At the 2018 World Intelligence Conference, Jack Ma shared the blind date of a small programmer in Alibaba: the blind date on the resume was written by a farmer who was unreasonable and changed to a blockchain engineer, and immediately received hundreds of courtship letters...
If the most attractive thing in the Internet circle today is the blockchain, no one will disagree. Since 2017, with the popularity of Bitcoin, the blockchain has gradually become known to the public, and many people have even equated the token with the blockchain. In fact, blockchain is just a low-level technology. In simple terms, blockchain technology is an Internet database technology, which is characterized by decentralization, openness and transparency, and everyone can participate in database records. Therefore, in addition to Bitcoin, there are more application scenarios that can be built on blockchain technology.
"Bitcoin is just a very small application of blockchain, but it has been blown up to what it is today, indicating that we lack a deep understanding and understanding of blockchain technology." At the conference, Ma Yun said: "Block Chain is not a bubble, but Bitcoin today is a bubble."
Blockchain definition
In a narrow sense, a blockchain is a chained data structure that combines data blocks in a chronological order in a sequential manner, and is a tamper-proof and unforgeable distributed ledger (distribution) guaranteed by cryptography. Database).
Broadly speaking, blockchain technology uses blockchain data structures to verify and store data, uses distributed node consensus algorithms to generate and update data, uses cryptography to ensure the security of data transmission and access, and uses automated scripts. A smart contract composed of code to program and manipulate data is a brand new distributed infrastructure and computing paradigm.
The blockchain is like a magic computer. Anyone can upload a program and execute it by itself. All states before and after the program are publicly visible. Cryptographic economics provides a mechanism for the program to strictly follow the protocol.
Blockchain features
Blockchain is a shared distributed database technology. Although the introduction of blockchain in different reports is different, the following four technical characteristics are consensus.
Decentralization
The blockchain is composed of many nodes to form an end-to-end network. There is no centralized equipment and management organization. If any node stops working, it will not affect the overall operation of the system. The left side of Figure 2 describes the centralization characteristics of today's financial system, and the right side describes the decentralized financial system being formed;
Trustless
All nodes in the system are verified by digital signature technology, and transactions can be conducted without trust. As long as the system is in accordance with the established rules of the system, the nodes cannot and cannot deceive other nodes;
Collectively Maintain
The system is jointly maintained by all nodes with maintenance functions, and everyone in the system participates in the maintenance work together;
Reliable database (ReliableDatabase)
Every node in the system has the latest complete database copy. The modification of the database by a single or even multiple nodes cannot affect the database of other nodes. Unless it can control more than 51% of the nodes in the entire network to modify at the same time, this is almost impossible. Every transaction in the blockchain is connected in series with two adjacent blocks through cryptography, so it can be traced back to the past and present of any transaction.
Blockchain industry chain
The blockchain industry chain mainly includes the basic network layer, the intermediate protocol layer and the application service layer.
Basic network layer
The basic network layer is composed of a data layer and a network layer. The data layer includes the underlying data blocks and related data encryption and time stamping technologies. The network layer includes a distributed networking mechanism, data propagation mechanism, and data verification mechanism.
Intermediate protocol layer
The intermediate protocol layer is composed of a consensus layer, an incentive layer, and a contract layer. The consensus layer mainly includes various types of consensus algorithms of network nodes; the incentive layer integrates economic factors into the blockchain technology system, mainly including the economic incentive issuance mechanism and Distribution mechanism, etc.; the contract layer mainly includes various scripts, algorithms and smart contracts, which are the basis of the programmable features of the blockchain.
Application service layer
As the most important link in the blockchain industry chain, the application service layer includes various application scenarios and cases of blockchain, including programmable currency, programmable finance and programmable society.
Blockchain basic technical architecture
Data layer: design the data structure of the ledger
Block + chain
Technically speaking, a block is a data structure that records transactions and reflects the capital flow of a transaction. The blocks of the transactions that have been concluded in the system are connected together to form a main chain, and all nodes involved in the calculation record the main chain or a part of the main chain.
Each block is composed of a block header and a block body. The block body is only responsible for recording all transaction information in the previous period, mainly including the number of transactions and transaction details; the block header encapsulates the current version number and the previous block Address, timestamp (record the time the block was generated, accurate to the second), random number (record the value of the answer to decrypt the relevant math question of the block), the target hash value of the current block, the root value of the Merkle number, etc. information. From the structural point of view, most of the functions of the blockchain are implemented by the block header.
