to protect user privacy during the data collection process.

The role of blockchain:

The blockchain has the characteristics of trustlessness, consensus, and non-tampering. At the technical level, it ensures that effective protection of user privacy can be achieved. Limited, controllable credit data sharing 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 deposits.

As a basic technology, blockchain has great application value in many industries with distributed processing, peer-to-peer transactions, and rapid establishment of trust relationships. Its core is to solve the credit problem and realize the point-to-point transmission 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 applications to realize the reconstruction of business logic in order to create new application scenarios or improve efficiency. cut costs.

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.

㈡ What is blockchain finance? What does blockchain finance mean?

Blockchain finance is actually the application of blockchain technology in the financial field.

Blockchain is an underlying technology based on Bitcoin, and its essence is a decentralized trust mechanism. Collectively maintain a sustainable growing database through sharing among distributed nodes to achieve information security and accuracy. The application of this technology can solve the trust and security issues in transactions. Blockchain technology has become an optional direction for the future upgrading of the financial industry. Through the blockchain, both parties to the transaction can carry out economic activities without resorting to third-party credit intermediaries. activities, thereby reducing the cost at which assets can be moved around the world.

(2) Extended reading on Bank of Guiyang’s blockchain product ticket chain:

Since 2016, major financial giants have also taken notice of the trend and started to carry out Blockchain innovation project explores the possibility of applying blockchain technology in various financial scenarios. In particular, Puyin Group took the lead in pioneering the “blockchain+” standard digital currency. Standardized digital currency is an asset that has been completed by a third-party organization through processes such as identification, evaluation, ownership confirmation, and insurance. It is written into the blockchain through rigorous digital algorithms to form a standard corresponding relationship between assets and digital currency, which is called standardization. Digital currency.

In order to realize the great leap forward development of blockchain finance, in order to promote the new development of China’s economy, accelerate the circulation of global assets, and realize the dream of rejuvenation that generations of people have been striving for, Puyin Group will launch in December 2016 The Puyin Blockchain Finance Guiyang Strategy Release Ceremony was held in Guizhou on the 9th. At the meeting, the digital circulation of assets realized by blockchain, the blockchain financial transaction model, and the application of blockchain services and social public industries will be discussed. Explore.

(iii) How blockchain technology is applied to the banking industry

The biggest feature of blockchain technology is decentralization, and this feature will reduce a lot of costs for the banking industry.

First of all, decentralization means that intermediaries are no longer needed to establish a trust mechanism between banking systems, saving intermediary costs.

Secondly, the development of digital currency will make it possible to realize real-time digital transactions in banks. For example, in bill transactions, bank bill transactions have always relied on a third party to realize the transfer of valuable certificates. Even electronic bill transactions require interactive authentication through information from the central bank's ECDS system. Blockchain technology can realize point-to-point value transfer and no longer requires centralized system control. This not only speeds up the speed of ticket transfer, but more importantlyWhat's more, it can reduce errors caused by human factors. The reduction in processes will naturally reduce the bank's demand for personnel and save the bank's labor costs.

Finally, it will also have an impact on clearing and settlement. The bank's clearing and settlement business has always been completed by central clearing, which is inefficient. Settlement through blockchain technology will greatly improve the efficiency of banks.

Blockchain technology also plays a major role in banks’ cross-border payment services. Today, when global trade is highly developed, cross-border payments are becoming more and more frequent, and banks often act as third-party services in cross-border trade, such as electronic transfers, asset custody, etc. However, cross-border payments generally take about 2 days to arrive, which is very inefficient and reduces the utilization of funds in transit. In blockchain technology, both parties of cross-border payments can be completed in a point-to-point manner, achieving round-the-clock payment and real-time arrival, thereby speeding up clearing and settlement, thereby improving the efficiency of bank processing business.

