Terry 2015 is the first year of blockchain. Many major organizations in the world, including Goldman Sachs, Citibank, Bank of England, Central Bank of the United States and other institutions, have invested in blockchain. A large amount of investment has entered the blockchain since October 2015. The reason is that an article was published in the Wall Street Journal, which reported that the blockchain has undergone many experiments and verifications, and many financial institutions have confirmed the blockchain. Blockchain is a disruptive technology.
The Wall Street Journal even declared before that the blockchain is the most important breakthrough in the financial field in the last 500 years. And there have been many technological breakthroughs in the past 500 years, but the Wall Street Journal said that the blockchain is the biggest breakthrough in the financial field in human history. This may be due to the emergence of a new monetary medium, and each time a new monetary medium emerges, it triggers major social and economic reforms.
In January 2016, the chief scientist of the United Kingdom suggested that the British government list blockchain technology as a national strategy in the United Kingdom. This is a major breakthrough in the history of blockchain, because it is based on Wall Street and financial institutions’ evaluation of blockchain. But since January 2016, blockchain evaluations have been based on official British evaluations with a long history of science.
By all measures, the UK is often second in the science behind the US. The United Kingdom, which ranks second in the world in science, even listed blockchain as a national strategy, indicating that the importance of blockchain is undoubted and has far-reaching influence. To be able to become a national strategy must be scientifically proven, and it must also bring huge commercial value, both of which are indispensable to becoming a national strategy.
2016 can be said to be the first year of blockchain in China, because in 2016 blockchain has received great attention in China. The first was in January the People’s Bank of China announced that it would use digital currency. Then after the 30th, many Chinese organizational units began to invest in blockchain. Many universities in China have also begun to study blockchain technology, large financial institutions have expressed their intention to set up blockchain teams to study blockchain, and blockchain seminars and seminars have sprung up more and more.
But what exactly is a blockchain? What is the essence and characteristics of blockchain? The invention of the blockchain is based on the Internet. The technology it uses, like the idea of P2P, distributed storage, and distributed keys, has existed for more than ten years, but without Satoshi Nakamoto’s groundbreaking white paper on Bitcoin, all these powerful Tools are still just buried in the pile of academic papers. Because these tools alone cannot solve the problem, only Satoshi Nakamoto unexpectedly came up with a systematic and practical solution.
If he could come up with the paper ten years earlier, Bitcoin could have been invented ten years earlier. Therefore, a single technical point is not the charm of the blockchain. The new idea of using these technologies is the essence and core of the blockchain.
Functionally, the Internet realizes the dissemination of information, while the blockchain realizes the transfer of value. At the very beginning of the Internet, it was designed in the mode of information transmission pipeline. The bottom layer of the TCP/IP protocol does not care about the difference between the data transmitted above – for the underlying switches and routers, everything is 0 and 1. Undifferentiated information transmission has created a convenient channel for information replication, and also created today’s information society with an explosion of information.
However, although the Internet has solved the problem of information dissemination, it has brought about a new problem of information ownership. We can spread a song or movie all over the world within a few hours, but we cannot know who owns The rights of the film are transmitted through what kind of path. The blockchain can do it. After I send a piece of data to another person, I no longer have ownership of the data, so a virtual system can be used to transmit the actual value.
In terms of mechanism, if TCP/IP is a communication protocol between machines, blockchain is a trust mechanism and cooperation agreement between machines. For the transmission of information that does not require verification of authenticity, TCP/IP is sufficient, but once computers belonging to different entities need to communicate and cooperate with each other automatically, the problem becomes quite complicated.
For the cooperation between companies in the real world, there are lawyers and contracts to agree on terms, and law enforcement agencies to ensure the implementation of contracts. In the virtual world, computers cannot open bank accounts, and computers belonging to different entities have no way to Courts sue each other, so when communicating and cooperating, there must be an effective mechanism to quickly achieve joint cooperation. The blockchain can play such a role, so in the blockchain industry.
Because of the above properties of the blockchain, the blockchain will be the best bridge between the virtual world and the real world. In the future, what blockchain will connect will not be indistinguishable anonymous accounts and virtual assets of uncertain value like Bitcoin, but will be thousands of real individuals and corporate entities.
The assets carried on it will have real value and counterparts, and everything that happens on this virtual network will directly affect the real world. This process requires not only pure technology, but also experts and talents in finance, commerce, law, government and other fields to gather together to ensure the effectiveness of this mapping, which is why we have been working hard to promote blockchain, The reason for the ecosystem and trusted blockchain concept.
The blockchain has huge potential and future, and these potentials and futures require the consensus and strength of the society to share advance and realize.
The stability and rise in the value of Bitcoin means the stability and rise in the purchasing power of Bitcoin. Bitcoins are becoming more valuable and the amount of bitcoins needed to purchase goods and services is becoming less and less. That said, Bitcoin likely has the ability to cause a monetary crunch. To some extent, it offsets the general trend of global inflation.
