The development of blockchain in the field of payment

1. blockchain has developed in five stages
1. Germination stage: the real germination stage of blockchain was from 2007 to 2009. In 2008, a Japanese American with the pseudonym of Nakamoto first expounded a new fantasy report on electronic money in the form of a synonym on the cryptography discussion group, and bitcoin came out. As early as 2007, Nakamoto began to explore a series of new technologies to create a new currency. On October 31, 2008, bitcoin white paper was released, and on January 3, 2009, bitcoin system officially began to operate
the main technologies supporting bitcoin system include hash function, distributed ledger, blockchain and asymmetric encryption; It can be seen that these technologies build the initial version of the blockchain, and it can also be said that the blockchain is the underlying technology of bitcoin. During the three years from 2007 to 2009, bitcoin was an experimental stage in which a very small number of people participated, and the real commercial activities had not really started
2. "Geek" niche stage: here, "geek" refers to people who are crazy about Internet technology and take technological innovation as fashion and life. On February 6, 2010, the first exchange of bitcoin appeared. On May 22 of the same year, someone bought two hamburgers with 10000 bitcoins. On July 17 of the same year, the exchange Mt. GOx was established, marking the official inflow of bitcoin into the market. Nevertheless, the only people who can really understand and enter the market to participate in bitcoin trading are geeks who are keen on Internet technology. They discuss bitcoin technology on the forum, mine for bitcoin on their own computers, and then buy and sell bitcoin on Mt. GOx. Now these geeks have become billionaires
3. Market brewing stage: the price of bitcoin was $13 at the beginning of 2013, but on March 18 of the same year, the government of Cyprus closed the bank and stock market e to the financial crisis, which made the price of bitcoin soar, and the highest price rose to $266 in April. On August 20 of the same year, the German government confirmed the currency status of bitcoin. On October 14, China network announced the opening of bitcoin payment channel. In November, the US Senate hearing also confirmed the legitimacy of bitcoin. On November 19, the price of bitcoin rose to US $1242, forming a new high. Nevertheless, the foundation for blockchain to enter the mainstream social economy is not yet available, and the soaring price of bitcoin is only e to over optimistic expectations. The containment of China's banking system, the collapse of Mt. GOx and other events made the price of bitcoin continue to fall. At the beginning of 2015, the price of bitcoin has dropped below $200. From 2013 to the beginning of 2015, the public began to understand bitcoin and blockchain
4. The mainstream period of blockchain: on June 23, 2016, the United Kingdom left the European Union, the fifth nuclear test of North Korea in September, Trump's election in November and other events, the uncertainty of the world's mainstream economy led to the recovery of bitcoin with the function of risk aversion. The market demand was large, and the increase of trading volume made the price of bitcoin soar from $400 in 2016 to $20000 in 2017, The wealth effect of bitcoin and the transaction overflow caused by network congestion of bitcoin have led to the outbreak of other series of virtual currencies, as well as a variety of blockchain applications, resulting in the emergence of a large number of blockchain assets that are 100 times, even 1000 times and 10000 times, which has aroused the crazy pursuit of the world, Subsequently, the Chicago Mercantile Exchange launched bitcoin futures trading, marking that bitcoin has officially entered the mainstream investment proct series, and bitcoin and blockchain have entered the global attention
5. Instry landing stage: after the market frenzy in 2017, the virtual currency and blockchain have been adjusted in terms of market, supervision, cognition, etc. in 2018, returning to rationality. In 2017, many blockchain projects that follow the blockchain technology will graally die out with the cooling of the market, and the projects with real blockchain applications will be initially implemented. 2018 is not only the first year of the blockchain, but also a gold rush period for the blockchain. After the waves wash away the sand, what remains is relatively good gold
from the perspective of the history of blockchain development, blockchain technology is not yet mature and is currently in the growth period. The specific practical application of blockchain is only used in the financial field. It still needs a long way to go to apply blockchain from other instries. However, we should grasp the trend of blockchain and actively learn from the new field of blockchain.