Another feature of blockchain technology is de-risking. Banks can build their own blockchain, which can ensure that bank customers’ transaction information and transaction records are true and valid and will not be compromised. Without any tampering, the bank can effectively identify the customer's information, understand all aspects of the customer's situation, identify the customer's abnormal transactions, and prevent being deceived by the customer, thus reducing the bank's supervision costs.

㈣ Blockchain tickets are jointly maintained by all nodes on the blockchain

Each node on the alliance chain. Blockchain tickets are jointly maintained by all nodes on the Xingxiaohe Alliance chain. The on-chain data is recognized by all nodes and is completely recorded, cannot be tampered with, and can be traced. "Blockchain + Bill" is a new type of bill based on blockchain technology and based on the attributes of current bank bills and merchant bills, laws and regulations, bill supervision regulations and market demand.

㈤ Explain blockchain in vernacular

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

Recently, various ICO financial scams have been blocked in China, but this 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 that these two points can guarantee 100% non-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

is mainly used for information encryption and authentication. It is actually two keys, oneOne 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 it will not cause 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. The popularity of blockchain and Bitcoin cannot be overstated.Few relevant top domain names have been registered, which 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!

"In the past, the operation model of your canteen was a typical centralized one. You granted credit to the villagers and allowed them to take accounts on credit. All accounting was done directly through you and our villagers. You were the center of all accounting affairs." Ergazi said I understand, let me continue.

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

The essence of blockchain is “decentralization”

“The essence of blockchain is decentralization. Once someone takes credit from you, all the neighbors in the village will help you keep accounts. Because of the accounting There are many nodes, and it is neither easy to make mistakes nor others to default on the debt, so everyone reaches a consensus. If someone maliciously fails to pay back the debt, the whole village will know his character, and no one will be willing to have financial transactions with him in the future? ?”

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

At this time, Gazi was a little confused and asked: "Then everyone in the village knows what others bought from me, so who would buy 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 delaying it?"

"Okay, Gazi, you are on to the point with this question." It seems that Gazi is not interested at all. Silly, he is still very smart when it comes to business. I continued to explain: "So, the recording and transmission of this information are all done through encryption. What you see is a string of numbers and English, and each account has a timestamp to record the time it occurred. , can't be relied on."

Gazi had another question: "Could it be that the people who owe the debt have a good relationship with the villagers, and they join forces to tamper with the accounting? Then it will be unclear what to say? ?”

“Gazi, that’s all you have to be careful about, 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. Yes. There is a degree of closeness and distance between people, and it is impossible for everyone to prefer one person. If it were a computer, more than half of the computers in the entire network would need to recalculate. This project is so huge that it is 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 Resistant to tampering.

Ergazi was silent for a moment, as if he was digesting the example I just gave him, and I don’t know how much he can understand it. Not long after, he sent me another 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 it be done directly?" When trading with sellers, bookkeeping is very safe anyway."

"Okay, Gazi, it's really clear. Blockchain is essentially a decentralized distributed ledger data cloud. Of course, it can be understood as you understand it. "." I am very happy that Ga Zi can roughly appreciate the true charm of blockchain. Fortunately, my words have not been in vain.

What is Bitcoin? (Picture quoted from the Internet)

"Then what is Bitcoin? What does it have to do with the blockchain?" Gazi asked.

I thought about it briefly and decided to continue explaining the story of the canteen to Gazi: "In your canteen, the villagers can't keep accounts for you for free all day long. Do you have to bring something to visit during the holidays? Yes, 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 must be a rule, right?" Gazi asked very puzzled.

I explained: "Zhang San went to your store to buy a pack of cigarettes on credit, but Li Si knew about it first and kept an account for you first, and then others found out.Just start keeping accounts, then Li Si will 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?? "

"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 those who don’t go to the Three Treasures Hall for anything. Although there is a large circle of people who are involved in both blockchain and Bitcoin, in fact, what he really cares about is “blockchain project investment” Is it reliable? "As soon as these words came out, I was extremely shocked. Now the so-called blockchain investment projects have actually reached fourth- and sixth-tier cities and small towns!

