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Blockchain networking,Blockchain makes value trading more convenient and fast, and governments of all countries participate in investment and research and development

Time : 27/03/2022 Author : e34xld Click : + -
        In October 2014, the British Library held a seminar on the future of bitcoin, which led to the birth of bitcoin's underlying technology blockchain, quickly attracted people's attention and promoted entrepreneurship in related fields. In just two years, the market share of blockchain has reached 210.2 million US dollars. Technically speaking, blockchain is a fusion solution integrating P2P Networking (peer-to-peer network), asymmetric encryption, distributed database and other technologies. Due to the combination of the advantages of various technologies, blockchain has the characteristics of weak centralization, disintermediation, high autonomy and tamperability, which makes the value transaction in the era of value Internet more convenient and fast.
 
        From the perspective of business applications, blockchain is a distributed shared ledger system. Unlike traditional centralized ledger systems such as the clearing center of the central bank, blockchain creates trust and develops credit through distributed property management, collective autonomy, openness, transparency, immutability and traceability, so as to reduce the friction coefficient in the process of value exchange and achieve zero marginal cost. According to the calculation of McKinsey and Aowei consulting, the infrastructure construction cost of blockchain computer room is only 1% of the current centralized data center, and the operation cost is only 3%— 5%。 Using blockchain technology for cross-border payment and settlement can not only shorten the settlement cycle, but also save 10billion a year — Cost of $20billion.
 
        In addition, the application of P2P networking, asymmetric encryption and digital verification of Merkel tree (which can decompose each block into multiple tree structured data blocks) makes the transmission, distribution and incentive mechanism of blockchain network different from that of information internet. In the process of network transmission of information, information can be copied countless times. However, the uniqueness of value exchange requires to ensure that bilateral consumption, even multilateral consumption, will not occur. Therefore, as an effective supplement to the centralized ledger system, blockchain has gradually evolved into one of the preferred value exchange networks. At present, financial technology institutions such as Goldman Sachs, Ethereum, ripo and r3cev are not only committed to the research and implementation of digital cryptocurrency, but also to the development of high-level applications such as smart contracts, record keeping and artificial intelligence architecture.
 
        Governments have also joined the blockchain investment and R & D camp. The Korean government recently announced that it would invest US $2.6 billion to develop blockchain applications such as digital currencies. Although the market's love for blockchain technology can be seen, there are still two deficiencies in blockchain, which need to be treated dialectically. First, the encryption algorithm of blockchain system is the product of the late 1990s. Based on the security hash algorithm of the national security agency, it is urgent to integrate the current cutting-edge encryption technologies such as zero knowledge proof and homomorphic encryption. Second, the performance problem of blockchain itself is reflected in the contradiction between throughput and storage bandwidth. Bitcoin blockchain network 3&mdash per second; The processing capacity of 7 transactions cannot meet the payment and settlement needs of the entire financial system.
 
        Recently, blockchain start-up safecashpayment announced that it has achieved 25000 transactions per second, but its transaction speed still depends on changing the size of the block. Therefore, for the rapid popularization and development of blockchain, ordinary consumers who participate in blockchain applications must first download the blockchain wallet provided by the application service provider, and the current 80GB storage demand is unbearable for ordinary consumers. It can be said that blockchain, like the first generation of information internet born in 1968, has unlimited possibilities. Today, with the rise of programmable digital economy, the sustainable development of blockchain in the whole society can be achieved only by effectively improving the research on technical applications such as data encryption, storage and throughput, and considering the formulation of appropriate regulatory acts and technical standards.
 
        
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