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Blockchain's 10th anniversary is just a transitional technology?

Time : 14/01/2022 Author : 3xitq2 Click : + -
        In, the focus of attention was mainly on the impact of blockchain on financial services, banking and commerce, as well as the combination of blockchain with other cutting-edge technologies such as the Internet of things. By, China had instantly become the focus of international blockchain attention, followed by New York. Domestic attention to blockchain began in, and there are more and more questions and Reflections on the hype of the concept of blockchain, mainly related to the digital currency foam, regulation and other issues. On the whole, China began to pay extensive attention to the problems that may be caused by blockchain, and foreign countries began to pay attention to the situation of blockchain in China. At the same time, compared with foreign countries' continuous attention to the topic between blockchain and currency, China pays more attention to the wide application of blockchain itself.
 
        According to the database of the national enterprise credit information publicity system on March 24, 2018, there are 1608 companies whose names contain the keyword "blockchain" (among which 206 related companies can be checked in Shenzhen, and the actual number is more), 42% of which are newly registered companies in 2017. 10% of the total random sampling shows that among the more than 1000 blockchain enterprises, 87% are blockchain technology related technology companies and 13% are financial service companies. Among them, Shenzhen is the largest, with at least 206 (the query system can display the upper limit of data), accounting for 13% of the country, of which at least 48% are newly registered in the last year.
 
        92 in Guangzhou, accounting for 5.7% of the country, of which 81 were registered in the last year. Guangzhou is followed by a total of 86 enterprises in Guizhou Province, of which 93% have registered in the last year. There are 64 in Zhejiang Province, of which 78% have been registered in the last year. There are 53, 44 and 41 enterprises in Beijing, Shandong and Jiangsu respectively. The number of enterprises registered in the last year accounts for 54%, 80% and 78% respectively. According to the relevant reports of wall street news, the United States and the European Union are accelerating legislation and strengthening the anti money laundering supervision of cryptocurrencies. Japan has issued the bitcoin (cryptocurrency) exchange license and began to promote regulatory policies.
 
        On March 2, 2018, Japanese Finance Minister Taro Aso told the media that he welcomed the application of virtual currency (cryptocurrency) trading institutions to the government for certification, and the Japanese government will also strengthen the security supervision of relevant aspects. South Korea has required the use of real name system in digital currency transactions since January 30, 2018 to prevent criminals from using digital currency for illegal transactions. Germany has issued tax documents and recognized that bitcoin enjoys the same status as French currency. Britain, France and Australia are actively carrying out relevant research and legislative work to speed up the monitoring of cryptocurrencies. Brazil currently does not recognize cryptocurrency as a financial asset, and Venezuela has begun to implement "petrocurrency" on February 20, 2018, in an effort to explore a new way out after the collapse of its legal currency system.
 
        Based on the general trend analysis of blockchain big data from January 2015 to March 2018 in the first part of this paper, we further studied the international literature of blockchain in the past three years and found 180 academic research papers closely related to blockchain applications (excluding the research on bitcoin and cryptocurrency). Among them, there are 100 articles on Google academy, 30 articles on ieeexplore database, and 50 articles on aisel (aiselectroniclibrary) database. At the micro level, through literature review, it is found that the application research of blockchain in the past three years mainly involves six fields, namely finance, information management, entertainment and communication, government, e-commerce market and supply chain.
 
        Among them, finance accounts for 34%, digital archives management research accounts for 25%, supply chain and blockchain research accounts for 23%, and these three categories account for 82% of blockchain market application research. The financial sector has always been the most studied area of blockchain (except bitcoin). The most important research focuses on the field of payment. The payment industry can be regarded as the center of innovation on the blockchain. Banks used to be called "trusted intermediaries", and this business model is being threatened by blockchain cryptocurrencies. Therefore, many banks have begun to invest in blockchain related research. The expensive cost and slow trading process of traditional banks are perplexing consumers. At the same time, in less developed countries, a large proportion of the population has no or only limited access to banking services.
 
        Blockchain in the payment industry is being regarded by more and more people as a solution for real-time payment in the future, because blockchain can realize point-to-point transactions without banks and intermediaries, which means that there is the possibility of realizing high-speed and low-cost financial services. In addition, blockchain can solve the problems of customers without bank accounts and allow them to participate in financial activities at almost zero cost. Of course, this is a great challenge for regulation, but there is also a huge potential market for the financial industry itself. In short, blockchain supports no central third-party payment and makes it fast and cheap. The target users are generally bank customers and electronic payment users.
 
