Recently, the news about Bitcoin is very eye-catching, and the blockchain has followed suit. In the capital market, the stock price of various blockchain concept stocks is as thrilling as a roller coaster. It can be seen from the keen capital market that the blockchain is standing on the cusp and is highly concerned by all parties.
A decentralized distributed ledger database, without a center, each node of the data storage will copy the entire ledger synchronously, and the information transparency is difficult to tamper with
In recent years, more and more organizations have begun to attach importance to and participate in blockchain technology research and development. From the original Bitcoin, Ethereum, to various types of blockchain startups, venture capital funds, financial institutions, labeled "blockchain", immediately "Golden". Not only that, but many people's WeChat friends circle has also been screened by various articles that interpret the blockchain.
So, what exactly is the blockchain?
The "China Blockchain Technology and Application Development White Paper 2016" issued by the Ministry of Industry and Information Technology explains: In a broad sense, blockchain technology uses blockchain data structures to verify and store data, and to generate and update using distributed node consensus algorithms. Data, cryptography to ensure the security of data transfer and access, a new distributed infrastructure and computing paradigm that uses a smart contract of automated script code to program and manipulate data.
He Fei, a senior researcher at the Bank of Communications Financial Research Center, made a popular explanation: “In a nutshell, blockchain is a decentralized distributed ledger database.†Decentralization, which is different from traditional centralization, here is There is no center, or everyone is the center; distributed ledger database means that the way of recording is not only to store the book data in each node, but each node will share the data that copies the entire book. At the same time, the blockchain also has the characteristics of de-intermediation and information transparency.
“The blockchain technology is essentially a database technology. Specifically, it is a book-book technology. The book records one or more account asset changes and transactions. It is actually the most simple database. We usually work on small books. The bank account and the statement sent by the bank are typical books.†Wang Wei, chief researcher of Tencent Financial Technology Think Tank, said that security is a major feature of blockchain technology, mainly reflected in two aspects: First, distributed Storage architecture, the more nodes, the higher the security of data storage; the second is the ingenious design of anti-tampering and decentralization, it is difficult for anyone to modify the data according to the rules.
Taking the online shopping transaction as an example, the traditional mode is that the buyer purchases the goods, and then the money is sent to the intermediary platform of the third-party payment institution. After the seller delivers the goods, the buyer confirms the receipt of the goods, and then the buyer notifies the payment institution to call the money to the seller account. . The trading model supported by blockchain technology is different, buyers and sellers can trade directly without going through any intermediary platform. After the transaction between the buyer and the seller, the system publishes the transaction information in the form of a broadcast. All the hosts receiving the information record the transaction after confirming that the information is correct, which is equivalent to all the hosts doing data backup for the transaction. Even if there is a problem with one machine in the future, it will not affect the data record, because there are countless machines as backups.
When it comes to blockchain, many people associate it with bitcoin, and many people even equate the blockchain with bitcoin. He Fei said that bitcoin is a way of presenting blockchain, but blockchain is not the same as bitcoin. Blockchain is the underlying technology and infrastructure of Bitcoin, and Bitcoin is a successful application of blockchain, but it does not mean that blockchain can only be applied to Bitcoin.
What is the use of blockchain?It can solve the pain points in many fields such as finance, public welfare, supervision, and counterfeiting, but there are many applicable conditions.
Financial services are the first application area of ​​blockchain technology. The use of blockchain technology can solve the pain points in many fields such as payment, asset management and securities.
Taking the payment field as an example, the cost of reconciliation, clearing, and settlement between financial institutions, especially cross-border financial institutions, is relatively high, involving many manual processes, which not only causes high costs for the client side and the back-end business side of the financial institution, but also makes The micropayment business is difficult to carry out. The application of blockchain technology helps to reduce the cost of reconciliation and the cost of dispute resolution between financial institutions, and significantly improve the processing efficiency of payment services. In addition, the cost and efficiency advantages of blockchain technology for the payment sector enable financial institutions to better handle small cross-border payments that were previously considered unrealistic due to excessive costs and help to achieve inclusive finance.
For example, in order to solve the problem of high reconciliation costs among financial institutions, in August 2016, Weizhong Bank and Shanghai Huarui Bank launched the inter-bank reconciliation platform for micro-credit, which is also the first banking alliance in China to operate in a production environment. Chain application scenario. Zhang Kaixiang, chief architect of Weizhong Bank Blockchain, believes that the high cost problem that the traditional “bulk file reconciliation†model has not been able to solve for a long time is the use of blockchain technology. Subsequently, Luoyang Bank and Changsha Bank also successively access the inter-agency reconciliation platform to optimize the inter-agency reconciliation process in the micro-credit business through blockchain technology, realizing quasi-real-time reconciliation, improving operational efficiency, and reducing operating costs. aims. Up to now, the platform has been running stably for more than one year, maintaining zero failures, and the number of recorded real transactions has reached tens of millions.
In the field of public welfare, blockchain technology is also promising. Ant's first application scenario involving blockchain is public welfare, helping a group of hearing-impaired children get a good donation, and then using blockchain technology to promote public welfare more open and transparent. Hu Danqing, senior product expert of Ant Financial Technology Lab, said: "The blockchain public welfare platform is like we have built a post office dedicated to postal funds on the Internet. Every money donated by users will be packaged into one. Parcel, this parcel is delivered through the blockchain platform. Every time we pass a node, we will put a postmark on it and send it to the recipient. This will ensure that every money donated by the user is transparent, traceable and difficult to tamper with. of."
