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Blockchain travel,Chain lobbying issue 17: development trend of blockchain

Time : 09/07/2021 Author : h3qla0 Click : + -
        Blockchain 1.0 basically represents various cryptocurrencies. There are certain innovations in different applications and technologies. Among them, bitcoin accounts for about 90% of the market share. The innovative cryptocurrency that can really subvert its position has not yet emerged. Market participants generally only improve on the basis of bitcoin. Blockchain 2.0 has a lot of room for innovation. It extends credit beyond finance. In addition to currency transactions, many human interactions involve credit, such as agreements, small loans, wills, etc. Traditional credit is generally based on centralization. For example, an agreement involves not only the stakeholders directly but also the judiciary. If the law does not agree, the agreement is invalid.
        Of course, traditional societies can also establish credit based on acquaintances. For example, many private financial activities in China are based on family, religion and friends. However, this practice is very limited and cannot be relied on by modern economy. Another example is small cross-border agreements. The cost of recovery for breach of contract is often higher than the amount of the agreement, which also causes the cost of establishing cross-border credit to be too high, thus hindering the establishment of market credit in the global economy and injuring the micro credit in the global market. Now with the blockchain and the global accounting method, it is natural that a certain agreement can be implemented throughout the network to guarantee credit. If we say that in the Internet age, our freedom and rights can be protected by code to a certain extent, then the blockchain is taking a step forward and protecting our rights and interests through agreements can be automatically implemented by code.
        The recent Ethereum is Turing perfect, that is, it can be programmed on it. This means that participants can write any protocol into the contract and have it automatically executed. In this sense, the blockchain can play the role of the court's enforcement court to a certain extent, but the cost is much lower. Users can establish their own credit by paying a handling fee that may be only one tenth of bitcoin. IBM combines the blockchain with the Internet of things. The prospect of this attempt is that it can combine the real economy and intelligent protocols. For example, when you travel abroad by car, you run out of cash on the way, and your credit card cannot be used locally.
        In the past, you couldn't expect to borrow money from a complete stranger. However, if your car is registered on the blockchain Internet of things and the other party is also registered on the blockchain, then both parties can sign an agreement:. If you complete the repayment after one month, the agreement will be terminated; In case of breach of contract, the ownership of the vehicle registered on the Internet of things will automatically be transferred to the other party's name. The other party can entrust someone in China to drive your car with the private key, and there is no need for the court. It can be imagined that under such a low cost, personal assets will be able to flow around the world in the future, and the dream of "connecting the world" of several generations of Chinese people is expected to be truly realized.
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