        Table 1 shows the comparison between traditional electronic payment and decentralized electronic payment. Each has its advantages and disadvantages, but there is no possibility of mutual substitution. In digital archives management, the invariance of blockchain has broad application prospects. It provides a cheap and secure way to store information while giving ownership and control back to users. It also allows more accurate data to be stored for protection and tamper resistance. There are four application prospects in digital archives management. First, the medical care industry. Using blockchain (such as private chain technology), patients can freely and safely own, control and share their data without risking infringement of their privacy.
 
        Such a system can improve the health care intelligent system by giving all corresponding personnel access to the exact data they need, while maintaining the privacy of patient data. Second, the insurance industry. As a peer-to-peer distributed data recording method, the smart contract of blockchain can enable insurance companies to master consumer data more accurately, so as to design insurance products closer to the market and conduct more accurate risk and compensation income assessment. Third, archives are confidential and tamper proof. Blockchain based archive confidentiality and tamper proof technology does not need to rely on the government to complete such work, and can be achieved through a distributed platform. This application prospect is not only in the management of personal archives, but also in other archival fields.
 
        Such as transmission and confidential communication. Fourth, digital identity. The blockchain of digital identity will bring more innovative products and services for new consumer needs. In the past two decades, the global entertainment and communication industry has experienced many changes. With the introduction of blockchain, it may experience another great change. Audiences will be able to directly support the artists or journalists they appreciate, while being anonymous and free from censorship. First, there is a strong demand for blockchain applications in digital art and copyright. Blockchain has obvious advantages in maintaining digital copyright. Second, journalistic professionalism and independence can be protected. Due to the invariance and encryption characteristics of blockchain, articles published on it can resist the interference of interest groups and the pressure of deletion and modification, while keeping readers and journalists anonymous at the same time.
 
        The blockchain based payment mechanism may also be a new hope for media development after the pay wall model. Literature analysis shows that e-commerce logistics industry is one of the current active application scenarios of blockchain. First, based on blockchain, the traditional logistics industry can obtain more sufficient information, minimize transaction costs, eliminate market restrictions, and provide new ways for consumers to obtain better logistics products. Secondly, the research in the field of e-commerce is also relatively extensive, mainly focusing on how to break the market occupation of large e-commerce companies such as Amazon and eBay through blockchain. At the same time, papers on blockchain technology used to crack down on counterfeits and protect the interests of consumers have also attracted more attention.
 
        Smart contracts and distributed ledgers can help consumers have more rights to know and supervise products, and ensure a greater degree of safety and reliability of products. Through the comparison of research literature, we also found that the current research on blockchain mainly has three problems. The first is the technical bottleneck of transaction delay. According to current technology, to execute the first transaction on a blockchain (such as bitcoin), consumers first need to download a complete set of existing blockchains and verify them before executing the transaction. This process may take several hours or more. According to the current technology, this transaction process is extremely complex and very unfriendly to consumers. No one is willing to spend hours waiting for a transaction to be completed.
 
        The second is the system. While actively promoting the application of controllable blockchain, China and most other countries are still cautious about private blockchain projects, such as cryptocurrency transactions such as bitcoin. Third, human resources. At present, there is a great lack of talents in blockchain, which restricts the market-oriented development of blockchain. Similar to the current public opinion context on blockchain, blockchain has been raised to a historic position, and many domestic and foreign authorities believe that this is a technological revolution at the level of industrial revolution. We have made a comparative analysis of one to four industrial revolutions that have taken place (Table 2). The first industrial revolution and the second industrial revolution were mainly a competition between heat and electricity.
 
        With the vigorous development of integrated circuits, microcomputers and automatic production lines based on electronic technology, the power of system integration is the main highlight of the third industrial period. In this period, the factory production chain can be configured globally. On the premise of controlling the core integration ability, the global logistics system can optimize the cost of production parts. On the basis of the integrated development of the third industrial revolution system, with the development of instant information interaction technology during the fourth industrial revolution, the integrated data links can be converged through the network, so the "computing power" of data processing capacity has become the core variable during the fourth industrial revolution.
 
        Robots, genetic technology, big data, cloud computing, Internet of things and Internet of things, machine learning and artificial intelligence, these fresh words piled up a variety of scenes of the fourth industrial revolution, is an important feature of the information technology revolution, which is closely related to computing power. Compared with the core power source and industrial driving force of the fourth industrial revolution, the technology relied on by blockchain is still computing power, which belongs to one of the digital driven industrial models, and there is no fundamental difference with the core variables of the fourth industrial revolution (Table 2). However, based on the geometric growth of the demand for computing power brought by blockchain technology, it is clearly foreseeable to promote the continuous upgrading of digital driven industries.
 
