Five Application Scenarios of Blockchain Technology
After experiencing physical objects, precious metals, banknotes, and other forms, digital currency has become the development direction of the digital economy era. Compared with physical currency, the digital currency has the characteristics of easy storage, low circulation cost, convenient use, easy anti-counterfeiting and management, breaking geographical restrictions, and better integration.
Bitcoin technically realizes an electronic cash system that does not require third-party transfer or arbitration, and both parties can directly transfer money to each other. In June 2019, Internet giant Facebook also released its cryptocurrency Libra (Libra) white paper. Whether it is Bitcoin or Libra, the underlying technology is blockchain technology.
Blockchain technology has inherent financial attributes, and it is bringing about a subversive change to the financial industry. In terms of payment and settlement, under the blockchain distributed ledger system, multiple participants in the market jointly maintain and synchronize a "general ledger" in real-time. Payment, clearing, and settlement that can now be completed in two or three days can be completed in just a few minutes. tasks, reducing the complexity and cost of cross-border transactions. At the same time, the underlying encryption technology of the blockchain ensures that participants cannot tamper with the ledger, ensuring that transaction records are transparent and secure, and regulators can easily track transactions on the chain and quickly locate the flow of high-risk funds.
In terms of digital bills and supply chain finance, blockchain technology can effectively solve the financing difficulties of small and medium-sized enterprises. The current supply chain finance is difficult to benefit small and medium-sized enterprises upstream of the industrial chain because they often do not have direct trade relations with core enterprises, and it is difficult for financial institutions to assess their credit qualifications. Based on blockchain technology, we can establish a consortium chain network, covering core enterprises, upstream and downstream suppliers, financial institutions, etc. The core enterprises issue accounts receivable vouchers to their suppliers, and after the bills are digitized on the chain, the suppliers can Circulate between each other, each level of suppliers can realize the corresponding amount of financing with the digital bill proof.
The blockchain can make data run and greatly simplify the work process. The distributed technology of the blockchain can allow government departments to concentrate on one chain, and all work processes are delivered to smart contracts. As long as the clerk passes identity authentication and electronic signature in one department, the smart contract can be automatically processed and circulated, and the follow-up is completed in sequence. All approvals and signatures. Blockchain invoice is the earliest application of domestic blockchain technology. Utilizing the openness, transparency, traceability, and immutability of blockchain technology, the transparent use, accurate delivery, and efficient management of poverty alleviation funds are realized.
Blockchain can prove the existence of a file or digital content at a specific time through a hash timestamp, and its openness, non-tampering, traceability, and other characteristics are forensic authentication, identity certification, property rights Protection, anti-counterfeiting traceability, etc. provide the perfect solution. In the field of intellectual property, the digital signature of blockchain technology and the on-chain certificate can confirm the rights of text, pictures, audio, video, etc., and create and execute transactions through smart contracts, allowing creators to regain control of pricing power and preserve data in real-time. The chain of evidence covers the three scenarios of right confirmation, transaction, and rights protection at the same time. In the field of anti-counterfeiting traceability, blockchain technology can be widely used in food and medicine, agricultural products, wine, luxury goods, and other fields through supply chain tracking.
Blockchain technology will greatly optimize existing big data applications and play a huge role in data circulation and sharing. In the future, the Internet, artificial intelligence, and the Internet of Things will generate massive data, and the existing centralized data storage (computing mode) will face huge challenges. Edge storage (computing) based on blockchain technology is expected to become the future solution. Furthermore, the non-tampering and traceability mechanism of blockchain on data ensures the authenticity and high quality of data, which becomes the basis for all data applications such as big data, deep learning, and artificial intelligence. Finally, blockchain can realize multi-party collaborative data computing under the premise of protecting data privacy, which is expected to solve the problems of "data monopoly" and "data island" and realize the value of data circulation.
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