Talking about several major applications of blockchain, which ones will be pits?

What can the blockchain do? Blockchain, a great technology accompanying the birth of Bitcoin, can greatly reduce transaction costs and improve efficiency in the financial field, which is enough to make Wall Street excited. However, this is only the tip of the iceberg, and its potential application prospect is very broad, which will subvert all aspects of our lives in the future.

Internet is an information network in which 0 and 1 flow. Blockchain is a kind of value network, which plays the role of value transmission, different from the Internet for data transmission.

When it comes to value transfer, there is a very simple scenario, such as payment. I have 100 yuan in my hand. I want to transfer the group. I can transfer money by WeChat red envelope or WeChat. In this transaction process, I need the participation of a third party, and the blockchain is delivered point-to-point without any intermediate nodes. This is a very big difference between the blockchain and our existing buildings.

When it comes to peer-to-peer payment, many people will think of Bitcoin, because most people know the blockchain from Bitcoin. What is the difference between blockchain and bitcoin?

Blockchain is the technology behind Bitcoin; Blockchain is a basic technical architecture. A multi-party autonomous system is designed and implemented through specific data structure and * * * identification algorithm.

The specific data structure is actually the name blockchain itself, which is to put its data in a data block, and then this data block is connected by a chain. "* * * knowledge algorithm" is a very important concept in blockchain. Without the * * * time algorithm, there is no blockchain.

Brief introduction of Bubi blockchain

Since its establishment, Bubi blockchain has been focusing on the research and development and innovation of blockchain technology and products. It has a number of core technologies, made substantial innovations in many aspects, and formed a number of core technological achievements, such as distributed knowledge technology that can be mathematically proved, fast large-scale account book access technology, multi-chain general ledger technology that supports business form expansion, and interconnection technology between heterogeneous blockchains. On April 25, "Gege Integral" introduced the integral system into the concept of blockchain, which was jointly opened by many parties, and the points were distributed and exchanged to promote the circulation of points. All cooperative institutions can participate in transaction verification, account book storage and real-time settlement; The third-party payment platform of the enterprise points issuer makes the points in and out more flexible. Bubi has developed its own blockchain basic service platform, which has applications in the fields of equity, supply chain, points and credit. Bubi has been committed to building an open value circulation network with (multi-) center trust as the core, so that digital assets can flow freely.

Having said that, let's analyze the difference between blockchain and bitcoin.

1. Essential difference. For the world, Bitcoin is a digital currency based on cryptography, while blockchain, as we just said, is a value transfer protocol, which is different in essence, because one is digital currency and the other is a value transfer protocol.

2. algorithm. Bitcoin's * * * identification algorithm is based on a working algorithm called workload proof (POW). There are many different * * identification algorithms for blockchain, including Bitcoin POW algorithm, POS algorithm and DPS algorithm.

3. Transaction speed. Bitcoin can only have seven transactions per second. Please note that we are talking about the maximum value instead of the average value here, because this is a very strict definition. For blockchain, the number of transactions per second can actually reach tens of thousands or more, so this is also a big difference between blockchain and bitcoin. Because many people will confuse that the transaction speed of blockchain is 7 transactions per second, which is wrong. This is a limitation of Bitcoin. According to its different algorithms and linking methods, blockchain can achieve high transaction speed.

4. Link form. Bitcoin is an Internet-based blockchain, which means we call it a public chain. Blockchain can be in the form of public chain or private chain or alliance chain.

5. limitations. I suggest you don't touch some digital currency related to blockchain. What is the reason? Bitcoin is a kind of digital currency. Although it has completely different characteristics, it does not conform to financial supervision. That is to say, these 2 1 10,000 bitcoins were issued without national authorization and national credit as multiples. Blockchain also has some limitations. Although it is only a protocol and a technology, it is still a new technology in the primary stage.

To sum up, blockchain is a relatively low-level protocol and a technical infrastructure with various algorithms. If the blockchain is 1, the identification algorithm may be 10 to 20, but there may be one thousand or two thousand applications on it, or more, which means that Bitcoin is just one of many blockchain applications. Therefore, bitcoin and blockchain cannot be equated, and bitcoin is only a very primary implementation of blockchain.

What can the blockchain do? Blockchain problem? In the bill market, digital bills based on blockchain technology can become a safer, smarter and more convenient form of bills. Peer-to-peer transaction realized by blockchain can break the existing bill intermediary function and realize the disintermediation of bill value transmission; The construction and data storage of digital bill system do not need a central server, which saves the development cost of central application and access system, reduces the maintenance and optimization cost of the system in the traditional mode, and reduces the risk brought by system centralization; Based on the information of the blockchain, once the bill is completed, there will be no breach of contract, thus avoiding behaviors such as "one ticket for multiple sales" and unsynchronized endorsement, and effectively preventing the bill market risks. The securities trading market is also a promising field of blockchain technology. At present, the traditional securities trading model has the disadvantages of long trading process, low trading efficiency and high comprehensive cost, and there are strong intermediaries and regulatory agencies, so the rights and interests of financial consumers are often not guaranteed. With the application of blockchain technology, buyers and sellers can directly match through smart contracts, the efficiency of transaction execution can be greatly improved, and settlement and delivery can be automatically realized through distributed digital registration system. Because the data entered into the block is irrevocable and can be copied into each data block in a short time, the information entered into the blockchain actually has the effect of publicity, so the occurrence of the transaction and the confirmation of ownership will not be controversial.

What can the blockchain do? Blockchain problem? Although there is no mature underlying blockchain technology platform scheme yet, technical problems such as capacity scalability, privacy protection, inability to settle accounts in net amount, and no recourse afterwards have yet to be solved. The large-scale application of blockchain technology needs to reset IT architecture and redesign business processes, but these are only technical problems. It is the regulators and financial institutions that really test the roots and growth of blockchain technology in the financial field. Will the inherent characteristics of "deregulation" and "decentralization" of blockchain make market players have no motivation to drive technological innovation? However, because blockchain is a technology based on mathematical algorithm, the trust relationship between the two parties does not need the help of intermediaries or authoritative centers at all, and the cost of establishing trust relationship is almost zero (on the premise of establishing blockchain financial infrastructure and affiliated infrastructure). In addition, the blockchain code is open, free from geographical restrictions, and the network pattern is interconnected, which lays a technical foundation for the establishment and development of inclusive finance and * * * in the future and creates material conditions for global financial integration and unification. From this point of view alone, blockchain technology will surely establish a core position in the future financial development, relying on each other and complementing each other with finance to win the future.