        But how much impact will blockchain have on productivity? How many innovations have been formed? Where will the development direction go? We still need to rely on bottom-up market demand and various social production entities to promote and collide. Moreover, the current tamperability of blockchain information is based on the difficulty of controlling more than 51% of the nodes in the blockchain system at the same time. However, with the development of computing power, such as the breakthrough of quantum computing, the core theoretical assumption of blockchain will no longer exist. Therefore, the ideology of blockchain will continue to be enriched, but the technology that blockchain currently relies on is still evolving. From the perspective of the future, it is a transitional technology.
 
        "Decentralization" as the core advantage of blockchain has been continuously emphasized in the past decade. However, since the development of blockchain technology, we have found that there is still a ternary paradox (Figure 1): in the decentralized blockchain design, based on the existing computing capacity constraints, security, low cost and ease of use can only take into account the other two. In Nakamoto's 2008 paper, he proposed to use distributed accounting and storage, separate from centralized hardware or management institutions, and build an architecture in which the rights and obligations of any node are equal. An ideal blockchain needs to be jointly maintained by the computing nodes in the system. This will lead to a problem: how to ensure the low cost, high security and ease of use of the blockchain when there are differences in the computing power of participants? A more feasible way to solve these problems is to invite service providers (intermediaries) to entrust management, or directly use the platform of blockchain service providers.
 
        Therefore, in the case of unequal computing power of individuals involved in the blockchain, the "decentralization" of the blockchain will turn into a "disintermediation" problem. At the national level, is the policy based on the blockchain platform or the blockchain itself? For example, blockchain technical standards still need time to observe. Among them, the individual default risk coefficient depends not only on the past historical credit transaction records, but also on the benefits brought by the choice of default. If the benefits obtained are far greater than the punishment for breach of contract, the possibility of choosing breach of contract will be great. In short, people's credit behavior depends not only on the past, but also on the future. Blockchain technology has no algorithm to solve this human problem.
 
        The chain linear transaction record of blockchain can only reduce the risk of default, but it can not fundamentally prevent default. In other words, the trust mechanism based on historical data cannot guarantee whether it will default in the future. When the temptation of default is large enough, blockchain has no binding effect. However, the centralized traditional authority mechanism (such as the government) can play an important role in this regard. So far, the traditional authority mechanism is still difficult to be replaced in contemporary society. Soros pointed out at the 2018 winter Davos forum that if Facebook expands at the current rate, it will theoretically cover the vast majority of the global audience in a short time.
 
        This means that its horizontal expansion will soon reach its limit. Then the mining of human vertical resources will become an inevitable choice in the future, and this process is human digital resourcing. The integration of human and digital makes human itself the most precious "mineral" resource in the future. Recently, the Cambridge analysis company scandal, which has attracted global attention, has sounded an alarm. Among them, the problem that needs more attention is that in the trend of decentralization and information personalization, digital customization services based on artificial intelligence algorithms actually form an algorithm mechanism that suits individuals. This will not only strengthen personal information preferences, but also deepen individual prejudice. Long term information customization service will make people fall into a single information environment, and this process is easy to make the audience fall into the state of digital dependence.
 
        Unconsciously, it has become a digital resource of various institutions, which we call "new mineral". Therefore, China's current large-scale crackdown on vulgar app mobile clients has a long-term significance. If people themselves have become a digital resource, is personal privacy only "personal right"? With the digitalization of people, it is an open fact that major companies have transformed personal privacy into digital wealth that they continue to tap. So should we also avoid the "property right" attribute of personal privacy?. Based on the current decentralized blockchain technology, the point-to-point personal information system is closely related to the "transparency" of personal information.
 
        Without the transparent analysis and display of individual information by distributed public account books, there is no decentralized credit mechanism. Decentralized point-to-point credit is based on the transparency of personal information. Personal rights and property rights constitute two kinds of basic civil rights in civil law. Personal privacy belongs to personal rights. Property rights refer to the civil rights that directly embody property interests with the content of property interests. The biggest problem of personal privacy under the definition of personal rights is that it is difficult to calculate the value of money. Generally speaking, how much is personal digital privacy worth? The reason why this problem should be faced up to is that if the property right attribute of personal privacy is not protected, its value can only be passively plundered by various data service enterprises or third-party institutions at zero cost.
 
        The important characteristic of the digital age, which is different from any previous era, is that quantifiable and cutting personal value is becoming more and more important
 
        
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