2. Blockchain is a kind of technology. "In the simplest and most popular way, blockchain technology is everyone bookkeeping, or distributed ledger."
in the Internet era, there is a database behind every system. This database can be regarded as a large account book. In the past, the person who maintained the system was responsible for managing the database and recording the user's behavior, that is, bookkeeping. However, the blockchain is "decentralized", which allows every member of the system to participate in it, not only everyone bookkeeping, but also through links, Everyone can have a complete account book
"blockchain is essentially a collective recording mode. What's special is that it adopts a set of techniques in an ingenious way to realize the authenticity and credibility of the recorded results, which is difficult to destroy and tamper with. " Zhang Xiaorong said, "first, everyone has the right to record and authenticate with each other to distinguish the true from the false, which is called consensus mechanism; Second, no one can tamper with the records, because there are cryptographic signatures; Third, everyone has a , so even if some account books are damaged, the whole will not be affected. This is called distributed storage. The information recorded in this way is presented in block mode according to the time chain, so it is called blockchain. "
various cryptocurrencies represented by bitcoin are originally an application of blockchain technology, which can be described as blockchain version 1.0. However, around 2014, the instry began to realize the important value of blockchain technology. Blockchain graally separated from digital currency and applied to various economic and social fields other than digital currency
it has broad application prospects
blockchain technology is considered as a disruptive innovation after steam engine, electric power and Internet. If the steam engine and electricity liberate the proctivity, and the Internet has changed the way of information transmission, the blockchain, as a machine for building trust, may change the way of value transmission
for example, in the financial field, the cost of reconciliation, clearing and settlement between financial institutions, especially cross-border financial institutions, has always been very high, and there are complex manual processes. The application of blockchain technology can help rece the cost of reconciliation and dispute resolution between financial institutions, and significantly improve the processing speed and efficiency of payment business, It also makes small cross-border payments possible. In December 2017, China Merchants Bank completed the RMB position transfer business from Hongkong Wing Lung Bank to Shenzhen Branch of Wing Lung Bank. This is the world's first interbank cross-border RMB clearing business based on blockchain technology
in addition, according to the white paper 2016 on China's blockchain technology and application development issued by the Ministry of instry and information technology of China, the application of blockchain has been extended to medical and health, ecation, charity, social management and other fields. Taking the cultural instry as an example, the low cost of reproction, the high cost of safeguarding rights, and the difficulty of providing evidence make the protection of intellectual property rights a pain point for the instry. With blockchain, the proction, dissemination and transaction records of cultural procts are true, transparent and reliable, and the problem can be solved
Zhang Xiaorong said that blockchain technology has solved two major problems in the era of Digital Economy: one is the visible flow direction, and the other is zero trust cost. In the past, the circulation of physical paper money was invisible, but the flow of all digital assets had a "chain" to check. Yang Yanchao, a researcher at the intellectual property center of the Chinese Academy of Social Sciences, also believes that the biggest advantage of blockchain is that it has truly completed the credit construction in an anonymous society, bringing new opportunities to many fields, thus making various innovative applications possible
there is a long way to go in the future development
in terms of technology promotion, there is no big barrier to blockchain, which has been confirmed in the global practice of bitcoin, and its main resistance comes from the obstacles in concept and implementation
"on the one hand, the society may be very concerned about the" naked "state in the blockchain. Blockchain has built a "Skynet" for the commercial society. The company's economic activities are all recorded, so there is no secret to speak of. In this way, some business strategies may not be implemented under the blockchain. "
"on the other hand, the current legal system lags behind the development of information technology, so how to put the emerging blockchain technology under the legal supervision needs to be studied." Duan Yongchao said
the core of blockchain is decentralization, which will have an impact on the long-standing central management model. In addition to the law, how to establish a regulatory environment that can promote the application of blockchain technology, so that the technology can benefit the society and not be used to do evil, is also an urgent problem to be solved.

