According to bitcoin Statistics website Blockchain.info, as of 21:30 on January 22nd, the market value of bitcoin has exceeded 19 billion 300 million dollars, and the value of every bitcoin is more than 10000 dollars. Bitcoin, a currency that does not rely on any government to organize credit, has become a global currency. Behind this is the powerful charm of the block chain.
So what does the concept of the hottest block chain mean at the moment? What are the practical applications of it? What are the challenges for future development?
"The simplest and most popular, block chain technology is everyone's account, or distributed accounts." Zhang Xiaorong, an Internet analyst, explained in an interview.
In the Internet era, each system behind each database, the database can be viewed as a big books, the past are maintenance system responsible for database management, record user behavior, namely accounting, and block chain "to the center", which makes every member in the system involved. Not only all the bookkeeping, and through a link, everyone can have complete books.
"Block chains are essentially a collective way of recording. The special thing is that it uses a set of techniques to achieve the true and credible results of the record, which is difficult to destroy and can not be tampered with. Zhang Xiaorong said, "is that everyone has the right to record, and mutual authentication to distinguish between true and false, this is called consensus mechanism; two is that everyone can not be tampered with records, because of cryptography signature; three is everyone has a copy, so even if some books are damaged, the whole is not affected, this is called distributed storage. The information recorded in this way is presented in a block mode according to the time chain, so it is called block chain.
A variety of encrypted digital currencies, represented by bitcoin, is an application of block chain technology. It can be described as the 1 version of the block chain. But before and after 2014, the industry began to realize the important value of block chain technology. The block chain was gradually stripped out of digital money and applied to all sectors of the economy and society outside the digital currency.
Block chain technology is considered to be a subversive innovation after the steam engine, electricity and the Internet. If steam and electricity liberate productivity and the Internet changes the way of information transmission, block chain as a machine of building trust will change the way of value transmission.
For example, in the financial sector, financial institutions especially reconciliation, liquidation and settlement of cross-border financial institutions between the cost is very high, and the hand of the complexity of the process, and the block chain technology has the data can not be tampered with and traceability, the application helps to reduce the cost and reconciliation disputes between financial institutions can solve the cost. Significantly improve the speed and efficiency of processing payment business, also make cross-border payments may become small. In December 2017, China Merchants Bank from Hongkong to Shenzhen branch of Wing Lung Bank, Wing Lung Bank yuan positions for business. This is the first global technology chain based on block interbank cross-border RMB clearing business.
In addition, according to the white paper 2016, the technology and application development of China's block chain released by Ministry of industry and information technology, the application of block chain has extended to many fields, such as medical health, education, charity, social management and so on. In the view of the cultural industry, the low cost of reproduction, the high cost of safeguarding rights, and the difficulty of raising evidence make the protection of intellectual property a painful point in the industry. With the block chain, the production, dissemination and transaction of cultural products are truly transparent and credible, and the problems are solved.
Zhang Xiaorong said that the block chain technology has solved two major problems in the digital economy era: one is the flow to the visible, and the two is the cost of zero trust. In the past, the circulation of solid paper money was invisible, but all the digital assets had a "chain". Yang Yanchao, a researcher at the intellectual property center of the Chinese Academy of Social Sciences, also believes that the biggest advantage of the block chain is truly completing a credit construction under an anonymous society, bringing new opportunities to many fields, so that all kinds of innovative applications are possible.
SEEC media group chief strategy officer Duan Yongzhao told reporters that in technology promotion, block chain does not exist too much barriers, this has been confirmed in the bitcoin practice around the world, the main resistance or from the concept and implementation obstacles.
"On the one hand, society may mind the 'naked' state in the block chain. The block chain has built a Skynet for the commercial society. The company's economic activities are all recorded, and there is no secret, so some business strategies may not be implemented under the block chain.
On the other hand, the current legal system is lagging behind the development of information technology. The new block chain technology should be studied under the supervision of the law. Duan Yongzhao said.
The core of the block chain is to centralization, which will impact on the central management model that has been formed by the society for a long time. In addition to the law, how to establish a regulatory environment that can promote the application of block chain technology, so that technology can benefit the society instead of doing evil is also an urgent problem.