Hash function
The hash function can convert any length of data into a set of fixed-length codes through the Hash algorithm. The principle is based on a cryptographic one-way hash function. This function is easy to verify, but it is difficult to crack. Generally, the industry uses y=hash(x) to express. The hash function implements operation on x to calculate a hash value y.
Merkle tree
Merkle tree is a hash binary tree, which can be used to quickly check the integrity of large-scale data. In the blockchain network, the Merkle tree is used to summarize all transaction information in a block, and finally generate a unified hash value of all transaction information in this block. Any change in the transaction information in the block will make Merkle tree changes.
Asymmetric encryption algorithm
The asymmetric encryption algorithm is a secret method for keys, and requires two keys: a public key and a private key. The public key and private key are a pair. If the public key is used to encrypt the data, only the corresponding private key can be decrypted to obtain the corresponding data value. If the private key is used to sign the data, only the corresponding public key can be used. In order to verify the signature, the sender of the verification information is the holder of the private key.
Because encryption and decryption use two different keys, this algorithm is called an asymmetric encryption algorithm, and symmetric encryption uses the same key during encryption and decryption.
Network layer: to achieve decentralization of accounting nodes
P2P network (peer-to-peer network), also known as peer-to-peer technology, is an Internet system that does not have a central server and relies on user groups to exchange information. Unlike a central network system with a central server, each client of a peer-to-peer network is both a node and a server. Domestic Thunder software uses P2P technology.
Consensus layer: deploy the task load of accounting nodes
The consensus mechanism is how all bookkeeping nodes reach consensus to determine the validity of a record. This is both a means of identification and a means of preventing tampering.
Incentive layer: formulate the "remuneration system" of the bookkeeping node
Take Bitcoin as an example. Bitcoin was initially rewarded by the system to miners who created new blocks, and the reward was halved approximately every four years. At the beginning, every time a new block is recorded, miners are rewarded with 50 bitcoins, and the reward is halved every four years. By analogy, by the year 2140 AD, there will be no rewards given by the system for newly created blocks. At that time, the total amount of Bitcoin will be about 21 million, which is the total amount of Bitcoin, so it will not increase indefinitely.
Another source of incentives is transaction fees. When there is no system reward for the newly created block, the miner's income will change from the system reward to charge transaction fees. For example, you can specify 1% of the transaction fee to be paid to the miners of the recording block when transferring money. If the output value of a transaction is less than the input value, the difference is the transaction fee, and the transaction fee will be added to the incentive of the block. As long as a predetermined amount of electronic money has entered circulation, the incentive mechanism can be gradually converted to rely entirely on transaction fees, so there is no need to issue new currencies.
Contract layer: endow the account with programmable features
A smart contract is a set of scenario-responsive programmatic rules and logic that is implemented through decentralized, trusted and shared script code deployed on the blockchain. Normally, after being signed by all parties, the smart contract is attached to the blockchain data in the form of program code, and is recorded in a specific block of the blockchain after P2P network propagation and node verification. Smart contracts encapsulate a number of predefined states and transition rules, scenarios that trigger contract execution, and response actions under specific scenarios. The blockchain can monitor the status of smart contracts in real time, and activate and execute contracts after checking external data sources and confirming that certain trigger conditions are met.
Blockchain industry applications
Digital currency
At present, the most extensive and successful application of blockchain technology is the digital currency represented by Bitcoin. In recent years, digital currency has developed rapidly. Due to the characteristics of decentralized credit and frequent transactions, it has high transaction value and can maintain relatively stable prices by developing hedging financial derivatives as a quasi-super-sovereign currency.
Since the birth of Bitcoin, hundreds of digital currencies have appeared one after another, and a relatively large industry chain ecology has been formed around the generation, storage, and trading of digital currencies.
Pan-financial applications
The application of blockchain in the financial field has an inherent absolute advantage. In Internet language, this is determined by the genes of the blockchain. Subjectively, financial institutions have the strongest willingness to explore blockchain applications, and they need new technologies to improve operational efficiency and reduce costs to cope with the current status of the entire global economy. Objectively speaking, the financial industry has huge market space, and a little progress can bring huge benefits. The financial industry is an industry that has extremely high requirements for security and stability. If the application of blockchain in the financial field is verified, it will have a huge demonstration effect and be quickly promoted in other industries.
In the financial field, in addition to the application of digital currency, blockchain has gradually begun to be applied in fields such as cross-border payment, supply chain finance, insurance, digital bills, asset securitization, and bank credit reporting.
1. Cross-border payment
The pain points in this field are the long arrival cycle, high fees, and low transaction transparency. Take third-party payment companies as the center to complete the bookkeeping, settlement and clearing in the payment process. The payment cycle is long. For example, the cross-border payment payment cycle is more than three days, and the cost is higher.