Blockchain technology can make a difference in commodity counterfeiting. Hu Danqing introduced that Ant Financial Services used blockchain technology for authentic traceability. At present, some Haitao goods from Australia and New Zealand, such as milk powder, can be used to know whether it is genuine or not. “Unlike the previous information entered by the merchants, the blockchain is to allow multiple “bookkeepers†to complete the accounting in a fair, independent and non-repudiation manner.â€
For financial regulation, blockchain technology can also play a role. According to the FISCO BCOS White Paper on the Underlying Financial Blockchain Platform released by the Financial Blockchain Cooperation Alliance (Shenzhen) in 2017, the blockchain provides consistent and easy-to-audit data for financial regulators through inter-agency blockchains. Data analysis enables faster and more accurate regulation of financial business than traditional audit processes. For example, in the anti-money laundering scenario, the balance and transaction records of each account are traceable, and any link of any transaction will not leave the regulatory line of sight, which will greatly enhance the anti-money laundering efforts.
Some insiders believe that blockchain 1.0 is mainly for digital currency; blockchain 2.0 can be applied to financial markets for smart contracts; blockchain 3.0 will apply more scenarios, and even create a "blockchain era" ".
He Fei believes that the blockchain can indeed solve the pain points in many fields, but the blockchain is not a panacea, and there are many applicable conditions.
For example, the decentralization of blockchain technology is suitable for multi-party participation scenarios. If it is only unilateral or bilateral participation value is not large. Blockchain technology is also not suitable for high frequency trading activities because each node needs to be checked.
As another example, the blockchain emphasizes transparency and is not suitable for scenarios where data privacy requirements are particularly high.
Will the blockchain become a new outlet?
The technology is still not mature enough. Be wary of concept hype, especially to distinguish between technological innovation and fund-raising innovation. Blockchain cannot be used for blockchain.
The blockchain concept is so hot, will it become another "Internet +" in the future?
In recent years, the development ecology of the blockchain has gradually improved and enriched. The industry believes that with the support of national policies, with extensive attention and financial support, blockchain technology can achieve steady and steady progress. Although the upward prospects of blockchain technology are broad, it is necessary to maintain a normal heart.
"Although the blockchain is hot, we still believe that it is still in a very early stage." Hu Danqing said that the concept of blockchain is currently in a state of heat, not because the heat is solving the real problem, but the heat is The so-called fund-raising and speculation valuations, especially the so-called ICO (first-time token issue), are all fund-raising tool innovations, and have nothing to do with technological innovation.
Blockchain technology can indeed create great value, but some risks cannot be ignored.
“The blockchain technology is still not mature, and the application scenarios are limited. It should be more vigilant about the concept of capital market speculation.†He Fei said that behind the blockchain boom, there will be some companies that want to speculate, they are not really To carry out business, it is only an attempt to take a fortune in the capital market. It is necessary to guard against the emergence of “bad money to drive out good moneyâ€, which leads to the real desire of the institutions that want to conduct business to withdraw from the market and affect the application of blockchain technology.
Hu Danqing suggested that for the current blockchain heat, the regulatory authorities should take a more proactive intervention to distinguish between technological innovation and fund-raising innovation, and encourage government organizations, credible experts, and industry participants to jointly help the public to identify and block the blockchain. Under the name of fund-raising innovation, the actual controller of ICO must take responsibility for fund-raising. “The basis for judging whether it is technological innovation or fund-raising innovation is very clear, that is, whether it starts with trust and whether it creates real value by solving the problem of trust.â€
In the future, better promotion and use of blockchain technology will continue to improve infrastructure and strengthen the formulation of relevant laws and policies.
Wang Wei believes that there are still optimization and perfect spaces for the core technology of blockchains such as consensus algorithms. On the other hand, the processing efficiency of blockchains is difficult to meet the requirements of some high-frequency application environments. At present, the mainstream blockchain technology platforms are all originated from foreign countries. Domestic blockchain technology service providers must patiently start from the bottom layer development, achieve technological autonomy and control, and strive to lead the global blockchain technology development. Enterprises with blockchain application scenarios must actively embrace new things, while scientifically assessing the demand for the chain, and cannot block the block for the blockchain.
He Fei believes that the government can introduce relevant policies to guide enterprises interested in investing in R&D and application of blockchain technology, and at the same time clarify some scenarios in which blockchains are suitable for application and areas encouraged by the state.
The White Paper on China's Blockchain Technology and Application Development 2016 recommends that government departments at all levels draw on the advanced practices of developed countries and regions, combine the development of China's blockchain technology and applications, and timely introduce blockchain technology and industrial development support policies. Focus on supporting key technology research, major demonstration projects, “double-creative†platform construction, system solution research and development, and public service platform construction. At the same time, it is recommended that domestic key enterprises, scientific research, universities and user units strengthen joint efforts to speed up the key technologies of the core mechanism such as consensus mechanism, programmable contracts, distributed storage and digital signature.
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