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What can anyone use to talk about blockchain?

Release time:2018-06-13Source:XYCC Click on:

For many insiders in the technology community, Bitcoin's most powerful place is actually the thing it depends on: the blockchain. So, what exactly is a blockchain? Apart from Bitcoin, what uses does it have?

What can everyone use to talk about blockchain?

"Now, many people are asking a question: Is there any dry goods in the blockchain without speculation and investment?"

Don’t look at the present, Bitcoin's reinvention is endless, and the ups and downs of prices make investors sometimes cheer, sometimes dejected, and has been undoubtedly fired bubbles, but it was not the case: in the first few years, it has followed crime and dark network. The drug trade is ambiguous and cannot enter the mainstream. It was during this period that technical experts and corporate evangelists took the opportunity to put aside Bitcoin, which was dragged on by bad reputation, to advocate the key technology behind it: the blockchain.

The original intention of the blockchain was to act as a "scaffold" for cryptocurrency transactions. In designing Bitcoin, the inventor "Nakamoto Satoshi" aims to create a borderless virtual currency that is free from the control of any bank or government.

But there is no third-party guarantor, how to ensure that users do not cheat, do not repeatedly use the bitcoin on hand? The way is to hand over the supervision to the entire network: all transactions will be a public log - that is, blockchain - records It is maintained by the P2P cluster (each computer is a node), and each computer has a copy of this account. As soon as the user spends Bitcoin, the nodes record the transaction and update the books.

As a decentralized structure, it avoids single points of failure, and hacking, forging transactions, or freezing transactions for legal purposes are almost impossible.

Satoshi Nakamoto added an organ to this system - "Mining": A certain number of transactions form a "block", which is recorded by a powerful computer (mine machine) in the account book. Miners win the bookkeeping right by solving math problems, and the problem solving method is to launch a series of random trials. This process is very power-consuming.

At some point in 2013, an argument began to circulate: Some people said that blockchain technology should be decoupled from Bitcoin, breaking through the single use of digital currency transactions. Encrypting additional information on a cryptocurrency unit can turn it into a token, representing anything from a diamond to a title deed; this way, the blockchain can serve other purposes, become a means of verifying property rights, and can also track products The process of circulation in the supply chain. Each industry can use blockchains to transfer value or information among multiple parties, eliminating the need for middlemen. Blockchain can bring high efficiency, high transparency and security.

Don Tapscott is a scholar and businessman and author of The Blockchain Revolution. He refers to blockchain technology as the "trust protocol." "You don't need a middleman to ensure the integrity of the parties, because the trading platform helps you achieve it," he said. "Trust is not achieved through middlemen, but through encryption, collaboration, and clever code."

New blockchains have emerged. Banks and financial institutions - the objects that Bitcoin would have destroyed - also began experimenting with their own private books, hoping to streamline the trading of stocks and financial products.

It was never the first-generation technology that was capable of a hit, but its second or third generation.

A blockchain named Ethereum has gradually dominated the open source field: In 2015, Russian Canadian programmer Vitalik Buterin released Ethereum, which allows developers to program and run “go Centralized autonomous organization." These applications sell services in exchange for cryptocurrencies and adhere to automated "smart contracts" to expand self-management.

Under the remodeling of advocates, blockchain became one of the tools for the decentralization of the Internet. The future of Facebook and Amazon will be an autonomous organization that relies on Ethereum to store user information elsewhere in the network rather than a data center in Oregon. As a result, the threat posed by cybercrime and government censorship is much smaller.

But without waiting for the first batch of decentralized autonomous organizations to come out, this vision of the future will be shattered. In the spring of 2016, DAO, an unmanaged risk capital fund, was just on the line and it was hacked. However, more traditional start-up companies are still emerging and are determined to overcome many problems in the blockchain.

Ethereum has a feature that allows anyone to invent and sell their own mini-currency. Recently, this function has become a kind of crowdfunding tool. Developers can only use the idea to sell their own tokens when they put forward the ideas of a certain blockchain company. They promise that on the platform to be established, these Tokens will come in handy. The first token issuance (ICO) was born and sparked an upsurge in speculation that is enough to keep the current momentum of Bitcoin recovery.

Now, many people are asking a question: Is there any dry goods in the blockchain without speculation and investment? Given its current processing speed, it is far from being able to be used on a large scale: Currently, Ethereum can only handle about one second per second. 15 deals, compared with 2000 pennies per transaction that Visa can handle. As a verification method to maintain the slow expansion of the blockchain, the carbon emissions of the “mining” process is simply a shame. In Iceland, digging bitcoins consumes more electricity than all households in the country. Some people wondered, which of the blockchain's capabilities are, and which one is the centralized, tamper-proof digital book (the latter was born a decade ago).

"I don't see any use cases for the blockchain; the blockchain doesn't bring anything special," said David Gerard, who is the author of "The 50-foot Blockchain Block" (Attack). A book on the 50 Foot Blockchain, skeptical of cryptocurrency. "The only use case I can think of for blockchain is cryptocurrency, and the only use of cryptocurrency is illegal trading. Even if it is used to make illegal transactions, Bitcoin has one drawback: it is too slow."

