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Blockchain technology development faces seven key challenges

Time : 06/07/2022 Author : ts5qoh Click : + -
        After more than ten years of development, blockchain technology has gradually entered the public's vision and integrated into the construction of all walks of life. This year, the country has also included blockchain technology into the scope of new infrastructure for the first time. Recently, Huo coin Research Institute published the paper "blockchain technology development and prospects" (hereinafter referred to as the paper) in the professional academic journal "Journal of agricultural big data", which systematically combed the infrastructure, expansion technology and challenges of blockchain technology, and prospected the development of blockchain technology in the future. The paper points out that with the exploration of the value of blockchain technology, blockchain technology has gradually developed into an independent research field. Blockchain technology uses the principles of cryptography, distributed data storage technology, point-to-point network and consensus mechanism to build a distributed ledger, which brings an opportunity to solve the trust, privacy, data differences and other problems in the process of multi-party cooperation.
        At present, the development of blockchain technology has been applied to finance, medical treatment, government affairs, commerce, public welfare and other fields, and there have been landing cases, introducing a new way to improve the efficiency of various industries. Combined with the current research and application of academia and industry, this paper not only summarizes the five-layer infrastructure of blockchain technology data layer, network layer, consensus layer, contract layer and application layer, but also introduces the principles and technologies of each level in the architecture. On this basis, it further introduces various typical extension technologies for the combination of blockchain and traditional networks, blockchain technology itself and related cryptography technologies, and discusses the impact of these technologies on blockchain technology.
        However, with the promotion of blockchain application and industry implementation, blockchain technology has also encountered many challenges. The paper clearly points out that the key challenges for the future development of blockchain technology mainly come from seven aspects: system security, data privacy, supervision, scalability, cross chain protocol, offline information and storage. For data privacy, which is highly concerned, the paper clearly mentioned that a large number of blockchain application scenarios have important data privacy protection needs. For example, in the application of blockchain supply chain finance, the transaction order information can only be shared within the limited enterprises related to the transaction, otherwise it will lead to the leakage of trade secrets and unfair transactions. However, in order to ensure the credibility of data and transactions, the current mainstream blockchain technology uses distributed ledger technology to repeatedly verify data and calculations in the network, which increases the difficulty of protecting data privacy.
        As for regulation, the paper points out that the existing architecture of blockchain technology ensures some regulatory compliance to a limited extent. However, the regulatory needs in a broader reality are difficult to be effectively supported. How to efficiently ensure that blockchain data comply with laws and regulations, industry norms, risk control models and other specific regulatory rules is another challenge for blockchain to achieve large-scale implementation. At the same time, as blockchain gradually moves towards mainstream application scenarios, the scalability bottleneck caused by large-scale computing requirements will become more and more significant. Synchronization of a large number of network nodes and massive transactions will become the key obstacles for blockchain to improve scalability and become a new generation of information infrastructure.
        Combined with the current development status of blockchain technology, this paper deeply analyzes the five challenges and future research trends that blockchain programming language design, cryptography practical scheme, blockchain performance optimization, distributed storage, regulatory technology and compliance protocols still face in the field of application and research. According to the analysis of the paper, one of the research trends of blockchain technology in the future is how to further strengthen the development support of blockchain technology, including designing new programming languages, developing blockchain SDK with existing languages, etc., so as to reduce the complexity of blockchain development and improve the development efficiency in the life cycle of software development. In the future, the new secure smart contract language will be a major research focus.
        At present, a large number of cryptography technologies are applied in the practical exploration of blockchain technology architecture to enhance the privacy protection ability of blockchain, such as homomorphic encryption, obfuscation circuit, threshold signature, zero knowledge proof, secure multi-party computing, etc. The paper points out that a lot of overhead is usually introduced in practice. Therefore, the future technology research hotspot of this problem may be how to propose practical practical solutions based on cryptography technology. The paper clearly points out that blockchain performance optimization will still become a key technical research point in the next stage. Specifically, the possible performance improvement points of blockchain in the future include high-performance blockchain architecture design, application-oriented efficient consensus protocol and optimization, parallelizable transaction processing engine, network communication acceleration technology, etc.
        It also believes that in view of the current problems of difficult management of blockchain data inflation and weak query ability, the relevant research direction in the future will focus on distributed storage technology. Finally, the paper analyzes and discusses the regulatory technology and Compliance Agreement. Due to the strong correlation between blockchain applications and digital assets, supervision and compliance will become the core of blockchain technology. How to embed general regulatory requirements for anti money laundering, anti financing and other aspects in the blockchain, and how to build standardized data compliance protocols to ensure the application of blockchain technology in mainstream scenarios will become a top priority. At present, a new round of technology competition around blockchain has started. As a professional research institution, Huo coin Research Institute will continue to conduct in-depth research and promotion of blockchain technology to promote the healthy and sustainable development of the entire blockchain industry.
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