As of now, there are only three types of blockchain investments. Situation: Mining, currency speculation, 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 means mining by purchasing mining machines, etc. Equipment, mine virtual currency, and then sell and realize it to get returns. 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 only a very small number of investors who understand technology can play successfully. I My childhood friend Gazi obviously can’t play with it.

As for “coin speculation”, I have just introduced some differences and principles between Bitcoin and stocks in the previous section.Generally speaking, although they are all performing the operation of "buy low and sell high", 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 Gazi and conducted the above analysis carefully??

㈥ How to define blockchain and what are the application scenarios of blockchain

Now Many people think that blockchain is a universal technology that can do anything. This is a bit of a myth about blockchain technology!
Regarding the definition of blockchain technology, American scholar Melanie Swann defined blockchain technology as an open, transparent and decentralized technology in her book "Blockchain: A New Economic Blueprint and Introduction" database.

Definition of Blockchain: Narrow VS Broad

As for the application scenarios of blockchain technology, it is natural to combine the differences between blockchain and other technologies. In terms of system characteristics.

Blockchain technology features include:

Blockchain is a global A database storage system that can operate in various places and coordinately is different from traditional database operations.Operation - read and write permissions are in the hands of a company or a centralized authority (centralized characteristics). Blockchain believes that anyone with the ability to set up a server can participate. Nuggets from all over the world have deployed their own servers locally and connected to the blockchain network to become a node in this distributed database storage system; once joined, the node enjoys exactly the same rights as all other nodes and obligations (decentralized, distributed characteristics).

At the same time, people who provide services on the blockchain can perform read and write operations on any node in the system. In the end, all nodes around the world will complete the process again and again according to a certain mechanism. Synchronize in sequence to achieve complete consistency of data in all nodes in the blockchain network.

At the beginning of this year, the term blockchain began to enter everyone’s lives. From national leaders to aunts who dance square dances, everyone knows this term. This term is widely known by Bit Brought by coins.

As we all know, the first few dozen bitcoins could only be exchanged for one pizza. At its peak, it was more than 20,000 US dollars each, which has skyrocketed by more than a thousand times, which has also benefited a large number of wealthy people. Currently, there are blockchain The virtual currency generated by technology is gradually entering into everyone's life, and many people have joined the ranks of currency speculation. I often hear people say that if you buy the right currency a hundred times, a bicycle will become a sports car, and one coin will turn a young model. You can imagine how many of them are involved. Attractive.

Since 2008, various games applying blockchain technology have also become popular, such as development games (Network Letts Dog, 360 Block Cat), mining games (NetEase Planet, Virtual Earth, Gongxinbao), these are attracting everyone to join in the name of blockchain, and of course there are some that are really reliable, which requires everyone to identify them carefully.

Blockchain is a distributed ledger (database) that connects data blocks in an orderly manner and cryptographically ensures that it cannot be tampered with or forged. technology. In layman's terms, blockchain technology can achieve openness, transparency, non-tampering, non-forgery, and traceability of all data information in the system without the need for third-party endorsement. As an underlying protocol or technical solution, blockchain can effectively solve the problem of trust and realize the free transfer of value. It has broad prospects in the fields of digital currency, financial asset transaction settlement, digital government affairs, and certificate deposit and anti-counterfeiting data services.

Digital currency

After experiencing physical objects, precious metals, banknotes and other forms, digital currency has become the development direction of the digital economy era. Compared with physical currency, digital currency has the characteristics of easy portability and storage, low circulation cost, convenient use, easy anti-counterfeiting and management, breaking geographical restrictions, and better integration.