For anarchy and libertarians such as Nakamoto Satoshi, it is extremely important for the state to intervene, but Gerrard thinks that there is no reason for the conventional companies to adopt blockchains. Others believe that this technology is not useless, it still needs time to mature. Jamie Burke is the CEO and founder of Outlier Ventures focusing on blockchain investment. He believes that in the long run, blockchain will increase the automation and transparency of several industries and promote their development. Centralized, and with the ICO model, the team behind the open source project may be able to achieve profitability. This technology is still in infants and young children, and it is no longer natural to face the obstacles of scale. "I think we will not see any significant blockchain applications for at least two or three years," he said. “But then again, being able to make a hit, never the first generation of a certain technology, is always its second or third generation. Technology popularization is such a process. The only difference is that because Bitcoin is too hot and the blockchain is very much in the spotlight when it comes to this cycle."

Other uses of blockchain

What can everyone use to talk about blockchain?

In 2017, Barcelona's Catalan processions.

vote

To put it intriguingly, the greater use of blockchain technology is not in the commercial field but in the political field. This use is voting. The blockchain is decentralized, with strong anti-tampering capabilities and security. It can prevent fraud in online elections: Voters get their voting tokens and transfer them to an account to represent their positions. Sovereign, a non-profit organization that provides technical support from Ethereum, has proposed this initiative and tested and approved it in Estonia, but it was used for non-political purposes: Electronic voting at company shareholder meetings. Even the European Parliament uses a thin white paper that specifically discusses blockchain-based electronic voting.

Recently, in a speech in Barcelona, Bitcoin developer and anarchist Amir Taaki proposed to re-initiate the Catalan independence referendum on the Internet using blockchain technology. Base said that this approach can neutralize the oppression of the Spanish centralist government.

Bringing the blockchain into the election may change the way we look at voting, said Michael Mainelli, president of the financial think tank Z/Yen. The blockchain may be able to fulfill "continuous voting" - weekly or Monthly vote, and "transferable vote." "The idea behind this is: I have one vote but I don't understand the topic. So, I'll give that ticket to the people who know it and let them make a choice," said Manelli. "Of course, in corporate governance, it may also come in handy."

supply chain

What can everyone use to talk about blockchain?

Scanned canned tuna with the Provenance app.

Did you wear a shirt during childbirth and did you use child labor? Is it a “sweaty diamond” on your wedding ring? Taking into account the breadth of the product involved, tracking its course in the global supply chain is not easy. Some companies believe that blockchain technology can make this simple. For example, London company Provenance uses radio frequency identification (RFID) technology to label canned fish or cotton to ensure that the source is ethical and safe; every step in the product journey is automatically credited to the blockchain as the product changes hands. In this way, end-users can use a mobile phone application to verify the origin of objects. According to Provenance, the company has entered into partnerships with more than 100 merchants, including major brands such as Sainsbury’s supermarkets. Its infrastructure uses the blockchain Hyperledger of Ethereum and Linux Foundation. However, founder Jessi Baker believes that the public blockchain "is still facing a long road before it can be used on a large scale." To solve this problem, some of the recording work did not rely on the blockchain to complete.

Everledger is another London company that uses blockchains to protect the diamond supply process: each diamond is assigned a blockchain ID, and from the mine to the jeweler, each footprint is recorded. In this way, people can discover and eradicate diamonds from unknown sources - they usually come from conflict zones. So far, Everledger has handled more than 1 million diamonds.

Finance and Payment

What can everyone use to talk about blockchain?

Australian board stock market board. The exchange has already used the blockchain.

In December 2017, the Australian Securities Exchange announced the opening of blockchain technology to track shareholdings and commence equity transactions. However, its blockchain technology is very different from bitcoin or Ethereum's public accounts: it is an invitation-based private network that operates under existing laws and regulations. Although talking about the use of blockchain, people will think of the financial sector, but only to a certain extent. In almost all cases, the large banks and large financial institutions that have tried blockchain have all abandon the decentralization and mining mechanisms, preferring to create a closed, proprietary digital transaction book. Unreasonable. When companies use blockchain technology to drive real-world currency payments, the situation is similar. The Ripple payment system is an example. Banks such as Unicredit, UBS and Santander support this system. Its open source book uses tokens instead of fiat currencies, and cross-border transfers are made faster and cheaper than remittances. Ripple's agreement does not use mining, and it is rather centralized, and allows freezing of funds when it comes to legal issues. "Our mission is not to apply the blockchain to the payment sector, but to make the payment better. We only use it when the blockchain brings benefits," said Ripple Chief Technology Officer Stephen Thomas. Stefan Thomas). “The blockchain can solve the trust problem in the transaction, but at the cost of it being more costly and more difficult to coordinate. And not necessarily worthwhile: the bank will not steal money from you.”


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