The current development of Chinese and Australia block chain technology

The current development of Chinese and Australia block chain technology


Bitcoin, this fashionable thing in recent years by the media speculation speculation, although many experts explain it, but it seems that most people seem to still can not fully understand the mystery. Regardless of bitcoin development, technology behind the block chain is the real core disruptive technology. However, the blockchain is not a IT expert or financial professionals only need to understand things, because it will be like the Internet changes the life of human beings, and will be applied rapidly in the world. If we do not understand, you may soon face like in today’s social life, but not the Internet the same embarrassment. This can help in five minutes, to keep pace with the times, and understand China and Australia are not to be overwhelmed by the blockchain wave, which made efforts.

First, what is the blockchain?

According to the 2016 report of the McKinsey Co, block chain technology, after the steam engine, electricity, information and Internet technology, the most potential trigger core technology of fifth round of subversive revolution. Block chain technology is related to every person on earth is because it can solve two major problems in society today: privacy and trust.

In the late 90s, every day we face the media is highly concentrated, single, lack of interaction. Today, the Internet makes our model is no longer the central media, the birth of the new media makes communication become highly fragmented, many to many, highly interactive, everyone can use WeChat, micro-blog to become a self media, everyone can send a circle of friends, everyone is a participant. New media is spawned many opinion leaders and hot figures, a comprehensive reform of the way of information sharing.

At present, our bank accounts, stock positions and even real estate license, are from large institutions such as central bank, stock clearing center, real estate bureau master. Bank transfer, stock trading, the sale of real estate, are required to provide this information to banks and other institutions, the instructions to complete the transaction, the assets and cash were recorded in the name of the individual, and the government supervisory role in the. Just like shopping at Taobao, Alipay services, large institutions provide a trust and transaction service in the middle. If you imagine that this information is no longer under the control of large organizations, you can complete the transaction and buyers directly a more private safe state, whether we need these large institutions, still need to pay high transfer fees, but also need to wait one day will see the money to buy and sell stocks account?

In daily life, we may also encounter these problems. You buy a brand-name bags, but do not determine whether it is produced in Europe or Guangzhou, or to buy a mobile phone, but do not know whether it is China or smuggled goods.

If there is such a tool or technology can help us to answer these questions reliably? The answer is to block chain technology. Using the block chain technology can make your bank account money more efficiently, so that the original by auditors and lawyers can solve the problem easier, so that consumers have no fakes concerns, all financial institutions and things can subvert your face.

Briefly, the blockchain principle two

We have a deal so as to open a door, the key is to open the door of the media, and the key of each tooth arrangement if the corresponding open the door lock, which can open the door, to complete the transaction. Block chain is the completion of the transaction the intelligent keys, each key is inserted into the lock hole, the lock will be the key of the intelligent network verify authenticity, if not the order on the key teeth or tampering with the people, can not be traded.

The key will be cracked? The door will be open a hacker?

The answer is possible, but very little. Hackers must enter the earth more than half of the computer, can be verified through networking. Because this key will do many backup on the Internet, open the door every time, you will be on the Internet and the key backup key check if your key and most other backup keys are not the same, that your keys may have been tampered with, to open the door from.

Three, have the blockchain future life

Now the application block chain used in most discussions are focused on the financial industry. However, the financial sector is just the beginning of a block chain to subvert our life.

We need to open a bank account, to provide a variety of materials to prove their identity and address. We rent a car, need to verify your driver’s license and a credit card, or query your past record of driving. We apply for a visa, in addition to prepare materials, may also need to be notarized. Although these procedures is a kind of trust mechanism and process design in order to protect us, but rather cumbersome. In order to verify the contemporary social trust, spent a lot of time and manpower.

In the blockchain world of the future, any personal information corresponds to a unique code, each of the first MP3, every car, every power plug also corresponds to a unique code. Any of your behavior, will be digital recording. In the recent election in Australia as an example, the future can be carried out through the use of electronic voting block chain technology, because of the uniqueness of the individual number of chain, can quickly statistics which citizens did not vote. But because of the block chain can not be tampered with, voting fraud will become history. Government agencies can know the results by means of real-time power block chain technology. Such as fake diplomas, fake medical records, pirated music, in the blockchain help, can effectively control.

