Recently, the news about Bitcoin is very eye-catching, and the blockchain has followed suit. In the capital market, the stock price of various blockchain concept stocks is as thrilling as a roller coaster. It can be seen from the keen capital market that the blockchain is standing on the cusp and is highly concerned by all parties.

What is a blockchain?

A decentralized distributed ledger database, without a center, each node of the data storage will copy the entire ledger synchronously, and the information transparency is difficult to tamper with.

In recent years, more and more organizations have begun to attach importance to and participate in blockchain technology research and development. From the original Bitcoin, Ethereum, to various types of blockchain startups, venture capital funds, financial institutions, labeled "blockchain", immediately "Golden". Not only that, but many people's WeChat friends circle has also been screened by various articles that interpret the blockchain.

What is a blockchain? What is the use of blockchain?

So, what exactly is the blockchain?

The "China Blockchain Technology and Application Development White Paper 2016" issued by the Ministry of Industry and Information Technology explains: In a broad sense, blockchain technology uses blockchain data structures to verify and store data, and to generate and update using distributed node consensus algorithms. Data, cryptography to ensure the security of data transfer and access, a new distributed infrastructure and computing paradigm that uses a smart contract of automated script code to program and manipulate data.

He Fei, a senior researcher at the Bank of Communications Financial Research Center, made a popular explanation: “In a nutshell, blockchain is a decentralized distributed ledger database.” Decentralization, which is different from traditional centralization, here is There is no center, or everyone is the center; distributed ledger database means that the way of recording is not only to store the book data in each node, but each node will share the data that copies the entire book. At the same time, the blockchain also has the characteristics of de-intermediation and information transparency.

“The blockchain technology is essentially a database technology. Specifically, it is a book-book technology. The book records one or more account asset changes and transactions. It is actually the most simple database. We usually work on small books. The bank account and the statement sent by the bank are typical books.” Wang Wei, chief researcher of Tencent Financial Technology Think Tank, said that security is a major feature of blockchain technology, mainly reflected in two aspects: First, distributed Storage architecture, the more nodes, the higher the security of data storage; the second is the ingenious design of anti-tampering and decentralization, it is difficult for anyone to modify the data according to the rules.

Taking the online shopping transaction as an example, the traditional mode is that the buyer purchases the goods, and then the money is sent to the intermediary platform of the third-party payment institution. After the seller delivers the goods, the buyer confirms the receipt of the goods, and then the buyer notifies the payment institution to call the money to the seller account. . The trading model supported by blockchain technology is different, buyers and sellers can trade directly without going through any intermediary platform. After the transaction between the buyer and the seller, the system publishes the transaction information in the form of a broadcast. All the hosts receiving the information record the transaction after confirming that the information is correct, which is equivalent to all the hosts doing data backup for the transaction. Even if there is a problem with one machine in the future, it will not affect the data record, because there are countless machines as backups.

When it comes to blockchain, many people associate it with bitcoin, and many people even equate the blockchain with bitcoin. He Fei said that bitcoin is a way of presenting blockchain, but blockchain is not the same as bitcoin. Blockchain is the underlying technology and infrastructure of Bitcoin, and Bitcoin is a successful application of blockchain, but it does not mean that blockchain can only be applied to Bitcoin.

What is the use of blockchain?

It can solve the pain points in many fields such as finance, public welfare, supervision, and counterfeiting, but there are many applicable conditions.

Financial services are the first application area of ​​blockchain technology. The use of blockchain technology can solve the pain points in many fields such as payment, asset management and securities.

Taking the payment field as an example, the cost of reconciliation, clearing, and settlement between financial institutions, especially cross-border financial institutions, is relatively high, involving many manual processes, which not only causes high costs for the client side and the back-end business side of the financial institution, but also makes The micropayment business is difficult to carry out. The application of blockchain technology helps to reduce the cost of reconciliation and the cost of dispute resolution between financial institutions, and significantly improve the processing efficiency of payment services. In addition, the cost and efficiency advantages of blockchain technology for the payment sector enable financial institutions to better handle small cross-border payments that were previously considered unrealistic due to excessive costs and help to achieve inclusive finance.

For example, in order to solve the problem of high reconciliation costs among financial institutions, in August 2016, Weizhong Bank and Shanghai Huarui Bank launched the inter-bank reconciliation platform for micro-credit, which is also the first banking alliance in China to operate in a production environment. Chain application scenario. Zhang Kaixiang, chief architect of Weizhong Bank Blockchain, believes that the high cost problem that the traditional “bulk file reconciliation” model has not been able to solve for a long time is the use of blockchain technology. Subsequently, Luoyang Bank and Changsha Bank also successively access the inter-agency reconciliation platform to optimize the inter-agency reconciliation process in the micro-credit business through blockchain technology, realizing quasi-real-time reconciliation, improving operational efficiency, and reducing operating costs. aims. Up to now, the platform has been running stably for more than one year, maintaining zero failures, and the number of recorded real transactions has reached tens of millions.

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