Bitcoin technically implements an electronic cash system in which both parties to the transaction can directly transfer funds to each other without the need for third-party transfer or arbitration. In June 2019, the Internet giant Facebook also released itsCryptocurrency Libra White Paper. Whether it is Bitcoin or Libra, the underlying technology they rely on is blockchain technology.

my country began the development of central bank digital currency as early as 2014. my country's digital currency DC/EP adopts a two-tier operating system: the central bank does not directly issue digital currency to the public. Instead, the central bank redeems the digital currency to various commercial banks or other legal operating institutions, and then these institutions exchange it for public supply. its use. In early August 2019, the central bank held a video conference on work for the second half of the year. The meeting called for accelerating the pace of research and development of the national legal digital currency.

Financial asset transaction settlement

Blockchain technology naturally has financial attributes, and it is causing disruptive changes in the financial industry. In terms of payment and settlement, under the blockchain distributed ledger system, multiple market participants jointly maintain and synchronize a "general ledger" in real time. Payment, clearing, and settlement that currently take two or three days can be completed in just a few minutes. tasks, reducing the complexity and cost of cross-bank and cross-border transactions. At the same time, the underlying encryption technology of the blockchain ensures that participants cannot tamper with the ledger, ensuring that transaction records are transparent and safe. Regulators can easily track on-chain transactions and quickly locate high-risk capital flows. In terms of securities issuance transactions, traditional stock issuance processes are long, costly and complex. Blockchain technology can weaken the role of underwriting institutions and help all parties establish a fast and accurate information exchange and sharing channel. Issuers handle issuance on their own through smart contracts, and regulatory authorities With unified review and verification, investors can also bypass intermediaries and conduct direct operations. In terms of digital bills and supply chain finance, blockchain technology can effectively solve the financing difficulties of small and medium-sized enterprises. It is difficult for current supply chain finance to benefit small and medium-sized enterprises in the upper reaches of the industrial chain, because they often do not have direct trade relations with core enterprises, and it is difficult for financial institutions to evaluate their credit qualifications. Based on blockchain technology, we can establish a consortium chain network covering core enterprises, upstream and downstream suppliers, financial institutions, etc. The core enterprises issue accounts receivable vouchers to their suppliers. After the bills are digitized and uploaded to the chain, they can be uploaded to the supplier Transfer between them, each level of supplier can realize the corresponding amount of financing with the digital bill certificate.

Digital Government Affairs

Blockchain can make data run and greatly streamline the service process. The distributed technology of blockchain can allow government departments to concentrate on one chain, and all service processes are delivered to smart contracts. As long as the service personnel pass the identity authentication and electronic signature in one department, the smart contracts can be automatically processed and transferred, and the subsequent steps can be completed in sequence. All approvals and signatures. Blockchain invoice is the earliest application of domestic blockchain technology. The tax department launched the "Tax Chain" platform for blockchain electronic invoices. The tax department, the issuer, and the payee join the "Tax Chain" network through unique digital identities, truly realizing "instant invoicing for transactions" and "instant reimbursement after invoicing" - in seconds Level invoicing and minute-level reimbursement accounting significantly reduce tax collection and management costs, and effectively solve data tampering, over-reporting of one ticket, and tax evasion.Tax and other issues. Poverty alleviation is another practical application of blockchain technology. Utilize the characteristics of openness, transparency, traceability, and non-tampering of blockchain technology to achieve transparent use, precise investment, and efficient management of poverty alleviation funds.

Evidence-based anti-counterfeiting

Blockchain can prove the existence of a file or digital content at a specific time through hash timestamps, and it is open, non-tamperable, and traceable. It provides perfect solutions for judicial forensics, identity certification, property rights protection, anti-counterfeiting and traceability, etc. In the field of intellectual property, the digital signature of blockchain technology and on-chain certificates can confirm the rights of text, pictures, audio and video, etc., and create and execute transactions through smart contracts, allowing creators to regain pricing power and preserve data formation in real time. The evidence chain covers the three major scenarios of rights confirmation, transaction and rights protection. In the field of anti-counterfeiting and traceability, blockchain technology can be widely used in various fields such as food and medicine, agricultural products, alcohol, and luxury goods through supply chain tracking.