Blockchain de-intermediation, open and transparent transactions, and non-tampering features, without the participation of third-party payment institutions, shorten the payment cycle, reduce fees, and increase transaction transparency.
2. Digital notes
The pain points in this area are three risks.
Operational risk: Due to the centralization of the system, once the central server fails, the entire market is paralyzed;
Market risk: According to data statistics, in 2016, there were seven risk events involving amounts of more than hundreds of millions, involving multiple banks;
Moral hazards: there are “one sell more than one vote†and false commercial drafts in the market.
Blockchain de-intermediation, system stability, consensus mechanism, and non-tampering features reduce the operational risk, market risk, and moral hazard in traditional centralized systems.
At present, the International Blockchain Alliance R3, Ethereum and Microsoft have jointly developed a set of blockchain-based commercial paper trading systems, including Goldman Sachs, JPMorgan Chase, UBS, Barclays Bank and other famous international financial institutions joined the trial , And publicly tested the functions of bill transaction, bill issuance, bill redemption and so on. The technical support structure of the existing electronic bill system is completely different. This type of digital bill can further integrate the advantages of blockchain technology on the basis of having all the functions and advantages of the current electronic bill, and become a safer and smarter. , More convenient bill form.
3. Credit management
The pain points in this field are: lack of data sharing, asymmetric information between credit reporting agencies and users; formal market-oriented data collection channels are limited, data source competition costs a lot of costs; data privacy protection issues are prominent, and traditional technical architectures are difficult to meet new requirements.
In the field of credit information, blockchain has the characteristics of decentralization, detrust, timestamp, asymmetric encryption and smart contracts, which guarantees that a limited and manageable credit can be achieved on the basis of effective protection of data privacy at the technical level Data sharing and verification.
4. Asset securitization
The pain point of business in this field is that the authenticity of the underlying assets cannot be guaranteed; there are many participants, multiple operations, low transaction transparency, and information asymmetry, which makes it difficult to control risks. The pain point of the data is that the efficiency of the transfer between the parties is not high, the fund clearing and reconciliation between the transaction systems of the parties often require a lot of manpower and material resources, and the asset payment method is wired and offline in various channels. After the package is formed, all parties in the transaction chain trust the authenticity and accuracy of the underlying asset data.
The features of blockchain disintermediation, consensus mechanism, and non-tampering can increase the efficiency of data transfer, reduce costs, monitor the real situation of assets in real time, and ensure the trust of the underlying assets of all parties in the transaction chain.
At present, major financial institutions and exchanges in Europe and the United States are conducting research on the application of blockchain technology in securities trading, exploring the use of blockchain technology to improve transaction and settlement efficiency, and building a next-generation financial asset trading platform based on blockchain .
5. Supply Chain Finance
The pain points in this area are the long financing cycle and high costs. Focusing on the core enterprise system of the supply chain, it is difficult for third-party credit enhancement agencies to verify the authenticity of various relevant certificates in the supply chain, resulting in long manual review and high financing costs.
The characteristics of blockchain disintermediation, consensus mechanism, and non-tampering do not require third-party credit-increasing institutions to verify the authenticity of various relevant certificates in the supply chain, reducing financing costs and reducing financing cycles.
6. Insurance business
With the development of blockchain technology, information about personal health and accident records may be uploaded to the blockchain in the future, so that insurance companies can obtain risk information more timely and accurately when customers are insured, thereby reducing underwriting Cost and improve efficiency.
The shared and transparent feature of the blockchain reduces the information asymmetry and also reduces the risk of adverse selection; and its historical traceability feature is conducive to reducing moral hazard, thereby reducing the difficulty and cost of insurance management.
The application of blockchain in the industry
With the continuous verification of the application of blockchain technology in the financial field, its technological advantages have gradually shown value in other industries. Currently, healthcare, IP copyright, education, cultural entertainment, communications, charity, public management, social management, sharing economy, Internet of Things and other fields are gradually falling into regional blockchain application projects.
Medical treatment
In the medical field, blockchain can use its anonymity, decentralization and other features to protect patient privacy. Electronic health cases (EHR), DNA wallets, and drug anti-counterfeiting are all possible application areas of blockchain technology. IBM predicts that 56% of medical institutions worldwide will invest in blockchain technology by 2020.
At present, foreign medical giants such as Philips Medical and Gem and technology giants such as Google and IBM are actively exploring the medical applications of blockchain technology.