Block chain is divided into open chain, chain alliance and private chain. Open chain block chain participants, all of the people all over the world. In the open chain, each transaction information (a number order) completely open, but in addition to the designated person, information can not be interpreted, so the block chain is semi anonymous.

If the bank wants to use the blockchain but does not want to be public information, you can use private chain. Private chain is controlled by the block chain, the user’s public information, open range set by the user himself. Because of this right, at present all financial institutions are vigorously study block chain, basically every major banks have opened a research department of such.

In addition to verify the identity and help to complete the transaction, the blockchain technology will bring us more in the field of unprecedented convenience. Samsung IBM is to develop a new generation of Internet technology ADEPT. According to the idea of IBM, a new generation of Internet will use block chain technology, each household appliances will become a source of data. The data generated by the use of electrical information each time will have been preserved, and other appliances will interpret this information so as to make the corresponding reflection — for example, when you are in the car GPS is set to the home line, electric cooker automatically according to the road conditions and the distance set before you arrive home 1 minutes to cook a good meal, and aromatherapy will spray perfume in the intelligent home before 30 seconds. The block chain more accurate information transmission and the synergistic effect of our time will be greatly reduced, the seamless link of life will be the quality of our life to hitherto unknown height.

Using the block chain technology can also make the gun management easier, and more will be subject to guarantee the security of citizens. Block chain technology on a new type of gun application, each gun seems loaded on a black box, each bullet hit information can be recorded, fingerprint records gun chip will not be tampered with the deposit, GPS information and the use of time.

Four, block chain in the development of Australia and Chinese


Because of the block chain has to the center, no credit system and can not be tampered with these three advantages, this technology is becoming the most popular topic in the field of global innovation, welcomed by the venture capital fund. In 2015, worldwide up to about $480 million was invested in support block chain technology start-ups, and in the first quarter of this year, had reached $160 million.

R3CEV is a block chain company headquartered in New York, was established in 2014. R3 block chain alliance initiated by has attracted 42 big banks, including Bank of America, Wells Fargo, Bank of New York Mellon, Citibank, the German commercial bank, Deutsche Bank, HSBC, MITSUBISHI UFJ financial group, Morgan Stanley, National Australia Bank, Royal Bank of Canada, SEB (SEB), Societe Generale, etc.. Block chain technology by R3 may soon be used in international financial payment and settlement areas, first to subvert the existing payment system, now has completed two rounds of large-scale financial institutions involved in the test.

Hilary Clinton in the July presidential election speech said that the US government should accelerate the application of block chain technology. She said one of the important duty of the government is to ensure that the citizen information is true, accurate and complete, the citizen information can help you prove your identity, access to bank loans, can also determine whether you have the right to participate in voting, drinking, and even gun. The medical records as a starting point, the block chain can give every citizen a portable, secret, security and personal digital medical records.


2016 can be said to be the first year of development Chinese blockchain. China Chinese Ping as only one agency, in May this year, joined the R3 block chain alliance. Despite the slow start in the leading international financial institutions, financial institutions have also started China for attention and study the blockchain. By universal blockchain laboratory was established in April 2016 the lead block chain alliance ChinaLedger, indicates that Chinese began to join the global block chain competition.

In July 9th this year, the Alibaba’s ant payment service in Hangzhou said the blockchain technology will be on the line, and will be the first application on Alipay’s donation platform. Due to the characteristics of block chain traceability, every donation life cycle will be recorded in the block chain, truly public funds tracked.


The Bank of Commonwealth of Australia as the initial R3CEV members, in September 2015 to join the union, Australia is the first to get involved in the field of commercial bank chain block. The same year in September and December, National Australia Bank and Westpac also before and after joining the R3CEV alliance.

ASX ASX announced in January this year will be the future of private block chain technology to replace the CHESS clearing system currently in use, and the same period invested $14 million 900 thousand in exchange for a U.S. technology company DAH5% equity chain block.

Outlook five, block chain

Although people involved in the block chain technology believe it’s possible, they also pointed out that the road is still long. The MIT Media Lab Director JoiIto said: “now the block chain is not on the Internet in 1996, which is more like 1990 or 80s at the end of the internet”.

Block chain technology as a subversive innovation of science and technology, there is a great space for development, and there are many uncertainties, can be achieved when described in the future, let us wait and see.

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