Block chain really what benefits for society?

Block chain really what benefits for society?

    

Block chain this vocabulary when entering science and financial industry perspective, there is no exact point; the concept of speculation is the future trend? Not a view. But we see that the relevant laboratory, Union have been established, the desire to explore the blockchain application possibility, industry competition is also ready. In fact, as ordinary people, but is expected after speculation coat can really bring what benefits to society.

What is the blockchain?

Bitcoin is the first successful application of the blockchain, but bitcoin is not equal to the block chain.” Beijing Institute of Technology, Zhuhai Institute of big data research institute deputy director Chen Haifeng said, from the beginning of 2012 the contact block chain in some academic conferences, and then began to study and research related courses opened in college.

Chen Haifeng, general ledger all transactions linked to form a chain, and has a copy of N. In this basic principle, block chain has several features, one is to identify a list of transactions, requires a lot of machine joint calculation (mining); two is a copy of N storage, any node to modify is an almost impossible; three is a cryptography based guarantee confirmation the data storage and transaction status; four is that every transaction has a timestamp recorded in the block chain.

Based on the above characteristics, the block chain in the industry is also known as a database, or as a mechanism for public accounting, rather than a specific product. Bubbe (Beijing) network technology limited company co-founder and COO Li Jun said that the chain block is a distributed system of cryptography, a set of concepts and techniques of distributed systems and cryptography form together, it can be thought of as a trust network, it is through technical means to establish end-to-end trust.

Li Jun believes that from a technical perspective, the core block chain is safe and controllable. Let the future block has the characteristics of chain operation, so it has more easy programming and high performance, the private key privacy management capabilities, support multiple types of transaction and deposit certificates, support data and large-scale users, support for fast development of visualization tools, this is the technical characteristics of such a chain block based IT facilities should have.

Application of block chain in the financial sector

As Chen Haifeng said, bitcoin is just one of the application scenarios of the blockchain, in addition, block chain technology also has a richer and more profound connotation.

From the current application of the blockchain view, bear the brunt of the financial industry. The European Central Bank in the “Euro vision: that the European financial market infrastructure in the future” in the report, the blockchain will improve the transaction efficiency of the banking system. In January 20th this year, the people’s Bank of China held digital currency seminar, for the early launch of digital currency issued by the central bank. In March this year, the central bank announced the release of British digital currency RSCoin code and test report in early release also specifically talk about how to block chain technology.

The specific institutions, HSBC, UBS, Credit Suisse, Barclays, Societe Generale, German commercial bank, global financial group is working with financial technology start-up companies R3 cooperation in the application of block chain technology to a great extent. There is news that Ping An Group announced to join the R3CEV alliance chain, to the first financial institution China identity among the block chain alliance composed of Goldman, HSBC, Barclay and other 43 large multinational banks.

“Virtual currency bank of America, Citigroup, Goldman Sachs Bank Group in the development of their own, because it can save the intermediary between the settlement of financial institutions.” Chen Haifeng said that the application of block chain technology in the financial sector have several advantages, can reduce the cost of the operation of financial institutions; to reduce the risk of trust, because the integrity and authenticity of the books of the tectonic history, has not been tampered with, which is equivalent to improve the system of responsibility.

OKLink vice president and chief researcher Duan Xinxing also said that the block chain to promote the innovation of financial payment. “Electronic payment from ATM and online payment, to the current mobile phone terminal, the innovation has finally come to an end. But there are still pay pain points to cross-border payments for example, domestic consumers to buy from overseas merchants to the settlement, information flow and capital flow to go through more than 10 steps. There is a pain point, there will be a new technique to birth, to solve it. This is what we call the block chain. The problem is: the chain block theory of double spending problem.”

How the future prospects

Guojia capital chief research officer Tang Xiuli believes that block chain technology is now the most fashionable, is a kind of innovation, is the application of technology has broad prospects; finance is now the capital chasing the object; and the blockchain micro finance, is to block chain technology for the small financial services institutions signs, in terms of the future of financial products financial services, channels and service mode innovation has great advantages.

In addition to the use in the financial field, Chen Haifeng told reporters that the characteristics of block chain technology allows it to achieve some in the center of the mode is difficult to achieve business model. For example, in the networking industry, the agency has proposed to use block chain technology to manage billions of networking equipment status, payment and maintenance tasks.

Talking about the blockchain future prospects, in the hope of gold clothing co-founder Tong Yongbo said the chain block algorithm based on peer-to-peer network and Financial Cryptography on, embrace the technology industry. “The trend of economic development, economic trend and sharing, so that shared economy can enter into a new level in the depth and breadth of application.” Tong Yongbo said, the blockchain technology has entered into the stage from the concept of the flourishing period of application, the next 1 to 2 years should have a big development. Financial sharing technology driven economy, with the blockchain technology as the next generation of Internet technology to lead the innovation of science and technology.

“In the face of every new technology, new changes in financial technology, we must actively follow up and in-depth research, in order to avoid being marginalized, but the industry still need to be wary of some of the concept of speculation, some companies do not really have the blockchain attribute or block chain is the development of the product, then paste the blockchain label this is purely fooled.” Chen Haifeng said.

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