Blockchain technology companies such as Factom, BitHealth, BlockVerify, DNA.Bits, Bitfury, etc. participated. Domestically, Alibaba Health and Changzhou City have cooperated with the medical consortium + blockchain pilot project, and blockchain technology startups such as Zhongxiangbit and Boundary Intelligence are also laying out related projects.
Internet of Things
The Internet of Things is a very broad concept. If communication, energy management, supply chain management, sharing economy, etc. are covered, the application of blockchain technology in the Internet of Things will become a very important application field.
Supply Chain Management
The supply chain of modern enterprises is continuously prolonged, and the characteristics of fragmentation, complexity and geographical decentralization have brought great challenges to supply chain management. The core enterprises have limited control over the supply chain, and there are also great difficulties in tracking and preventing counterfeit goods. As a distributed ledger technology, blockchain can ensure transparency and security, and also shows the potential to solve the problems in the current supply chain.
At the application level, IBM launched a blockchain supply chain service in 16 years. Customers can test blockchain-based supply chain applications to track high-value commodities in a cloud environment. Blockchain startup Everledger uses this Services to promote transparency in the diamond supply chain. In China, IBM has also cooperated with Eseeshares on "Eseeable Blockchain Application", which is used in the field of pharmaceutical supply chain and supply chain finance. Project Manifest, a blockchain supply chain project launched by Microsoft, has also attracted 13 partners. The industry involves auto parts, medical equipment, etc.
Sharing economy
The sharing economy is a typical example of "decentralization". For example, Airbnb connects landlords and renters with idle houses or beds, Uber, Didi connects idle cars and passengers, shared bikes provided by Mobike and ofo, and so on. But one of the biggest problems facing the sharing economy is the lack of credit. Blockchain technology can solve this problem well. Blockchain de-intermediation, consensus mechanism, and non-tampering features can effectively solve the factors that hinder the development of the sharing economy, such as weak trust foundation between people and imperfect personal credit system. .
Based on the above characteristics, in the field of sharing economy, Airbnb, Uber, Didi, Mobike and ofo are actively embracing blockchain, hoping to use blockchain technology to improve efficiency and reduce costs. Among the startups, Zent Digital Technology has launched an IoT smart lock system running on the blockchain to cut into the sharing economy.
Energy management
A problem brought about by the development of distributed energy is the management of the microgrid and how to balance it with the existing central grid. The blockchain has the functions of a distributed ledger and an intelligent contract system, which can effectively connect energy flow, capital flow and information flow, and become a technical guarantee for the landing of the energy Internet.
Abroad, European energy giants TenneT, Sonnen, Vandebron are also working with IBM to use blockchain technology to integrate distributed elastic energy into the grid to ensure a balanced power supply. New York startup LO3 Energy cooperates with ConsenSys, and LO3 Energy is responsible for energy-related control. ConsenSys provides the underlying technology of the blockchain and implements a peer-to-peer transaction, automated execution, and no third-party intermediary energy trading platform in Brooklyn, New York. Energy trading and sharing among 10 households.
IP copyright and cultural entertainment
Since the Internet became popular, digital music, digital books, digital video, digital games, etc. have gradually become mainstream. The rise of the knowledge economy has made intellectual property rights a core element of market competition. However, in the current Internet ecosystem, intellectual property rights infringement is serious, and the copyright protection of digital assets has become a pain point in the industry.
The characteristics of blockchain de-intermediation, consensus mechanism, and non-tampering, using blockchain technology, can effectively integrate and speed up all links of the cultural entertainment value chain, shorten the value creation cycle; at the same time, can realize the value of digital content Transfer, and ensure the credibility, auditability and transparency of the transfer process, effectively prevent piracy and other acts.
At present, there are a lot of projects in the blockchain industry dedicated to solving copyright problems. Foreign countries such as Blockai help art workers register copyright of works on the blockchain; Mediachain authenticates and traces image works; Ascribe conducts intellectual property registration; Decent Published a decentralized digital rights management solution, etc.
Public Service and Education
In the fields of public service, education, charity and public welfare, issues such as file management, identity (qualification) certification, and public trust all exist objectively. The traditional way is to rely on a credible third party for endorsement of credit, but the problems of fraud and lack are still present exist. Blockchain technology can ensure the integrity, permanence and immutability of all data, and thus can effectively solve the difficulties and pain points of these industries in terms of certificate storage, tracking, association, and backtracking.
At the application level, such as PwC and blockchain technology companies Blockstream and Eris cooperate to provide public audit services based on blockchain technology; BitFury cooperates with the Georgian government to confirm the rights of land in blockchain technology; Ant Financial Services blockchain public welfare Project; Sony's blockchain-based educational information registration platform, Heshu Software's blockchain project for the education industry, and so on.
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