China's promotion of decentralization of blockchain technolog

1. Chongqing jinwowo: the decentralized trust mechanism means that first of all, blockchain projects need to complete the recognized accuracy of information records. In terms of pure digital business, the purpose and value of blockchain can be achieved by ensuring the recognized accuracy.

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. Chongqing jinwowo network: decentralization, which is different from the traditional way of centralization. There is no center, or everyone is the center; Distributed ledger database means that the recording method is not only to store the ledger data in each node, but also to share and the data of the whole ledger synchronously. At the same time, blockchain also has the characteristics of disintermediation and information transparency.

4. Q: What is blockchain technology? A: Blockchain technology can be understood as a public accounting mechanism. It is a technical solution rather than a specific proct. The basic idea is to establish a set of public account books on the Internet, in which all users in the network keep accounts and check accounts together, so as to ensure the authenticity and non tamperability of information. The reason why it is called "blockchain" is that the structure of blockchain storage data is composed of a chain of "storage blocks" on the network. Each block contains all the information exchange data in the network within a certain period of time, and the chain continues to grow over time. Q: What is the relationship between blockchain and bitcoin? A: Bitcoin used to be one of the most successful applications of blockchain technology. Specifically, the blockchain is a series of data blocks generated by the use of cryptography Association, and each data block contains the information of effective confirmation of multiple bitcoin network transactions. It can be said that bitcoin is a "killer application" of blockchain idea. Blockchain is the underlying technology of bitcoin, but its role is not limited to bitcoin. Q: What are the technical features of blockchain? A: Based on open source software and peer-to-peer network, blockchain can bring more advantages than traditional network in currency related fields such as transaction payment. These advantages include: decentralization, no need to trust the system, disintermediation, tamper proof, encryption security. Q: How does blockchain technology improve the authenticity and non tamperability of data? A: The newly added data blocks are linearly added to the end of the original block in chronological order, which constitutes the blockchain. In this process, the data is distributed in each computer. This decentralized storage method improves the authenticity and non tamperability of the data. When a transaction occurs, users all over the world can act as regulators. If we do not recognize the legitimacy of the transaction, the transaction cannot be concluded, and the data on the blockchain is maintained by us collectively. Q: Is there any potential defect in such a brain burning "blockchain"? A: Blockchain also has some defects to be solved, such as security risks, work efficiency and resource consumption. Since the supervision of blockchain depends on all nodes in the network, theoretically speaking, if you master more than 50% of the computing power of the whole network, you will be able to successfully tamper with and forge blockchain data. Secondly, e to the distributed storage, each node in the blockchain needs to keep a database, and any transaction in the network needs to be authenticated and recorded by other nodes, so the efficiency of the system is low. Finally, because the operation of the blockchain relies on the computing power contributed by the network nodes, these computing power do not proce actual social value, so it is generally considered that these computing power resources are "wasted". Application of blockchain in various fields when blockchain technology is published, many people think it is possible to realize DAC. DAC (full name) can be translated into distributed autonomous system, which refers to an organization system that runs autonomously without intervention and management through a series of open and fair rules. DAC has many forms. It may be a digital currency, a system or an entity, or even a driverless car. This kind of organization system can provide valuable services for customers in the form of currency transfer (such as bitcoin), asset transaction, domain name service, or any other business model. Therefore, through the idea of information sharing, blockchain technology is likely to bring profound changes in cost rection and security improvement to various instries. Application scenarios that existing blockchain technology can achieve: proof of existence can be used to confirm rights in the field of Internet finance, that is, blockchain can really realize "proving your mother is your mother". The smart contract guarantees the validity of the contract, such as the generation required by the electronic signature law; Reliability of methods for storing or transmitting data messages; The reliability of the method of maintaining content integrity; The reliability of the method used to identify the sender. The blockchain of the Internet of things can solve the problem of the coding standard interaction interface of the Internet of things. When an e-signature is signed by identity verification, the signature data is only under the exclusive control of the signer. Any changes to the e-signature after signing can be found, and any changes to the content and form of the data message after signing can also be found. The market forecasting community, August, is an example. Anyone can access and use August anywhere in the world, which may bring unprecedented liquidity and trading volume to the market. Asset trading NASDAQ OMX Group Inc is testing blockchain technology, which NASDAQ believes has the opportunity to transform traditional financial trading methods into bitcoin like ones. The bitcoin mode of e-commerce can be applied directly. Is it possible for e-commerce to become a "harmonious" market without supervision? Social news magmavc has invested $400000 in getgems (formerly known as gems), a start-up project for decentralized social communications applications. File storage directly impacts and even subverts the traditional cloud computing architecture. Chain, a data API blockchain API service