3.

There is no doubt that blockchain has development prospects, and the necessary condition for development prospects is to enter the mainstream market

North America blockchain infrastructure the oan (former aion network) founder and CEO Matt spoke published an article entitled "in order to successfully enter the mainstream market, blockchain projects must" eat dog food "in Forbes on July 24, in which Matt mentioned his views on how blockchain should enter the mainstream market - & quot; Eat dog food

in the science and technology circle, there is a jargon called & quot; Eat dog food Dogfood (also known as eating your own dog food) refers to companies using their own procts and becoming users of their own procts. Many high growth companies (such as Microsoft, Facebook, Amazon, apple, Netflix and Google) also test their procts by "eating dog food" or help build credibility“ "Eat dog food" is often used to find and fix bugs, but it has another value: to create reliable use cases for the company's procts

this is worth learning from blockchain projects, because blockchain projects often hold & quot; Once built, they (users) will come naturally, which habitually leaves the responsibility of creating new and interesting blockchain applications to a third party

this attitude is very common, even the well-known blockchain summit consensus 2019 also held a conference entitled & quot; Once built, they (users) will naturally come: to build a global blockchain Center & quot; To discuss how governments around the world can make efforts to attract blockchain projects while balancing regulatory, investment and innovation needs

to be fair, this strategy may be effective for blockchains that only focus on people in the currency circle. For the security token, especially for the exchange represented by the transaction, it makes more sense - "supply creates demand" is the usual idea here, especially considering that the realization of these transactions requires the construction of complex infrastructure

in contrast, "eat dog food" is more likely to be adopted by blockchain project developers who seek mainstream audiences (such as those in financial instry, manufacturing and supply chain, identity management, etc.). If blockchain technology wants to enter these mainstream fields, blockchain companies must first "eat dog food". This can not only clearly prove that blockchain technology is feasible outside the coin circle, but also highlight that blockchain can not only optimize existing use cases, but also create new use cases

and the oan team has been adhering to this concept, and relying on the oan and aion's technology stack built over the years, it has developed a financial technology platform moves for independent workers

Matt said that in the development and development of moves, the team hopes that the relevant functions of the OAN blockchain network can be brought into full play, so it will focus on the following three aspects:

1. How to use the OAN blockchain network to improve the credit efficiency of the proct

there are two main considerations to improve credit efficiency: 1) can we use the mechanism of the defi market to rece the cost of capital; 2) Can the blockchain technology be used to increase the external trust in the credit process of moves. Here, moves will form a mechanism of "pooling wisdom", so that everyone can contribute to recing credit risk and increasing the credibility of credit process, and may even develop a micro guarantee mechanism in the future. Therefore, users will be able to participate in the market established by the platform as borrowers, lenders or guarantors

How to make the interests of procts and users consistent

specifically, by connecting moves with the oan network, and with the help of digital asset aion, a relationship of interest consistency is formed between procts and users, so that users can personally experience the success of moves procts and directly participate in the oan, a blockchain network supporting moves

3. How to create the first open system of financial reputation data with moves

this open system may become a substitute for traditional credit scores or related mechanisms. Over the years, banks and financial institutions have been using Equifax, Fico or other similar institutions' scores as risk indicators, and the moves team believes that the procts they are building will be a good start - the beginning of a more perfect and modern financial reputation system. This is a long-term goal

moves supports North American mainstream carpooling, take out and other casual work economic platforms, and will be the flagship open application developed by the oan on its blockchain network. In June, moves expanded its operations from Ontario to Alberta and British Columbia into western Canada

all the initiatives of the oan team adhere to the spirit of "eating dog food" and strive to make blockchain technology enter the mainstream market as soon as possible. Blockchain is not for the minority, but for the mainstream. In addition to the oan team, many projects and institutions in the blockchain instry are also aiming at this goal. Can you say that such an excellent and targeted blockchain has no development prospects