Data services

Blockchain technology will greatly optimize existing big data applications and play a huge role in data circulation and sharing. In the future, the Internet, artificial intelligence, and the Internet of Things will generate massive amounts of data. The existing centralized data storage (computing model) will face huge challenges. Edge storage (computing) based on blockchain technology is expected to become a future solution. Furthermore, the non-tampering and traceability mechanism of blockchain ensures the authenticity and high quality of data, which becomes the basis for all data applications such as big data, deep learning, and artificial intelligence. Finally, blockchain can realize multi-party collaborative data calculations while protecting data privacy, and is expected to solve the problems of "data monopoly" and "data islands" and realize the value of data circulation. In response to the current blockchain development stage, in order to meet the blockchain development and application needs of general business users, many traditional cloud service providers have begun to deploy their own BaaS ("Blockchain as a Service") solutions. The combination of blockchain and cloud computing will effectively reduce enterprise blockchain deployment costs and promote the implementation of blockchain application scenarios. In the future, blockchain technology will also play an important role in many fields such as charity, insurance, energy, logistics, and the Internet of Things.

The three words "blockchain" were completely ignited during the Spring Festival that just passed. The limelight overshadowed everything. Some people said that this was the arrival of a new era. The past It has become a classic, and some people say that it is all hype and is ultimately a bubble.

In fact, blockchain technology is not a new concept. It has been applied to many industries, such as electronic signatures, as early as the past two years. Recently, the third-party electronic signature platform eShanbao revealed the latest progress of blockchain applications to NewSeed.

Currently, blockchain technology is mainly used in e-signing products for certificate deposit and certificate issuance. The application scenarios include copyright protection and online signing. ,Web page forensics, phone recording, email storage, etc.

Take the rights protection of online works as an example. Since online rights protection generally adopts the method of collecting evidence after the fact, real-time confirmation of rights is not carried out in the process of evidence generation, so the entire confirmation process is difficult. The copyright process is time-consuming, difficult and costly to obtain evidence, and extremely difficult to prove and trace the source. It cannot meet the characteristics of rapid dissemination and large quantity of online works.

eShanbao's new intellectual property protection solution based on timestamp + blockchain starts from the user's real-name authentication and solidifies the information generated during the real-time solidification process. Electronic data, and through the time source service synchronized with the National Time Service Center, online works are stamped with legally valid timestamps to prove that electronic files have not been tampered with in a certain period of time. Blockchain technology can establish point-to-point trust in the network, ensuring that all blockchain nodes can record complete copyright confirmation and transaction records, and can trace their origins, truly realizing anti-repudiation and anti-tampering, and realizing a kind of distribution. trust infrastructure.

Founder and CEO Jin Hongzhou believes that the application of decentralized blockchain technology has greatly improved the efficiency of data storage and certification, and The credibility of the identity of the parties reduces the cost of trust, but it cannot replace the original centralized public key encryption technology. The two should complement each other. Through the combination of the two, it can provide users with real-time and reliable Confirmation plan.

Next, e-Shanbao will also focus on building a smart contract platform based on blockchain technology. Jin Hongzhou said that data storage, Issuing certificates is only a relatively superficial application based on blockchain technology. It is the first step to implement blockchain technology, and the realization of real smart contracts is the second step. "Smart contracts cannot simply be understood as electronic contracts. They refer to a process, from the conclusion of the contract to the confirmation to the final execution." Jin Hongzhou explained.

From a technical perspective, blockchain is not a brand-new technology, but a new application model of computer technologies such as distributed data storage, point-to-point transmission, consensus mechanisms, encryption algorithms, and smart contracts. Specifically, blockchain technology is a technical solution that collectively maintains a reliable database in a decentralized, high-trust manner.

Due to its advantages such as "decentralization", "distributed data storage", "traceability", "anti-tampering", and "openness and transparency", blockchain technology can effectively solve data problems. By establishing a trustworthy data management environment, we can prevent and avoid various data management problems such as data fraud, tampering, and loss, and promote the efficient sharing and application of data. In the process of practice and exploration, the application scope of blockchain technology continues to expand, especially in the field of public resource transactions, and continues to empower public resource transaction management.Serve.

