Blockchain circle

One stop hot information platform

About us:

Blockchain circle provides the latest information about blockchain, digital currency, digital wallet, exchange, metauniverse, bitcoin, Ethereum, contract, financial management and so on, and always pays attention to the latest market...

How can blockchain change the world?

Time : 28/07/2021 Author : 63yneo Click : + -
        Since the economic recession, crypto virtual currency has been highly sought after and is called a good medicine to solve the problems of unfairness and corruption in the traditional financial system. Supporters are convinced that with the rapid development of this concurrent currency, it will directly compete with the institutions that triggered the economic crisis and eventually destroy the latter. The unofficial slogan of bitcoin is "our trusted encryption technology" & mdash& mdash; Among them, the spearhead is undoubtedly directed at middlemen, bankers and "trusted" third parties that are not actually trusted. In the traditional operation, when you use a check to pay for a mortgage loan, a series of agreements will be established between the financial institution and other relevant parties to ensure that the funds are transferred from your account to another person's account.
 
        In this process, the bank keeps track of every penny in the account to ensure that your money is always safe. The emergence of bitcoin is an attempt to replace the services provided by these intermediaries with cryptography and code (i.e., decentralization). More specifically, it uses the distributed security database of the blockchain, which makes the bitcoin ownership transfer from one person to another. No matter where they are, the transaction process will be completely entrusted to a group of computers. Now, eight years after the completion of the first blockchain, people try to apply it to other programs and processes other than currency circulation, and have achieved varying degrees of success.
 
        This makes people's curiosity and enthusiasm for blockchain keep rising. For example, can the blockchain connect drivers and passengers and provide a transparent payment platform for both parties? Can it be used as a repository and trust platform for TV programs, movies and other digital media, and track the direction of royalties and provide income for content creators? Can you check the flight status of the shipping company and pay the compensation agreed by both parties to the passengers if the plane fails to take off on time?. If the answer is yes, it means that the blockchain technology will eventually eliminate Uber, Netflix and every aviation insurance supplier in the world. The above three application proposals are by no means pure fantasy. They have become a small part of the potential application directions in a set of blockchain platforms called Ethereum.
 
        In the blockchain field, Ethereum also has its own crypto virtual currency & mdash& mdash; I.e. Ethereum. (Ethereum will be further described later). In addition, at present, many enterprises are actively promoting blockchain projects: for example, Microsoft is providing its customers with relevant tools to implement azure cloud experimental blockchain applications; IBM, Intel and many other manufacturers are also cooperating to develop an open source blockchain solution called hyperledger. At the same time, many large banks have also developed their own technology versions in an effort to maintain their leading position.
 
        Not to mention bitcoin, as the first and most successful blockchain project in history, its current application direction has far exceeded the original imagination of designers. However, looking at the whole situation, these new blockchain projects have not been adopted on a large scale at the practical level. To be more precise, no blockchain concept or strategy has brought disruptive changes to any industry. According to cloth's data, bitcoin itself is used by only 375000 people worldwide every day. However, the money in the hands of investors is pouring in, which makes various suggestions more like ice floating on the undercurrent of speculation and conspiracy, constantly colliding with each other and rising.
 
        What blockchain platforms can continue to exist and which will disappear forever after the final decline in popularity? In order to make an accurate prediction, we must understand the true meaning and functions of blockchain technology. From the most logical point of view, bitcoin is undoubtedly the most ideal starting point for discussion. In 2009, an anonymous hacker (or a group of hackers) released the first real digital currency in the name of Satoshi Nakamoto. The working principle of this technology is that on this basis, money will only be an accounting tool & mdash& mdash; Or a method of providing abstract value, ownership distribution and transaction means.
 
        Historically, all of the above tasks need to be completed by cash. As long as you own physical money, it is equivalent to having ownership, and the transaction will be completed by negotiation between different individuals. As long as the copying of cash is difficult enough, it is not necessary to fully explain which person owns which part of the money supply, or whether different holders have used the same 50 yuan note. However, if we can piece together each list of personnel on the bill, we will find that the physical representation between the lists will become unnecessary. Because banks and payment processors have converted part of our physical currency into digital records by tracking and processing transactions within the closed system.
 
        To this end, bitcoin has completed this transformation by establishing a single universal digital ledger (i.e. the so-called blockchain). Since only the last new information can be changed, its structure is regarded as a "chain". Each newly added ring (or block) contains a new set of transactions, and these transactions will refer to the previous transaction chain. For example, if C pays a bitcoin to D, and the transaction exists at the end of the chain, the other end of the transaction points to the bitcoin paid by B to C, and then backtracking indicates that a pays the bitcoin to B & hellip& hellip; and so on.
 
        Unlike the ledger maintained by traditional financial institutions, the blockchain of bitcoin will be copied to all networked computers around the world, and anyone with computer and Internet connection resources can access it. In this network, there is also a class of participants called "miners", whose responsibility is to detect transaction requests from users, summarize and verify relevant information, and add them to the blockchain as new blocks.
 
        
Previous:Reading: a brief history of the central bank and the financial crisis in the past 400 years
Next:No more

Related articles:



© 2005-2032 | Blockchain Circle & & All Rights Reserved    Sitemap1 Sitemap2 If there is infringement, please contact us at: