Block Chain Annual Report – Application Scenario


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Reporter: pencil boxn

Block chain technology in the next few years can subvert many vertical industries. Not only the banking, financial services, insurance industry market organizations will be affected by the technology. Other media and entertainment industries, automotive, education, tourism and hospitality, and the retail industry are subject to deformation. For example, the California software technology project Holbertson School announced that it would use block-chain technology to certify education to ensure that students did pass the Holbertson School curriculum. If more schools use transparent academic certificates, transcripts and degree certificates, then such fraud can be greatly hit. Recently, Visa and DocuSign have announced a partnership that will use block-chain technology to create proof of concept to simplify the car rental service, simply “click, sign, drive” to complete the car rental process. In the media and entertainment industry, many musicians use the block chain to share music on the network. Music company Mycelia developed a smart song smart contract based on block chain technology, allowing musicians to sell songs directly to fans without having to use record companies.n
nBlock chain technology in various areas of the potential, such as payment, smart contracts and digital identity, are gradually emerging. In a recent report by the World Economic Forum, it is pointed out that decentralized payment technology will change the operational framework for transfer and payment. Block-chain technology can connect both domestic and foreign parties, without intermediaries, and the cost is relatively low, the speed is almost real-time. For example, the start-up company Abra uses block-chain technology to carry out global Bitcoin and block-based money transfers. Smart contract is another key application area and is the central component of the next generation block chain platform. Public Block Chain Platform Ethernet Square is currently the more advanced intelligent contract block chain. Combining smart contracts, block chains can bring the most benefits to the company. The most interesting use case for block-chain technology is digital identification. The use of block-chain technology to publish identity authentication allows consumers to verify identity, while no need to centralize the repository to store the relevant identity files. In this way, you can pass the block chain to verify, and no longer need to centralize the service and additional storage space, and also save some of the artificial links.n
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nOver the past 50 years, technological innovation is the foundation of financial services transformation. Today, a variety of technologies are mature, ready to set off the next round of financial services innovation.n
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nBlock chain technology in the financial services ecology caused a variety of whimsy, but also firmly grasp the investor’s wallet. This distributed book technology (DLT) has the potential to streamline the underlying architecture and processes of new financial services and improve efficiency. It can reduce or eliminate the manual work required to resolve disputes and carry out mediation processes; to monitor real-time financial activities between regulators and regulated entities; to reduce the risk of counterparty parties, it does not need to trust counterparties to fulfill obligations, Are written and executed in a shared and non-changeable environment; implementation of de-mediation without the need for third-party support to achieve transaction verification, verification, greatly improve the settlement speed; reduce the locked funds, and to track asset liquidity sources Increase transparency; provide asset sources and complete transaction history to establish a single trusted source.n
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