provider, has received a $9.5 million investment led by Khosla ventures. Wall Street's financial companies are investing in blockchain and seizing the beach. Visa, NASDAQ and Citigroup also invested in chain, an old Jinshan blockchain start-up, with a financing amount of US $30 million. In the financial field, what can blockchain do? Specifically, in the financial field, in addition to providing a trading platform for bitcoin, Jiuding investment believes that blockchain technology can also greatly improve various asset trading systems other than the existing digital currency. For example, it plays an important role in the post transaction market proceres such as the liquidation and settlement of financial derivatives, foreign exchange, private equity, energy credit linked investment procts and other assets. In terms of speed, the time required for settlement audit in the U.S. securities market is 2 to 3 days. The application of blockchain technology is expected to rece the settlement audit time from hour level to minute level or even second level, thus recing the settlement risk by 99%, and recing the capital cost and system risk. In the blockchain, transaction confirmation and settlement are carried out at the same time. After the node transaction is confirmed by the system, it is automatically written into the distributed ledger, and the corresponding distributed ledgers of all other nodes are updated at the same time. The automatic operation mechanism can greatly shorten the settlement cycle. In terms of expenses, under the current settlement mechanism, in order to achieve a shorter settlement cycle, it is necessary to increase the settlement cost and initial investment expenses significantly. The emergence of blockchain technology makes it possible to rece the settlement cycle more efficiently and quickly, and rece the transaction intermediate proceres, so as to save a lot of money, which is the market space of the related blockchain instry. In terms of security, the integration of blockchain technology into smart contract technology can process complex derivatives transactions programmatically, making clearing more standardized and automated. The time linear stacking feature of the block itself can help the regulators identify and discover illegal operations. At the same time, the smart contract can change the compliance inspection into automation and minimize the possibility of violation from the beginning of liquidation. The 24-hour uninterrupted operation of blockchain technology can also make the data exchange processing of Pan state exchange more stable and reliable. In addition to securities transaction settlement, blockchain can also be used to register and issue digital asset ownership. Blockchain technology can greatly enhance program automation, while smart contract can write many complex derivatives trading terms into the registration and issuance program supported by blockchain technology. When a transaction occurs, blockchain network can quickly and correctly execute. In November 2015, LINQ, a new blockchain technology project cooperated by Nasdaq and chain, has completed the first private equity transaction using the blockchain based issuance and trading platform. The application prospect of blockchain in the field of accounting has also attracted the attention of a large number of people in the instry. Accounting, auditing and compilation cost a lot for global enterprises and the four accounting firms. Automatic accounting based on blockchain technology can greatly rece the relevant costs. The company does not need to recruit special auditors to audit the account book, and all transactions can be stored in the internal blockchain. Due to the irreversibility and time stamp function of the blockchain, the external auditors and regulators of the four major accounting firms can monitor the company's account books in real time by tracking these blockchains. At the same time, the institutions can greatly rece the dependence on the auditors to audit financial transactions and make the audit business more efficient. With the increasing maturity and application expansion of blockchain technology, blockchain start-ups in developed countries have sprung up. At present, the world's leading blockchain companies generally focus on transaction, payment, clearing, Internet of things and other pain point businesses. Some companies have achieved a certain scale, and have developed a relatively clear business model. At the same time, many companies have extended their business in the blockchain instrial chain, covering payment, transaction, risk control, etc., making full use of the multi-point coordination effect. At present, Jiuding investment is also focusing on the projects and applications of various blockchain technologies.

5.

The characteristics of decentralization in blockchain technology are decentralization, distrust and collective maintenance

Decentralization: there is no centralized hardware or management organization in the whole network, the rights and obligations of any node are equal, and the damage or loss of any node will not affect the operation of the whole system. Therefore, it can also be considered that the blockchain system has excellent robustness

2. Distrust: there is no need to trust each other when participating in the data exchange between each node in the whole system. The operation rules of the whole system are open and transparent, and all data contents are also open. Therefore, in the specified rule range and time range of the system, nodes cannot and cannot cheat other nodes

3. Collective maintenance: the data blocks in the system are jointly maintained by all the nodes with maintenance function in the whole system, and these nodes with maintenance function can be participated by anyone

extended data

blockchain technology has never excluded supervision, and supervision nodes can easily access any blockchain network. Because of the openness and transparency of the blockchain, the regulatory authorities can monitor the transaction data of the whole system more conveniently, and because of the anti tampering property of the blockchain

once a transaction occurs, it can't be changed or deleted, so it's impossible for the data fraud to hoodwink the supervision, which is more concive to the supervision of the regulatory authorities on the market behavior. Thus, blockchain will become an important tool for regulatory Technology (regtech)

source: network blockchain