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Bitcoin is a blockchain. If you think so, you are wrong!

Time : 14/01/2022 Author : yb3gnr Click : + -
        Whether you feel it or accept it, blockchain is changing the world we exist in. As the underlying technology of bitcoin, blockchain is essentially a decentralized database. On the surface, it is an IT technology, but in fact, it is a way of thinking that has become more and more important in the process of human social change. Not only cryptocurrency, but also blockchain. Logistics, healthcare, banking, and even elections all hope to improve their businesses with the help of the powerful power of blockchain, so as to operate more efficiently. As a relatively complex and relatively new thing, many friends have heard about blockchain because of bitcoin, and they know little about it.
 
        However, just like now, without the Internet, the convenience of people's life will be greatly reduced. As an important trend of social science and technology, it will have an increasingly important impact on personal world outlook. Today, let's talk in detail about the knowledge points and powerful functions of blockchain that you don't know yet. I hope these contents can help you face the changes brought by this technology, the world and our lifestyle more calmly in the future. Blockchain is often mentioned together with bitcoin, probably because the price of bitcoin is unattainable. Many people subconsciously think that blockchain is a game for the rich, which has nothing to do with the lives of ordinary people.
 
        However, in fact, the two are not the same thing, and the concept of blockchain was not the creator of bitcoin. Before the birth of bitcoin, in 1991, stolte Hubble and scottstonetta jointly proposed blockchain technology. The basic logic of their scheme is to stamp the digital document with a time stamp to prevent the document from being tampered with. To this end, they developed a system that uses encrypted secure blockchain to store time stamped documents. Therefore, blockchain was first proposed to record data more accurately and completely. Then in 1995, Nick Saab, a cryptographic algorithm engineer, proposed the concept of smart contract.
 
        Smart contract is a computer system. A contract that can be automatically executed when certain conditions are met. Smart contracts allow trusted transactions without a third party. These transactions are traceable and irreversible, and these can only be played with the support of blockchain technology. With smart contracts for transactions, we can not only save third-party intermediaries, but also save administrative costs such as lawyer fees. This is of great significance not only for enterprises to talk about business, but also for ordinary people to trade bulk commodities. To take the most common example, many friends are tortured by the experience of buying a house. Buying a house often involves intermediaries, landlords, banks, lawyers, and sometimes government procedures, a lot of documents, multi-party communication, and repeated and endless back and forth communication.
 
        With smart contracts, you will directly receive a very rigorous contract that has covered all aspects of the problem, so that buying a house can become faster without lawyers, intermediaries and other intermediaries. The underlying technology of bitcoin is one of the most familiar identities of blockchain. Blockchain is the most powerful ledger created in the world at present. It can ensure that data is accurately recorded, and any abnormal data will be immediately found and rejected. All the information in the block is a transparent record, stored in every computer in every corner of the world, and does not give anyone the opportunity to tamper. Because of this, blockchain technology has also attracted the attention of banks and other financial institutions for a long time.
 
        At present, 90% of banks have begun to explore the application of blockchain. Compared with the traditional manual banking mode, blockchain technology reduces the degree of manual participation, which greatly reduces the probability of error. For individuals, we all hope that our funds can be safely preserved, and blockchain will make this a reality, and store assets of the same amount to use blockchain. The extra cost is lower. For those who work overseas, the application of blockchain technology can also help these people operate overseas remittances more conveniently, speed up the transfer and arrival speed, and reduce the losses caused by exchange rate handling charges. Insurance is another important financial activity. At present, due to the lack of information exchange between insurance companies, insurance fraud, fraud and other risks of policyholders occur from time to time, and the insurance companies do not share customer data with the regulatory authorities, so that the regulatory authorities can not record the customer's breach of contract, violation of the law and other behaviors, and it is difficult to effectively restrict the customer's dishonesty.
 
        The use of blockchain breaks the information and data barriers between insurance companies, eliminates the existence of information islands, and solves the business pain points caused by trust problems between insurance participants. Therefore, blockchain will be more widely used in the insurance industry, and then a new insurance model based on blockchain technology will be derived. At present, in some developed countries, using bitcoin to pay taxes has become a reality. Finally, there is an old saying that investment is risky and I don't understand it. But don't touch it.
 
        
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