Facilitate transaction data sharing and transaction witnessing

Facilitate transaction data Share

Currently, the data of different trading centers are not interoperable, and the subject information of different trading centers needs to be entered repeatedly. It is difficult to verify the off-site performance provided by the bidders during the bid evaluation process. It is difficult to troubleshoot the same person repeatedly serving as project manager. Issues such as low cost of breach of trust. Establishing a cross-regional subject database based on blockchain can well alleviate the above problems.

The distributed ledger feature based on the blockchain can effectively ensure the real-time or quasi-real-time sharing of data, and can reduce the repeated entry of subject information; the use of blockchain information that cannot be tampered with can ensure the data circulation process on the chain. The authenticity of the bidders in the regional alliance is directly obtained from the on-chain data, making it impossible to hide the fake performance. At the same time, the sharing of bidding behavior data through the blockchain provides a data basis for the development of "joint punishment of dishonest enterprises".

Blockchain-based transaction witness

"Guiding Opinions on Deepening the Integration and Sharing of Public Resource Trading Platforms" ( The State Office Letter [2019] No. 41) pointed out the need to optimize services such as witnessing, venues, information, files, and expert extraction. However, at present, public resource transaction process witnessing is mainly based on manual on-site witnessing, which has limited witnessing intensity, high occupation of human resources, and limited witnessing effect. Due to its centralized characteristics, the traditional digital witness system is prone to data tampering, and the data is easily damaged or lost during the storage and migration process, which has certain flaws in terms of security and usability.

Utilize the distributed, difficult to tamper, and traceable characteristics of the blockchain to solidify and store the data generated in each transaction link, and accurately record the data generated through time stamp technology, summary algorithm, and electronic signature technology. Time, content, data source. According to the technical characteristics of the blockchain, simple structured data can be directly saved on the blockchain. For unstructured layout files, videos, audio and other large files, the summary information and original files can be saved through the blockchain. Save via a distributed file storage service. When there are disputes or problems in a transaction, the blockchain can provide a set of credible transaction process data and clarify the responsibilities of all parties involved in the transaction. Achieve the goals of risk prevention and control in all aspects, traceability of the entire process, and improvement of all-round services.

Promote the rationalization of electronic guarantee rates

Promote financial services and corporate financing for bidding enterprises

Promote the rationalization of electronic guarantee rates

At present, electronic bidding deposit guarantee guarantees have certain popularity in the bidding field.The application solves the problem of capital occupation in bidding deposits for bidding companies. However, because financial institutions currently do not have reliable historical bidding behavior data of bidders, they are unable to judge the default risks of different bidders. As a result, the guarantee services charged to bidders adopt fixed rates, which makes a small number of bids with high default risks The cost of personal guarantee is allocated to most bidders with low default risk, which increases the guarantee rates for most bidders to a certain extent.

At present, it is up to the bidder to choose whether to use an electronic letter of guarantee, and the rate is the main choice basis for the bidder. If the bidder performance records are shared through the blockchain and the performance risks of different bidders are analyzed, it will be Different bidders provide different guarantee rates, which not only reduces the risks of financial institutions, but also reduces the use costs of most bidders and promotes the use of bid guarantees. To a certain extent, it can also encourage bidders to abide by their promises and maintain the order of the bidding market. .

Promote financial services for bidding companies

The bidding behavior of bidders is scattered in various trading centers, and the data is simply aggregated In a centralized information system, there is a risk of data tampering (untrustworthy), and valuable bidder transaction behavior data cannot be gathered and shared safely and reliably. Through blockchain technology, bidders from multiple trading centers are gathered, and historical bidding, winning bids, defaults, violations and other behavioral records provide data support for financial institutions to evaluate the bidders' credit in the bidding sub-sector.

Solving the financing problems of successful bidders

Traditional corporate loans mainly evaluate the company's solvency: collateral, audit There are requirements for accurate financial statements and sustained profitability, but most small and medium-sized enterprises cannot provide these "proofs" at all. Difficulty and expensive financing have become problems faced by many small and medium-sized enterprises in bidding activities. Using the methods of the past will no longer work. To solve the financing difficulties of small and medium-sized enterprises, we can only rely on new technologies and new tools. With the help of the non-tamperable characteristics of blockchain, primary business data from multiple trading centers are gathered, and big data analysis technology is combined to build a portrait of a credible bidder. On the one hand, it improves the risk control level of financial institutions and taps high-quality bidding companies. On the other hand, it lowers the loan threshold for bidding companies and optimizes the service experience.

Drawing on the supply chain finance model, the bidder is a core enterprise with good credit in government departments, national enterprises and institutions, and the winning contract obtained by the winning bidder as a supplier is considered by financial institutions to be a high-quality asset. Apply for a loan from a financial institution. Under the traditional paper-based model, there is a risk of order and contract fraud and the process is cumbersome. Centralized information systems require operators to have strong authority. The distributed ledger and difficult-to-tamper characteristics of the blockchain will help solve the above problems. The contract signing between the tenderer and the bidder and the subsequent financial service links will be realized on the blockchain, which not only solves the problem of data trustworthiness but also reduces the risk of corruption. the wholeThe system relies on a centralized authority.

Through further analysis, we found that credit sales are currently prevalent among domestic enterprises, and the upstream suppliers of the winning bidder have a large funding gap. The credit of the bidder can only be passed to the winning bidder (the winning contract cannot be split or transferred), and the upstream suppliers Business owners are unable to obtain high-quality loans from financial institutions. If the winning contract is converted into a "pass" on the chain, the "pass" can be split, and the winning bidder holding the "pass" can pay part or all of the voucher to the upstream supplier, making it discountable and financing. The "tokens" on the chain can be split and transferred from first-level suppliers to second-level (and multi-level) suppliers, thereby allowing core enterprise credit to be transferred to multi-level suppliers. The shortage of funds from suppliers due to credit sales has been solved, improving the business environment; through value transfer through the blockchain, the financing cycle has been greatly shortened; the cost of supplier loans has been reduced, which will help reduce the production costs of raw materials or intermediate products, and ultimately Increase bidders' profit margins and indirectly reduce bidders' costs.

Regarding blockchain, we can imagine a decentralized management model and technical processing method.

Let me give you an example. There are five people in your family, and they have never been able to figure out how to arrange work and handle family relationships.

So, you and your family discuss it together and simply use voting to solve the problem.

Then this way of voting to solve problems can be called the most elementary blockchain.

Decentralization solves problems.

What application scenarios can blockchain have?

In fact, many of our families and many organizations use blockchain management forms every day

However, this kind of blockchain application for organizational relationships cannot produce Economic Value.

What are the economic applications of blockchain?

The first type is used for tax deposit certificates, bank transfers, etc.

Make full use of the traceability function of the blockchain so that all records can be retrieved and queried at any time

The second type is applied to enterprise operation and management

Enterprises using blockchain management can better solve the problems of enterprise development and allow enterprises to Able to develop faster and make more money.

Summary: The application scenarios of blockchain include taxation, bank transfers, etc., and can also be applied to business operations.

The characteristics of blockchain are distributed accounting and decentralization, but the ultimate goal is to make people get along more equally. Technology is meaningful only when it serves human values, and technology that meets human value needs will develop. Therefore, blockchain is in line with human pursuit of freedom and equality, so its trend to become mainstream is unstoppable.

At present, there are many blockchain gimmicks, which are basically used to issue coins. The newly launched ono is a decentralized, free and global social platform. Due to decentralization, your chat communication information is peer-to-peer and cannot be viewed by others. In other words, your every word and deed will no longer be recorded and reviewed at any time like it is now on WeChat, QQ, and Facebook, freeing you from the trouble of surveillance.

In fact, blockchain technology can be used in any field. Information that previously required third-party confirmation can be completed online and confirmed at multiple nodes, making it difficult (almost impossible) to delete.

At present, blockchain is still in its infancy, and the technology is not mature enough, but it is also a better time to enter.

Blockchain is a decentralized technology. Blockchain can be applied to all products currently covered by the Internet.

The most popular application industry at present is the financial industry.

An application that has been implemented is product traceability. Alibaba and JD.com are already using blockchain technology to fully trace the origin of some of the products they sell. Consumers can trace the origin of the purchased products. There are also many blockchain applications in the digital advertising industry. Since digital advertising traffic fraud causes losses of tens of billions of dollars every year, there are already blockchain application projects based on digital advertising, such as DCAD, which is based on blockchain. The digital advertising application of blockchain technology mainly solves the problem of traffic fraud

In the future, as the application of blockchain technology becomes more mature, it will be applied in many industries, creating a new ecosystem based on technological trust. Mode

What is blockchain

If you explain blockchain in non-technical terms, blockchain is a place where data is stored. However, the data stored in the blockchain is safe and reliable and does not need to be managed by anyone. Therefore, in the Internet, a place where data and information explode, having such a place will be like a magical treasure land.

What can the blockchain do?

If you ask what the blockchain can do, it is better to say what applications require the use of the blockchain. As mentioned earlier, blockchain is a safe place, so wherever data needs to be protected securely on the Internet, blockchain technology needs to be used. For example:

Because the use of blockchain technology can better protect the data of policyholders, in today’s Internet, data is value and wealth, so value protection and value transmission are the future development directions of the Internet. And blockchain technology can really do just that.

If there are any deficiencies, you are welcome to comment and correct me.

In a narrow sense, blockchain is a chained data structure that combines data blocks in a sequential manner in chronological order, and is cryptographically guaranteed to be non-tamperable and non-tamperable. Fake distributed ledger.

The parties involved in the transaction do not need to knowYou don’t need to know who the other party is, and you don’t need a third party for trust endorsement. You only need to trust a common algorithm to establish mutual trust and conduct direct transactions.

Its characteristics are trustlessness and decentralization. The destruction of each node's ledger has no impact on the entire blockchain. The blockchain runs point-to-point payments without a center that may cheat, and the security is greatly improved. Improved, the entire transaction network has changed from a star structure to a point-to-point P2P structure.

In the future, blockchain will be used in many fields and will have a great impact on human life. . It can be widely used in fields ranging from digital currency to securities and financial contracts, medical care, games, artificial intelligence, smart contracts, Internet of Things, e-commerce, file storage and other fields.

1. Cloud storage

This is the statistics of current cloud storage on the Internet. In terms of volume, Google has the largest volume, which is 8,000PB. So what if we share the idle data on the Internet?

Starlight Cloud builds a blockchain data computing and storage lake through Starlight Chain, with a total storage capacity of 15,000P (approximately 15,728.64 billion G) in the future. This will be more than 10 times that of Alibaba Cloud's 1500PB! It is also more than four times the size of the Taizhou Storage Center, the largest storage lake in the world after expansion.

2. Medical aspects

Using blockchain technology to save personal medical records also retains personal medical historical data, which can be used when seeing a doctor or planning for your own health in the future. Historical data can be called directly. These data are highly private, and the use of blockchain technology also helps protect patient privacy.

㈦ Application of blockchain in the financial field

1. Application and development of blockchain

Part of the Internet, Internet start-ups and traditional financial industries have 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 basically It is in the conceptual experimental stage and has not yet been commercialized on a large scale.

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 the functions of payment and financing.It has dual functions and has the characteristics of high value and the ability to 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 through cryptographic algorithms such as homomorphic encryption and zero-knowledge proof. The Byzantine Fault Tolerance Protocol (PBFT) performs 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.